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Side-by-side financial comparison of Amgen (AMGN) and EXELIXIS, INC. (EXEL). Click either name above to swap in a different company.

Amgen is the larger business by last-quarter revenue ($9.9B vs $598.7M, roughly 16.5× EXELIXIS, INC.). EXELIXIS, INC. runs the higher net margin — 40.8% vs 13.5%, a 27.3% gap on every dollar of revenue. On growth, Amgen posted the faster year-over-year revenue change (8.6% vs 5.6%). Amgen produced more free cash flow last quarter ($961.0M vs $332.4M). Over the past eight quarters, EXELIXIS, INC.'s revenue compounded faster (18.7% CAGR vs 15.1%).

Amgen Inc. is an American multinational biopharmaceutical company headquartered in Thousand Oaks, California. The company is ranked 18th on the list of largest biomedical companies by revenue. The name "AMGen" is a portmanteau of the company's original name, Applied Molecular Genetics.

Exelixis, Inc. is a genomics-based drug discovery company located in Alameda, California, and the producer of Cometriq, a treatment approved by the U.S. Food and Drug Administration (FDA) for medullary thyroid cancer with clinical activity in several other types of metastatic cancer.

AMGN vs EXEL — Head-to-Head

Bigger by revenue
AMGN
AMGN
16.5× larger
AMGN
$9.9B
$598.7M
EXEL
Growing faster (revenue YoY)
AMGN
AMGN
+3.0% gap
AMGN
8.6%
5.6%
EXEL
Higher net margin
EXEL
EXEL
27.3% more per $
EXEL
40.8%
13.5%
AMGN
More free cash flow
AMGN
AMGN
$628.6M more FCF
AMGN
$961.0M
$332.4M
EXEL
Faster 2-yr revenue CAGR
EXEL
EXEL
Annualised
EXEL
18.7%
15.1%
AMGN

Income Statement — Q4 2025 vs Q4 2026

Metric
AMGN
AMGN
EXEL
EXEL
Revenue
$9.9B
$598.7M
Net Profit
$1.3B
$244.5M
Gross Margin
69.8%
95.6%
Operating Margin
27.6%
39.3%
Net Margin
13.5%
40.8%
Revenue YoY
8.6%
5.6%
Net Profit YoY
112.6%
74.8%
EPS (diluted)
$2.45
$0.89

Green = leading value per metric. Periods may differ when fiscal calendars don't align.

8-Quarter Revenue & Profit Trend

Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.

Revenue
AMGN
AMGN
EXEL
EXEL
Q1 26
$598.7M
Q4 25
$9.9B
$597.8M
Q3 25
$9.6B
$568.3M
Q2 25
$9.2B
$555.4M
Q1 25
$8.1B
$566.8M
Q4 24
$9.1B
Q3 24
$8.5B
$539.5M
Q2 24
$8.4B
$637.2M
Net Profit
AMGN
AMGN
EXEL
EXEL
Q1 26
$244.5M
Q4 25
$1.3B
$193.6M
Q3 25
$3.2B
$184.8M
Q2 25
$1.4B
$159.6M
Q1 25
$1.7B
$139.9M
Q4 24
$627.0M
Q3 24
$2.8B
$118.0M
Q2 24
$746.0M
$226.1M
Gross Margin
AMGN
AMGN
EXEL
EXEL
Q1 26
95.6%
Q4 25
69.8%
96.9%
Q3 25
67.8%
96.6%
Q2 25
67.2%
96.5%
Q1 25
63.6%
96.5%
Q4 24
65.7%
Q3 24
61.1%
96.8%
Q2 24
61.4%
97.2%
Operating Margin
AMGN
AMGN
EXEL
EXEL
Q1 26
39.3%
Q4 25
27.6%
39.6%
Q3 25
26.4%
37.6%
Q2 25
28.9%
33.6%
Q1 25
14.5%
28.8%
Q4 24
25.4%
Q3 24
24.1%
25.2%
Q2 24
22.8%
43.3%
Net Margin
AMGN
AMGN
EXEL
EXEL
Q1 26
40.8%
Q4 25
13.5%
32.4%
Q3 25
33.7%
32.5%
Q2 25
15.6%
28.7%
Q1 25
21.2%
24.7%
Q4 24
6.9%
Q3 24
33.3%
21.9%
Q2 24
8.9%
35.5%
EPS (diluted)
AMGN
AMGN
EXEL
EXEL
Q1 26
$0.89
Q4 25
$2.45
$0.69
Q3 25
$5.93
$0.65
Q2 25
$2.65
$0.55
Q1 25
$3.20
$0.47
Q4 24
$1.17
Q3 24
$5.22
$0.40
Q2 24
$1.38
$0.77

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
AMGN
AMGN
EXEL
EXEL
Cash + ST InvestmentsLiquidity on hand
$9.1B
$1.1B
Total DebtLower is stronger
$54.6B
Stockholders' EquityBook value
$8.7B
$2.2B
Total Assets
$90.6B
$2.8B
Debt / EquityLower = less leverage
6.31×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
AMGN
AMGN
EXEL
EXEL
Q1 26
$1.1B
Q4 25
$9.1B
$988.5M
Q3 25
$9.4B
$791.1M
Q2 25
$8.0B
$1.0B
Q1 25
$8.8B
$1.1B
Q4 24
$12.0B
Q3 24
$9.0B
$1.2B
Q2 24
$9.3B
$1.0B
Total Debt
AMGN
AMGN
EXEL
EXEL
Q1 26
Q4 25
$54.6B
Q3 25
$54.6B
Q2 25
$56.2B
Q1 25
$57.4B
Q4 24
$60.1B
Q3 24
$60.4B
Q2 24
$62.6B
Stockholders' Equity
AMGN
AMGN
EXEL
EXEL
Q1 26
$2.2B
Q4 25
$8.7B
$2.2B
Q3 25
$9.6B
$2.0B
Q2 25
$7.4B
$2.1B
Q1 25
$6.2B
$2.2B
Q4 24
$5.9B
Q3 24
$7.5B
$2.3B
Q2 24
$5.9B
$2.1B
Total Assets
AMGN
AMGN
EXEL
EXEL
Q1 26
$2.8B
Q4 25
$90.6B
$2.8B
Q3 25
$90.1B
$2.7B
Q2 25
$87.9B
$2.8B
Q1 25
$89.4B
$2.9B
Q4 24
$91.8B
Q3 24
$90.9B
$3.0B
Q2 24
$90.9B
$2.8B
Debt / Equity
AMGN
AMGN
EXEL
EXEL
Q1 26
Q4 25
6.31×
Q3 25
5.67×
Q2 25
7.57×
Q1 25
9.24×
Q4 24
10.23×
Q3 24
8.02×
Q2 24
10.57×

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
AMGN
AMGN
EXEL
EXEL
Operating Cash FlowLast quarter
$1.6B
$333.5M
Free Cash FlowOCF − Capex
$961.0M
$332.4M
FCF MarginFCF / Revenue
9.7%
55.5%
Capex IntensityCapex / Revenue
6.5%
0.2%
Cash ConversionOCF / Net Profit
1.20×
1.36×
TTM Free Cash FlowTrailing 4 quarters
$8.1B
$875.8M

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
AMGN
AMGN
EXEL
EXEL
Q1 26
$333.5M
Q4 25
$1.6B
$290.3M
Q3 25
$4.7B
$49.0M
Q2 25
$2.3B
$211.4M
Q1 25
$1.4B
$240.3M
Q4 24
$4.8B
Q3 24
$3.6B
$271.3M
Q2 24
$2.5B
$119.5M
Free Cash Flow
AMGN
AMGN
EXEL
EXEL
Q1 26
$332.4M
Q4 25
$961.0M
$288.8M
Q3 25
$4.2B
$46.2M
Q2 25
$1.9B
$208.5M
Q1 25
$980.0M
$236.3M
Q4 24
$4.4B
Q3 24
$3.3B
$263.1M
Q2 24
$2.2B
$113.0M
FCF Margin
AMGN
AMGN
EXEL
EXEL
Q1 26
55.5%
Q4 25
9.7%
48.3%
Q3 25
44.4%
8.1%
Q2 25
20.8%
37.5%
Q1 25
12.0%
41.7%
Q4 24
48.4%
Q3 24
39.0%
48.8%
Q2 24
26.5%
17.7%
Capex Intensity
AMGN
AMGN
EXEL
EXEL
Q1 26
0.2%
Q4 25
6.5%
0.2%
Q3 25
4.6%
0.5%
Q2 25
4.0%
0.5%
Q1 25
5.0%
0.7%
Q4 24
4.1%
Q3 24
3.0%
1.5%
Q2 24
2.8%
1.0%
Cash Conversion
AMGN
AMGN
EXEL
EXEL
Q1 26
1.36×
Q4 25
1.20×
1.50×
Q3 25
1.46×
0.27×
Q2 25
1.59×
1.32×
Q1 25
0.80×
1.72×
Q4 24
7.61×
Q3 24
1.26×
2.30×
Q2 24
3.30×
0.53×

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

Revenue Breakdown by Segment

AMGN
AMGN

Products$9.4B95%
Xgeva$291.0M3%
Vectibix$163.0M2%
Aranesp$115.0M1%

EXEL
EXEL

Segment breakdown not available.

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