Amgen vs Nestlé: Revenue, Profit and Business Model
Amgen reported $36.8B of revenue in FY2025 and $7.7B of net income. Nestlé reported ~$107.9B of revenue in FY2025 and ~$10.8B of net income.
Latest financial snapshot
Financial summary
Amgen
Amgen is a cash-generative business with high product gross margins. In fiscal 2025 it reported US$36.8 billion of total revenues, US$7.7 billion of GAAP net income, a 25.8% GAAP operating margin, US$8.1 billion of free cash flow and US$5.1 billion of dividends paid. Its results used to depend on a few large franchises, first Epogen and Aranesp, then Enbrel. As those matured Amgen bought revenue instead: Onyx in 2013, Otezla in 2019 and Horizon Therapeutics for US$27.8 billion in 2023. That last deal is also the main reason for the balance sheet it now carries, with US$54.6 billion of debt outstanding at December 31, 2025, debt leverage of about 3.2 times EBITDA and US$2.8 billion of net interest expense in fiscal 2025.
Nestlé
Nestlé's sales have shrunk in Swiss franc terms since 2022, from ~$113 billion (CHF 94.4 billion) to ~$107 billion (CHF 89.5 billion) in 2025, largely because of a strong franc and disposals, even as organic growth stayed positive (3.5% in 2025). Net profit fell to ~$10.8 billion (CHF 9.0 billion) in 2025 and the underlying trading operating profit (UTOP) margin was 16.1%, while free cash flow reached ~$11 billion (CHF 9.2 billion). In the first half of 2026, sales were ~$51.7 billion (CHF 43.1 billion) with 3.6% organic growth and 1.5% real internal growth (RIG). Net profit dropped 31.4% to ~$4.2 billion (CHF 3.5 billion), but the UTOP margin recovered to 16.4% and free cash flow rose to ~$4.08 billion (CHF 3.4 billion).
Revenue and profit by year
Amgen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $36.8B | $7.7B | 21.0% | +10.0% | Source |
| FY2024 | $33.4B | $4.1B | 12.2% | +18.6% | Source |
| FY2023 | $28.2B | $6.7B | 23.8% | +7.1% | Source |
| FY2022 | $26.3B | $6.6B | 24.9% | +1.3% | Source |
| FY2021 | $26B | $5.9B | 22.7% | +2.2% | Source |
| FY2020 | $25.4B | $7.3B | 28.6% | +8.8% | Source |
| FY2019 | $23.4B | $7.8B | 33.6% | -1.6% | Source |
| FY2018 | $23.7B | $8.4B | 35.3% | +3.9% | Source |
| FY2017 | $22.8B | $2B | 8.7% | -0.6% | Source |
| FY2016 | $23B | $7.7B | 33.6% | — | Source |
Nestlé
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$107.9B | ~$10.8B | 10.0% | -2.0% | Source |
| FY2024 | ~$110.1B | ~$13.1B | 11.9% | -1.7% | Source |
| FY2023 | ~$112B | ~$13.5B | 12.0% | -1.5% | Source |
| FY2022 | ~$113.7B | ~$11.1B | 9.8% | +8.4% | Source |
| FY2021 | ~$105B | ~$20.3B | 19.3% | — | Source |
Where the revenue comes from
Amgen
- U.S. product sales
~70% of total revenues
United States product sales were US$25.66 billion in fiscal 2025, 73% of the US$35.15 billion product sales total and about 70% of total revenues. The largest domestic contributors were Prolia (US$2.98 billion), Enbrel (US$2.20 billion), Otezla (US$1.84 billion), Tepezza (US$1.76 billion), Repatha (US$1.66 billion), Evenity (US$1.60 billion) and Tezspire (US$1.48 billion). Access depends on formulary placement with the large pharmacy benefit managers and on Medicare and Medicaid reimbursement.
- International product sales
~26% of total revenues
Product sales outside the United States were US$9.49 billion in fiscal 2025, 27% of product sales. The largest were Repatha (US$1.35 billion), Aranesp (US$973 million), XGEVA (US$729 million), Vectibix (US$571 million) and Amgevita (US$549 million). Prices are generally lower than in the United States because of government reference pricing and national formulary negotiation.
- Biosimilars
~8% of total revenues
Biosimilars sit inside product sales and generated about US$3.0 billion in fiscal 2025: Mvasi (bevacizumab) US$771 million, Pavblu (aflibercept) US$700 million, Amjevita and Amgevita (adalimumab) US$597 million, Wezlana and Wezenla (ustekinumab) US$273 million, and US$683 million across the smaller biosimilars reported within other products. Amjevita sales fell 22% year over year, so segment growth now comes from the newer launches.
- Rare disease portfolio acquired with Horizon
~13% of total revenues
Also inside product sales, the medicines acquired with Horizon Therapeutics produced about US$4.6 billion in fiscal 2025: Tepezza US$1.90 billion, Krystexxa US$1.34 billion, Uplizna US$655 million and the ultra-rare products US$719 million. Uplizna grew 73% after approvals in IgG4-related disease and generalized myasthenia gravis, while the ultra-rare group fell 5% as Ravicti met generic competition.
- Other revenues
~4% of total revenues
Other revenues, mainly royalties, license income and corporate partner payments, were US$1.60 billion in fiscal 2025, the difference between US$36.75 billion of total revenues and US$35.15 billion of product sales. The line carries high margins but is not a growth priority.
Nestlé
- Powdered and Liquid Beverages28.1%
Largest 2025 annual report category, including coffee and beverage brands such as Nescafé and Nespresso.
- PetCare20.6%
Purina-led pet care portfolio and one of Nestlé's key global growth engines.
- Nutrition and Health Science16.0%
Infant, medical, and health-science nutrition products.
- Prepared Dishes and Cooking Aids11.3%
Includes cooking aids, prepared meals, and brands such as Maggi.
- Milk Products and Ice Cream10.8%
Dairy and ice cream products, with portfolio changes under review.
- Confectionery9.7%
Chocolate and confectionery brands such as KitKat in most markets.
- Water3.5%
Water brands including premium and regional water products.
Business model and strategy
Amgen
How it makes money
Amgen operates a high-risk, high-reward biopharmaceutical business model. It spends heavily on research to discover and engineer new biologic drugs: US$7.3 billion in fiscal 2025, or 20.7% of product sales. Once a drug is approved by the FDA, Amgen secures a patent, granting them a temporary monopoly to sell the drug at a premium price.
Growth strategy
Amgen's growth plan has two parts: scale the newer medicines and buy what the pipeline does not supply. Recent launches and acquired products drove the 10% revenue growth in fiscal 2025, with Tezspire up 52% to US$1.48 billion, Repatha up 36% to US$3.02 billion, Evenity up 34% to US$2.10 billion, Uplizna up 73% to US$655 million and Imdelltra reaching US$627 million in its second year.
Competitive advantage
Amgen's main competitive advantage is experience making complex biologics at commercial scale, which it has done continuously since Epogen launched in 1989.
Nestlé
How it makes money
Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Growth strategy
Under Philipp Navratil, Nestlé is pursuing what it calls RIG-led growth: driving volume rather than price increases. It is putting more money behind four core businesses (Coffee, Petcare, Nutrition, Food & Snacks) and growth platforms that it says make up about 30% of sales. It is also reshaping the portfolio.
Competitive advantage
Nestlé's edge is the combination of global brands with local manufacturing and distribution. It runs a large worldwide factory and R&D network, holds leading positions in instant coffee and pet food, and can invest more in marketing and innovation than most rivals. Its Fuel for Growth cost programme is targeting ~$2.4 billion (CHF 2 billion) of savings by end-2026 to fund that brand investment.
Questions about Amgen vs Nestlé
Which company has higher revenue — Amgen Inc. or Nestlé S.A.?
Amgen Inc. reported $36.8B (FY2025), while Nestlé S.A. reported ~$107.9B (FY2025). By last reported revenue, Nestlé S.A. is the larger business, with Amgen Inc. reporting a smaller revenue base.
What is the market cap of Amgen Inc. vs Nestlé S.A.?
Amgen Inc.'s market capitalisation stands at $228.2B, while Nestlé S.A.'s is $295.1B. Nestlé S.A. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Amgen Inc..
Which is more financially efficient — Amgen Inc. or Nestlé S.A.?
Amgen Inc. generates $1.17M / employee in revenue per employee, while Nestlé S.A. generates $399k / employee. Amgen Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Amgen Inc. and Nestlé S.A. make money?
Amgen Inc. and Nestlé S.A. generate revenue in fundamentally different ways. Amgen Inc.: Amgen operates a high-risk, high-reward biopharmaceutical business model. Nestlé S.A.: Nestlé makes money by manufacturing and selling branded food and drinks through supermarkets, convenience stores, e-commerce, pet specialty, pharmacies, hospitals and out-of-home channels in roughly 185 countries.
Which company is valued higher relative to revenue — Amgen Inc. or Nestlé S.A.?
On a price-to-sales (P/S) basis, Amgen Inc. trades at 6.2x P/S and Nestlé S.A. at 2.7x P/S. Amgen Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Nestlé S.A.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Amgen Inc. bigger than Nestlé S.A.?
By last reported revenue, Nestlé S.A. (~$107.9B (FY2025)) is the larger company compared to Amgen Inc. ($36.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Amgen vs Nestlé overview