AstraZeneca vs Twilio: Revenue, Profit and Business Model
AstraZeneca reported $58.7B of revenue in FY2025 and $10.2B of net income. Twilio reported $5.1B of revenue in FY2025 and $33.8M 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
Twilio
- Latest revenue
- $5.1B (FY2025)
- Net income
- $33.8M
- Net margin
- 0.7%
- Revenue growth
- +38.1% 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.
Twilio
Twilio moved from heavy losses to profit in three years. Net loss attributable to common stockholders was $1.256 billion in 2022 and $1.015 billion in 2023, narrowed to $109.4 million in 2024, and turned into net income of $33.8 million in 2025 on revenue of $5.067 billion. In Q2 2026 Twilio reported revenue of $1.499 billion, GAAP income from operations of $84.5 million, non-GAAP income from operations of $284.6 million, and record free cash flow of $352.6 million. Q2 2026 GAAP net income of $1.067 billion was inflated by a one-time, non-cash release of a valuation allowance on U.S. deferred tax assets worth $5.91 per diluted share. Dollar-based net expansion improved to 116% from 108% a year earlier. A $2.0 billion buyback authorized in January 2025 continues the capital-return program that followed a $3.0 billion repurchase plan.
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 |
Twilio
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $5.1B | $33.8M | 0.7% | +13.7% | Source |
| FY2024 | $4.5B | -$109.4M | -2.5% | +7.3% | Source |
| FY2023 | $4.2B | -$1B | -24.4% | +8.6% | Source |
| FY2022 | $3.8B | -$1.3B | -32.8% | +34.6% | Source |
| FY2021 | $2.8B | -$949.9M | -33.4% | +61.3% | Source |
| FY2020 | $1.8B | -$491M | -27.9% | +55.3% | Source |
| FY2019 | $1.1B | -$307.1M | -27.1% | +74.5% | Source |
| FY2018 | $650.1M | -$121.9M | -18.8% | +62.9% | Source |
| FY2017 | $399M | -$63.7M | -16.0% | +43.9% | Source |
| FY2016 | $277.3M | -$41.3M | -14.9% | — | 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.
Twilio
- Core Communications (Messaging, Voice, Video)
Majority of revenue
High-volume, usage-based revenue from programmable messaging, voice, email, verification, and contact-center APIs. Messaging generated $2.878 billion in FY2025, while voice, email, Verify, Flex, and related products diversify Twilio beyond raw SMS routing.
- Customer Data and Engagement (Segment, CustomerAI)
Not separately disclosed
Subscription and consumption-hybrid revenue from Segment, CustomerAI, data activation, and engagement workflows. Twilio does not break this stream out as a standalone FY2025 revenue total in the headline financial profile.
- Email and Other (SendGrid, Verify, Flex)
Not separately disclosed
Revenue from SendGrid email, Verify, Flex, and adjacent engagement products that complement the core communications API platform.
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.
Twilio
How it makes money
Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic. Messaging alone generated $2.878 billion of FY2025 revenue.
Growth strategy
Twilio is positioning itself as communications and identity infrastructure for AI agents. Its plan combines usage growth in messaging and voice, cross-selling Segment customer data, Flex, and Verify to existing accounts, adding agent identity through the November 2025 Stytch acquisition, and keeping operating costs in check while returning cash through buybacks.
Competitive advantage
Twilio's advantage comes from developer mindshare, API breadth, carrier relationships, global routing, customer integrations, data products, and mission-critical communications workflows.
Questions about AstraZeneca vs Twilio
Which company has higher revenue — AstraZeneca PLC or Twilio Inc.?
AstraZeneca PLC reported $58.7B (FY2025), while Twilio Inc. reported $5.1B (FY2025). By last reported revenue, AstraZeneca PLC is the larger business, with Twilio Inc. reporting a smaller revenue base.
What is the market cap of AstraZeneca PLC vs Twilio Inc.?
AstraZeneca PLC's market capitalisation stands at $254.6B, while Twilio Inc.'s is $37.8B. AstraZeneca PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Twilio Inc..
Which is more financially efficient — AstraZeneca PLC or Twilio Inc.?
AstraZeneca PLC generates $611k / employee in revenue per employee, while Twilio Inc. generates $923k / employee. Twilio 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 AstraZeneca PLC and Twilio Inc. make money?
AstraZeneca PLC and Twilio 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. Twilio Inc.: Twilio makes most of its money from usage-based fees: customers pay per message, per voice minute, per email, or per verification sent through its APIs, so revenue rises with their traffic.
Which company is valued higher relative to revenue — AstraZeneca PLC or Twilio Inc.?
On a price-to-sales (P/S) basis, AstraZeneca PLC trades at 4.3x P/S and Twilio Inc. at 7.5x P/S. Twilio Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to AstraZeneca PLC. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AstraZeneca PLC bigger than Twilio Inc.?
By last reported revenue, AstraZeneca PLC ($58.7B (FY2025)) is the larger company compared to Twilio Inc. ($5.1B (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 Twilio overview