Compare · Health Care
Amgen vs. Gilead: how they make money
The same facts for both companies, in the same order, from each company's own page and filings. This is not a ranking and says nothing about which share to own.
Each company in 5 points
Amgen
1 · What it sells
Amgen sells prescription medicines, which brought in $35.1 billion of its $36.8 billion FY2025 revenue, and its largest, the bone drug Prolia, was 12.6% of product sales.
Sources and detail on the Amgen page2 · Who pays it
Amgen reports no revenue by final payer and sells mostly through three US wholesalers; by location, US product sales were 69.8% of FY2025 revenue, product sales elsewhere 25.8% and royalties and other revenues 4.4%.
Sources and detail on the Amgen page3 · What it keeps from $100
Of every $100 that came in during FY2025, Amgen kept $19.6 as net income, which includes $2.0 billion of gains on equity investments such as BeOne, while operating income was $24.7 per $100 of revenue.
Sources and detail on the Amgen page4 · Where the operating profit comes from
Amgen reports one business segment, human therapeutics, and no profit by product; its operating income was $9.1 billion in FY2025 and $3.7 billion in Q3 FY2026.
Sources and detail on the Amgen page5 · The one thing to watch
Prolia and XGEVA, whose US patents expired in February 2025, brought in $920 million together in Q3 FY2026, down from $1.68 billion in Q3 FY2025.
Sources and detail on the Amgen page
Gilead
1 · What it sells
Gilead sells prescription medicines, and its HIV drugs brought in $20.8 billion of its $29.4 billion FY2025 revenue.
Sources and detail on the Gilead page2 · Who pays it
Gilead reports no revenue by final payer and sells mostly through three US wholesalers; by location, the US paid 70.9% of FY2025 revenue, Europe 17.2% and other countries 11.9%.
Sources and detail on the Gilead page3 · What it keeps from $100
Of every $100 that came in during FY2025, Gilead kept $28.1 as net income, a total that includes $0.8 billion of net other income, while operating income was $34.0 per $100 of revenue.
Sources and detail on the Gilead page4 · Where the operating profit comes from
Gilead reports one business segment and no profit by therapeutic area; HIV drugs were 71.8% of FY2025 product sales, and operating income was $10.0 billion.
Sources and detail on the Gilead page5 · The one thing to watch
Biktarvy brought in $14.3 billion, 49.6% of Gilead's FY2025 product sales, and Medicare's set price for it starts on Jan 1, 2028.
Sources and detail on the Gilead page
Where each $100 went
Each company's own receipt for its latest full fiscal year, with matching lines in the same order where both have them.
Amgen
Where $100 went · FY2025
| Research and development | $18.5 |
|---|---|
| Cost of sales (incl. amortization) | $30.5 |
| Selling, general and administrative | $17.9 |
| Interest on debt | $7.0 |
| Other operating expenses (incl. Otezla write-down) | $3.3 |
| Income tax | $3.2 |
| Kept as net income | $19.6 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue plus other income): each line = line ÷ $39.4 billion × 100. The $19.6 of net income includes $2.0 billion of net gains on equity investments, mainly BeOne; operating income was $24.7 per $100 of revenue.
Gilead
Where $100 went · FY2025
| Research and development | $19.2 |
|---|---|
| Cost of goods sold | $20.6 |
| Selling, general and admin | $19.1 |
| Research bought or written down | $5.3 |
| Interest | $3.4 |
| Income tax | $4.3 |
| Kept as net income | $28.1 |
| Total | $100 |
Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025: revenue of $29.4 billion plus $0.8 billion of other income, net, $30.2 billion in all; each line = line ÷ $30.2 billion × 100. Research bought or written down is acquired in-process research and development ($1.0 billion) plus impairments of it ($590 million).
Line items differ because each company groups its costs its own way in its filings. Only on Amgen's receipt: Cost of sales (incl. amortization); Selling, general and administrative; Interest on debt; Other operating expenses (incl. Otezla write-down). Only on Gilead's receipt: Cost of goods sold; Selling, general and admin; Research bought or written down; Interest.
Revenue, net income and free cash flow
Up to five fiscal years for each company, drawn on one shared scale per measure. Amounts in US$ as reported (GAAP).
Revenue
Amgen
Gilead
See the numbers
Net income
Amgen
Gilead
See the numbers
Free cash flow
Amgen
Gilead
See the numbers
Who pays each company
Amgen
- US product sales · 69.8% of revenue69.8% of FY2025 revenue ($25.7 billion). Substantially all US sales go to wholesalers, which supply pharmacies, hospitals and clinics. Shares here are by location, because Amgen gives no revenue split by final payer.
- Product sales outside the US · 25.8% of revenue25.8% of FY2025 revenue ($9.5 billion), sold to healthcare providers or wholesalers depending on the country.
- Royalties and partners · 4.4% of revenue4.4% of FY2025 revenue ($1.6 billion): royalties, license fees, milestones and profit shares from collaborations.
Gilead
- Customers in the US · 70.9% of revenue70.9% of FY2025 revenue ($20.9 billion). Most US sales go through three wholesalers. Shares here are by location, because Gilead reports no revenue by final payer such as insurers or Medicare.
- Customers in Europe · 17.2% of revenue17.2% of FY2025 revenue ($5.1 billion), sold through Gilead's own teams and distributors.
- Customers in the rest of the world · 11.9% of revenue11.9% of FY2025 revenue ($3.5 billion).
Revenue by segment
Amgen
FY2025
| Segment | Revenue | Share |
|---|---|---|
| Prolia and XGEVA | $6.5B | 17.7% |
| Repatha | $3.0B | 8.2% |
| TEPEZZA and KRYSTEXXA | $3.2B | 8.8% |
| Otezla | $2.3B | 6.2% |
| ENBREL | $2.2B | 6.1% |
| EVENITY | $2.1B | 5.7% |
| All other products | $15.8B | 43.0% |
| Royalties and other revenues | $1.6B | 4.4% |
Gilead
FY2025
| Segment | Revenue | Share |
|---|---|---|
| HIV | $20.8B | 71.8% |
| Liver Disease | $3.2B | 11.1% |
| Oncology | $3.2B | 11.2% |
| Veklury | $911M | 3.2% |
| Other | $799M | 2.8% |
Debt and cash
Amgen
- Debt
- $54.0B
- Cash and investments
- $13.2B
On Sep 30, 2026.
At Sep 30, 2026 Amgen's debt exceeded its cash by $40.8 billion, about 2.4 times EBITDA over the last four quarters (Cityfort calculation from the Q3 FY2026 10-Q, the Q4 FY2025 to Q3 FY2026 earnings releases and SEC XBRL data).
Gilead
- Debt
- $26.2B
- Cash and investments
- $6.4B
On Sep 30, 2026.
At Sep 30, 2026 Gilead's debt exceeded its cash and marketable securities by $19.8 billion, about 1.4 times its $14.5 billion of operating cash flow over the last four quarters (Cityfort calculation from the Q3 FY2026 10-Q and the Q4 FY2025 to Q3 FY2026 earnings releases).
Sources: Amgen S3, S5, S6, S7, S8, S25, S1, S2 · Gilead S4, S5, S6, S1, S2, S3, S18, S7, S8, S9, S10
Who owns each company
Amgen
- One class of shares.
- Officers and directors as a group: 0.5% of shares (as of Mar 20, 2026).
- BlackRock, Inc.: 7.6% (as of Apr 17, 2025).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- Capital World Investors: 5.5% (as of May 14, 2026).
- 2 more holders on the Amgen page.
Gilead
- One class of shares.
- Officers and directors as a group: 0.3% of shares (as of Feb 28, 2026).
- BlackRock, Inc.: 8.2% (as of Apr 24, 2025).
- Vanguard Capital Management: 7.5% (as of Apr 29, 2026).
- FMR LLC: 5.3% (as of Feb 5, 2026).
- 1 more holders on the Gilead page.
Sources: Amgen S13, S3, S22, S23, S24 · Gilead S15, S4, S21, S22, S25
Risks only one page tracks
Risks whose type the other company's page does not list. Both pages track risks of these types: competition, pricing, legal cases, debt, customer or supplier concentration, execution. Every risk is on each company's page.
Amgen
- TAVNEOS approval at risk (regulation)The FDA's drug center proposed on Apr 27, 2026 to withdraw TAVNEOS's approval, after warning in March 2026 of serious liver injury cases. Amgen carries the drug's US rights at $2.2 billion; sales were $105 million in Q3 FY2026.
- Cybersecurity incident (technology)In July 2026 data, including patient health information, was taken from cloud systems run by third parties. Amgen said it is not reasonably likely to have a material financial impact; the investigation was ongoing.
Gilead
- Cell therapy sales are falling (demand)Cell therapy sales fell 18% to $355 million in Q3 FY2026, and Yescarta fell 5% in FY2025. Gilead paid about $6.4 billion for Arcellx, another cell therapy developer, in April 2026.
Key facts
- How does Amgen make money compared with Gilead?
- Amgen's revenue by segment in FY2025: Prolia and XGEVA 17.7%, Repatha 8.2%, TEPEZZA and KRYSTEXXA 8.8%, Otezla 6.2%, ENBREL 6.1%, and 3 more. Gilead's revenue by segment in FY2025: HIV 71.8%, Liver Disease 11.1%, Oncology 11.2%, Veklury 3.2%, Other 2.8%.
- Which is bigger by revenue, Amgen or Gilead?
- Amgen reported $36.8B of revenue in FY2025, and Gilead reported $29.4B in FY2025.
- How much net income did Amgen and Gilead report?
- Amgen reported net income of $7.7B in FY2025, and Gilead reported $8.5B in FY2025.
- How much of every $100 did Amgen and Gilead keep as net income?
- Amgen kept $19.6 of every $100 that came in during FY2025, and Gilead kept $28.1 in FY2025 (Cityfort calculation from each company's annual report).
- How much debt and cash do Amgen and Gilead have?
- Amgen had $54.0B of debt and $13.2B of cash and investments on Sep 30, 2026. Gilead had $26.2B of debt and $6.4B of cash and investments on Sep 30, 2026.
- When do Amgen's and Gilead's fiscal years end?
- Amgen: December 31. Gilead: December 31.
Sources: Amgen S2, S1, S3, S5, S6, S7, S8, S25 · Gilead S2, S1, S4, S5, S6, S3, S18, S7, S8, S9, S10
Built from each company's page. Amgen updated Nov 6, 2026; Gilead updated Nov 6, 2026.
Sources
Amgen
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Amgen Inc. (SEC EDGAR), Feb 13, 2026
- S2Form 10-K for fiscal year 2023 (ended Dec 31, 2023), Amgen Inc. (SEC EDGAR), Feb 14, 2024
- S3Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026), Amgen Inc. (SEC EDGAR), Nov 4, 2026
- S4Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026), Amgen Inc. (SEC EDGAR), Aug 5, 2026
- S5Q3 2026 earnings release (Form 8-K Exhibit 99.1), Amgen Inc. (SEC EDGAR), Nov 3, 2026
- S6Q2 2026 earnings release (Form 8-K Exhibit 99.1), Amgen Inc. (SEC EDGAR), Aug 4, 2026
- S7Q1 2026 earnings release (Form 8-K Exhibit 99.1), Amgen Inc. (SEC EDGAR), Apr 30, 2026
- S8Q4 and full-year 2025 earnings release (Form 8-K Exhibit 99.1), Amgen Inc. (SEC EDGAR), Feb 3, 2026
- S132026 proxy statement (DEF 14A), Amgen Inc. (SEC EDGAR), Apr 7, 2026
- S17Form 8-K (Item 1.05) filed Jul 31, 2026: material cybersecurity incident, Amgen Inc. (SEC EDGAR), Jul 31, 2026
- S22Schedule 13G/A, The Vanguard Group, event Mar 13, 2026, The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S23Schedule 13G, Vanguard Capital Management, event Mar 31, 2026, Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S24Schedule 13G, Capital World Investors, event Mar 31, 2026, Capital World Investors (SEC EDGAR), May 14, 2026
- S25SEC XBRL company facts for CIK 0000318154, SEC EDGAR, Nov 7, 2026
Gilead
- S1Form 10-K for fiscal year 2025 (ended Dec 31, 2025), Gilead Sciences, Inc. (SEC EDGAR), Feb 24, 2026
- S2Form 10-K for fiscal year 2023 (ended Dec 31, 2023), Gilead Sciences, Inc. (SEC EDGAR), Feb 23, 2024
- S3Form 10-K for fiscal year 2022 (ended Dec 31, 2022); Dec 31, 2021 balance sheet values read from its XBRL data, Gilead Sciences, Inc. (SEC EDGAR), Feb 22, 2023
- S4Form 10-Q for Q3 2026 (quarter ended Sep 30, 2026), Gilead Sciences, Inc. (SEC EDGAR), Oct 30, 2026
- S5Form 10-Q for Q2 2026 (quarter ended Jun 30, 2026), Gilead Sciences, Inc. (SEC EDGAR), Aug 6, 2026
- S6Form 10-Q for Q1 2026 (quarter ended Mar 31, 2026), Gilead Sciences, Inc. (SEC EDGAR), May 7, 2026
- S7Q3 2026 earnings release (8-K Item 2.02, Exhibit 99.1), Gilead Sciences, Inc. (SEC EDGAR), Oct 29, 2026
- S8Q2 2026 earnings release (8-K Item 2.02, Exhibit 99.1), Gilead Sciences, Inc. (SEC EDGAR), Aug 4, 2026
- S9Q1 2026 earnings release (8-K Item 2.02, Exhibit 99.1), Gilead Sciences, Inc. (SEC EDGAR), May 7, 2026
- S10Q4 and full year 2025 earnings release (8-K Item 2.02, Exhibit 99.1), Gilead Sciences, Inc. (SEC EDGAR), Feb 10, 2026
- S152026 proxy statement (DEF 14A), Gilead Sciences, Inc. (SEC EDGAR), Mar 20, 2026
- S18Form 8-K: $3.0 billion senior notes offering (filed May 20, 2026), Gilead Sciences, Inc. (SEC EDGAR), May 20, 2026
- S21Schedule 13G, Vanguard Capital Management, event Mar 31, 2026, Vanguard Capital Management (SEC EDGAR), Apr 29, 2026
- S22Schedule 13G/A, The Vanguard Group, event Mar 13, 2026, The Vanguard Group (SEC EDGAR), Mar 26, 2026
- S25SEC EDGAR submissions index for Gilead Sciences, Inc. (CIK 0000882095), SEC EDGAR, Nov 6, 2026
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