AstraZeneca vs Volkswagen: Revenue, Profit and Business Model
AstraZeneca reported $58.7B of revenue in FY2025 and $10.2B of net income. Volkswagen reported ~$363.8B of revenue in FY2025 and ~$7.5B 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
Volkswagen
- Latest revenue
- ~$363.8B (FY2025)
- Net income
- ~$7.5B
- Net margin
- 2.1%
- Revenue growth
- +6.5% a year, FY2021–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.
Volkswagen
Volkswagen Group reported ~$364 billion (EUR 321.9 billion) in 2025 sales revenue, slightly below ~$367 billion (EUR 324.7 billion) in 2024, and an operating result of ~$10.1 billion (EUR 8.9 billion), a 2.8% margin. Earnings were held down by U.S. tariffs, restructuring provisions, the cost of Porsche's product strategy change, and weaker results from the Chinese joint ventures. Deliveries were broadly stable at 8.984 million vehicles. The December 2024 agreement with IG Metall for the Volkswagen brand in Germany avoids compulsory redundancies but plans to cut more than 35,000 jobs by 2030 through attrition and early retirement, and to reduce German plant capacity. In the first half of 2026 sales revenue was about $179 billion (EUR 158.1 billion), roughly flat, while the operating result fell 11.6% to about $6.67 billion (EUR 5.9 billion) (3.8% margin). In September 2026 Volkswagen cut its full-year forecast to about $356 billion (EUR 315 billion) in sales revenue and an operating margin of up to 1%, citing China, a faster shift to EVs, a roughly $6.78 billion (EUR 6 billion) goodwill impairment on the Porsche segment, and extra restructuring and China impairments.
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 |
Volkswagen
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$363.8B | ~$7.5B | 2.1% | -0.8% | Source |
| FY2024 | ~$366.9B | ~$12.1B | 3.3% | +0.7% | Source |
| FY2023 | ~$364.2B | ~$18B | 4.9% | +15.5% | Source |
| FY2022 | ~$315.3B | ~$16.8B | 5.3% | +11.5% | Source |
| FY2021 | ~$282.7B | ~$16.8B | 5.9% | — | 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.
Volkswagen
- Passenger vehicle sales
- Premium and luxury vehicle sales
- Commercial vehicles
- Parts and aftersales
- Financial services
- Leasing and fleet services
- Software and mobility services
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.
Volkswagen
How it makes money
Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Growth strategy
Volkswagen's growth strategy centers on cost reduction, platform simplification, brand accountability, premium profitability, China-specific EV development, battery and software investment, hybrid and combustion optimization where demand remains strong, and selective partnerships such as Rivian and XPeng.
Competitive advantage
Volkswagen's advantage is industrial scale plus brand breadth. Few competitors can cover entry-level European cars, global volume SUVs, Audi premium vehicles, Porsche sports cars, Lamborghini supercars, Bentley luxury cars, Ducati motorcycles, Scania and MAN trucks, and a major financial services arm. The purchasing leverage and installed dealer base are hard to replicate.
Questions about AstraZeneca vs Volkswagen
Which company has higher revenue — AstraZeneca PLC or Volkswagen Aktiengesellschaft?
AstraZeneca PLC reported $58.7B (FY2025), while Volkswagen Aktiengesellschaft reported ~$363.8B (FY2025). By last reported revenue, Volkswagen Aktiengesellschaft is the larger business, with AstraZeneca PLC reporting a smaller revenue base.
What is the market cap of AstraZeneca PLC vs Volkswagen Aktiengesellschaft?
AstraZeneca PLC's market capitalisation stands at $254.6B, while Volkswagen Aktiengesellschaft's is $35.5B. AstraZeneca PLC carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Volkswagen Aktiengesellschaft.
Which is more financially efficient — AstraZeneca PLC or Volkswagen Aktiengesellschaft?
AstraZeneca PLC generates $611k / employee in revenue per employee, while Volkswagen Aktiengesellschaft generates $549k / 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 Volkswagen Aktiengesellschaft make money?
AstraZeneca PLC and Volkswagen Aktiengesellschaft 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. Volkswagen Aktiengesellschaft: Volkswagen earns most of its revenue by selling new cars, vans, trucks and buses through brand groups: Core (Volkswagen, Skoda, SEAT/CUPRA, Volkswagen Commercial Vehicles), Progressive (Audi, Bentley, Lamborghini, Ducati), Sport Luxury (Porsche) and TRATON (Scania, MAN, International, Volkswagen Truck & Bus).
Which company is valued higher relative to revenue — AstraZeneca PLC or Volkswagen Aktiengesellschaft?
On a price-to-sales (P/S) basis, AstraZeneca PLC trades at 4.3x P/S and Volkswagen Aktiengesellschaft at 0.1x P/S. AstraZeneca PLC commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Volkswagen Aktiengesellschaft. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is AstraZeneca PLC bigger than Volkswagen Aktiengesellschaft?
By last reported revenue, Volkswagen Aktiengesellschaft (~$363.8B (FY2025)) is the larger company compared to AstraZeneca PLC ($58.7B (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 Volkswagen overview