AstraZeneca vs Canon: Revenue, Profit and Business Model
AstraZeneca reported $58.7B of revenue in FY2025 and $10.2B of net income. Canon reported ~$31B of revenue in FY2025 and ~$2.2B of net income.
Latest financial snapshot
AstraZeneca
- Latest revenue
- $58.7B (FY2025)
- Net income
- $10.2B
- Net margin
- 17.4%
- Revenue growth
- +11.0% a year, FY2016–FY2025
Canon
- Latest revenue
- ~$31B (FY2025)
- Net income
- ~$2.2B
- Net margin
- 7.2%
- Revenue growth
- +3.5% a year, FY2016–FY2025
Financial summary
AstraZeneca
AstraZeneca's Total Revenue fell from $33.6 billion in 2011 to a trough of $22.1 billion in 2018 as Seroquel, Nexium and Crestor lost exclusivity. Under Pascal Soriot the company redirected spending into oncology and specialty medicines, and revenue then grew every year to $58.7 billion in 2025, with profit for the year of $10.2 billion and gross profit of $48.1 billion on cost of sales of $10.6 billion. R&D investment reached $14.2 billion in 2025, about a quarter of Total Revenue, and the $39 billion Alexion acquisition added a rare disease business the company did not have before 2021.
Canon
Canon's sales fell from ~$27.3 billion (¥4,080.0 billion) in 2017, the first full year with Toshiba Medical, to ~$21.2 billion (¥3,160.2 billion) in 2020 as cameras and office printing shrank and the pandemic hit. They have grown every year since, reaching a record ~$31 billion (¥4,624.7 billion) in 2025 (+2.5%). Operating profit was ~$3.05 billion (¥455.4 billion) in 2025, a 9.8% margin, up from ~$1.87 billion (¥279.8 billion) in 2024, when a ~$1.11 billion (¥165.1 billion) goodwill impairment on the medical business cut net income to ~$1.07 billion (¥160.0 billion). Net income attributable to Canon Inc. more than doubled to ~$2.23 billion (¥332.1 billion) and EPS rose to ¥367.48. Canon paid a ¥160 dividend (42.9% payout), generated ~$1.6 billion (¥238.5 billion) of free cash flow and ended 2025 with ~$6.34 billion (¥946.2 billion) of interest-bearing debt, up from ~$4.45 billion (¥663.5 billion). By region, the Americas supplied 32% of 2025 sales, Europe 26%, Japan 21% and Asia and Oceania 21%. In July 2026, after record second-quarter sales, Canon guided to ~$32.2 billion (¥4,800.0 billion) of 2026 sales and ~$3.12 billion (¥465.0 billion) of operating profit.
Revenue and profit by year
AstraZeneca
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $58.7B | $10.2B | 17.4% | +8.6% | Source |
| FY2024 | $54.1B | $7B | 13.0% | +18.0% | Source |
| FY2023 | $45.8B | $6B | 13.0% | +3.3% | Source |
| FY2022 | $44.4B | $3.3B | 7.4% | +18.5% | Source |
| FY2021 | $37.4B | $115M | 0.3% | +40.6% | Source |
| FY2020 | $26.6B | $3.1B | 11.8% | +9.2% | Source |
| FY2019 | $24.4B | $1.2B | 5.0% | +10.4% | Source |
| FY2018 | $22.1B | $2B | 9.3% | -1.7% | Source |
| FY2017 | $22.5B | $2.9B | 12.8% | -2.3% | Source |
| FY2016 | $23B | $3.4B | 14.8% | — | Source |
Canon
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$31B | ~$2.2B | 7.2% | +2.5% | Source |
| FY2024 | ~$30.2B | ~$1.1B | 3.5% | +7.9% | Source |
| FY2023 | ~$28B | ~$1.8B | 6.3% | +3.7% | Source |
| FY2022 | ~$27B | ~$1.6B | 6.1% | +14.7% | Source |
| FY2021 | ~$23.5B | ~$1.4B | 6.1% | +11.2% | Source |
| FY2020 | ~$21.2B | ~$558.2M | 2.6% | -12.1% | Source |
| FY2019 | ~$24.1B | ~$837.3M | 3.5% | -9.1% | Source |
| FY2018 | ~$26.5B | ~$1.7B | 6.4% | -3.1% | Source |
| FY2017 | ~$27.3B | ~$1.6B | 5.9% | +19.9% | Source |
| FY2016 | ~$22.8B | ~$1B | 4.4% | — | Source |
Where the revenue comes from
AstraZeneca
- Product Sales~95%
Product Sales were $55,573 million in 2025, up 9%, or about 95% of Total Revenue. This is the direct sale of AstraZeneca-manufactured prescription medicines to wholesalers, pharmacies, hospitals and government buyers. Oncology was the largest therapy area at roughly $25.6 billion of revenue, up 17%, followed by Cardiovascular, Renal and Metabolism, with Respiratory and Immunology and Rare Disease making up most of the balance.
- Alliance Revenue~5%
Alliance Revenue was $3,067 million in 2025, up 39%, or about 5% of Total Revenue. It is mostly AstraZeneca's share of profits on co-commercialised medicines, led by the Enhertu and datopotamab deruxtecan antibody-drug conjugates developed with Daiichi Sankyo, plus Tezspire with Amgen and Lynparza and Koselugo with Merck in certain markets.
- Collaboration Revenue<1%
Collaboration Revenue was $99 million in 2025, down 89% from $923 million in 2024, so less than 1% of Total Revenue. It covers upfront fees, milestone payments and royalties on out-licensed assets, and moves sharply year to year because it depends on when individual deals are signed.
Canon
- Printing54%
Office multifunction devices, prosumer laser and inkjet printers and production presses, with recurring toner, ink and service revenue. ~$16.7 billion (¥2,494.4 billion) in 2025.
- Imaging23%
Cameras and lenses (~$4.19 billion (¥625.5 billion)) and network cameras and video software (~$2.88 billion (¥429.4 billion)). ~$7.07 billion (¥1,054.9 billion) in 2025.
- Medical13%
CT, MRI, ultrasound and X-ray equipment and service. ~$3.89 billion (¥580.6 billion) in 2025.
- Industrial8%
Semiconductor and flat-panel lithography, nanoimprint, OLED deposition and sputtering equipment. ~$2.42 billion (¥361.1 billion) in 2025.
- Others & Corporate5%
Other businesses and corporate items, ~$1.59 billion (¥237.1 billion) in 2025, before eliminations of intersegment sales.
Business model and strategy
AstraZeneca
How it makes money
AstraZeneca discovers, develops and sells prescription medicines, and the economics turn on patent-protected pricing funded by heavy research spending. It invested $14.2 billion in research and development in 2025, about a quarter of Total Revenue, and reported gross profit of $48.1 billion on cost of sales of $10.6 billion.
Growth strategy
AstraZeneca's growth strategy relies on extending its existing cancer drugs into earlier stages of treatment, before the cancer spreads, which increases the number of patients who can be treated. The $39 billion acquisition of Alexion Pharmaceuticals in 2021 also took it into rare diseases, where drugs treat small patient populations, carry high prices and face little generic competition.
Competitive advantage
AstraZeneca's main advantage is the depth of its oncology portfolio and the Phase III evidence behind it. Tagrisso, Imfinzi, Enhertu, Lynparza and Calquence each rest on trials that changed treatment practice, and the company had more than 100 Phase III studies running at the end of 2025 after 16 positive Phase III readouts during the year.
Canon
How it makes money
Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Growth strategy
Phase VII sets 2030 sales targets for each unit: Printing ~$18.8 billion (¥2.8 trillion) (about 2% a year), Imaging ~$8.98 billion (¥1.34 trillion) (5%), Medical ~$5.03 billion (¥750 billion) (5%) and Industrial ~$4.02 billion (¥600 billion) (10%). Growth products named in the plan are nanoimprint lithography, photon-counting CT and industrial printing equipment.
Competitive advantage
Canon's edge is vertical integration in optics and imaging. It designs its own lenses, CMOS image sensors, print engines and image-processing chips, and builds much of its own production equipment. That depth shows in its patent output (seventh in U.S. patent grants in 2025 and in the top 10 for 42 straight years, according to IFI Claims) and in a camera business that has held the No.
Questions about AstraZeneca vs Canon
Which company has higher revenue — AstraZeneca PLC or Canon Inc.?
AstraZeneca PLC reported $58.7B (FY2025), while Canon Inc. reported ~$31B (FY2025). By last reported revenue, AstraZeneca PLC is the larger business, with Canon Inc. reporting a smaller revenue base.
What is the market cap of AstraZeneca PLC vs Canon Inc.?
AstraZeneca PLC's market capitalisation stands at $254.6B, while Canon Inc.'s is $25.6B. AstraZeneca PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Canon Inc..
Which is more financially efficient — AstraZeneca PLC or Canon Inc.?
AstraZeneca PLC generates $611k / employee in revenue per employee, while Canon Inc. generates $187k / employee. AstraZeneca PLC 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 AstraZeneca PLC and Canon Inc. make money?
AstraZeneca PLC and Canon Inc. generate revenue in fundamentally different ways. AstraZeneca PLC: AstraZeneca discovers, develops and sells prescription medicines, and the economics turn on patent-protected pricing funded by heavy research spending. Canon Inc.: Canon designs, builds and sells hardware, then earns recurring revenue from consumables, service contracts and software on the installed base.
Which company is valued higher relative to revenue — AstraZeneca PLC or Canon Inc.?
On a price-to-sales (P/S) basis, AstraZeneca PLC trades at 4.3x P/S and Canon Inc. at 0.8x P/S. AstraZeneca PLC commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Canon Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AstraZeneca PLC bigger than Canon Inc.?
By last reported revenue, AstraZeneca PLC ($58.7B (FY2025)) is the larger company compared to Canon Inc. (~$31B (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 AstraZeneca vs Canon overview