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Side-by-side financial comparison of Amgen (AMGN) and Thermo Fisher Scientific (TMO). Click either name above to swap in a different company.
Thermo Fisher Scientific is the larger business by last-quarter revenue ($11.0B vs $9.9B, roughly 1.1× Amgen). Thermo Fisher Scientific runs the higher net margin — 15.0% vs 13.5%, a 1.5% gap on every dollar of revenue. On growth, Amgen posted the faster year-over-year revenue change (8.6% vs 6.2%). Amgen produced more free cash flow last quarter ($961.0M vs $825.0M). Over the past eight quarters, Amgen's revenue compounded faster (15.1% CAGR vs 2.2%).
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.
Thermo Fisher Scientific Inc. is an American life science and clinical research company. It is a global supplier of analytical instruments, clinical development solutions, specialty diagnostics, laboratory, pharmaceutical and biotechnology services. Based in Waltham, Massachusetts, Thermo Fisher was formed through the merger of Thermo Electron and Fisher Scientific in 2006.
AMGN vs TMO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $9.9B | $11.0B |
| Net Profit | $1.3B | $1.7B |
| Gross Margin | 69.8% | — |
| Operating Margin | 27.6% | 16.9% |
| Net Margin | 13.5% | 15.0% |
| Revenue YoY | 8.6% | 6.2% |
| Net Profit YoY | 112.6% | 9.6% |
| EPS (diluted) | $2.45 | $4.43 |
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.
| Q1 26 | — | $11.0B | ||
| Q4 25 | $9.9B | $12.2B | ||
| Q3 25 | $9.6B | $11.1B | ||
| Q2 25 | $9.2B | $10.9B | ||
| Q1 25 | $8.1B | $10.4B | ||
| Q4 24 | $9.1B | $11.4B | ||
| Q3 24 | $8.5B | $10.6B | ||
| Q2 24 | $8.4B | $10.5B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $1.3B | $2.0B | ||
| Q3 25 | $3.2B | $1.6B | ||
| Q2 25 | $1.4B | $1.6B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $627.0M | $1.8B | ||
| Q3 24 | $2.8B | $1.6B | ||
| Q2 24 | $746.0M | $1.5B |
| Q1 26 | — | — | ||
| Q4 25 | 69.8% | — | ||
| Q3 25 | 67.8% | — | ||
| Q2 25 | 67.2% | — | ||
| Q1 25 | 63.6% | — | ||
| Q4 24 | 65.7% | — | ||
| Q3 24 | 61.1% | — | ||
| Q2 24 | 61.4% | — |
| Q1 26 | — | 16.9% | ||
| Q4 25 | 27.6% | 18.5% | ||
| Q3 25 | 26.4% | 17.5% | ||
| Q2 25 | 28.9% | 16.9% | ||
| Q1 25 | 14.5% | 16.6% | ||
| Q4 24 | 25.4% | 17.7% | ||
| Q3 24 | 24.1% | 17.3% | ||
| Q2 24 | 22.8% | 17.3% |
| Q1 26 | — | 15.0% | ||
| Q4 25 | 13.5% | 16.1% | ||
| Q3 25 | 33.7% | 14.5% | ||
| Q2 25 | 15.6% | 14.9% | ||
| Q1 25 | 21.2% | 14.6% | ||
| Q4 24 | 6.9% | 16.0% | ||
| Q3 24 | 33.3% | 15.4% | ||
| Q2 24 | 8.9% | 14.7% |
| Q1 26 | — | $4.43 | ||
| Q4 25 | $2.45 | $5.21 | ||
| Q3 25 | $5.93 | $4.27 | ||
| Q2 25 | $2.65 | $4.28 | ||
| Q1 25 | $3.20 | $3.98 | ||
| Q4 24 | $1.17 | $4.78 | ||
| Q3 24 | $5.22 | $4.25 | ||
| Q2 24 | $1.38 | $4.04 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $9.1B | $3.3B |
| Total DebtLower is stronger | $54.6B | — |
| Stockholders' EquityBook value | $8.7B | $51.9B |
| Total Assets | $90.6B | $113.3B |
| Debt / EquityLower = less leverage | 6.31× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $3.3B | ||
| Q4 25 | $9.1B | $10.1B | ||
| Q3 25 | $9.4B | $3.5B | ||
| Q2 25 | $8.0B | $6.4B | ||
| Q1 25 | $8.8B | $5.9B | ||
| Q4 24 | $12.0B | $5.6B | ||
| Q3 24 | $9.0B | $6.6B | ||
| Q2 24 | $9.3B | $8.8B |
| Q1 26 | — | — | ||
| Q4 25 | $54.6B | $35.9B | ||
| Q3 25 | $54.6B | $31.9B | ||
| Q2 25 | $56.2B | $33.0B | ||
| Q1 25 | $57.4B | $31.4B | ||
| Q4 24 | $60.1B | $29.1B | ||
| Q3 24 | $60.4B | $31.2B | ||
| Q2 24 | $62.6B | $30.3B |
| Q1 26 | — | $51.9B | ||
| Q4 25 | $8.7B | $53.4B | ||
| Q3 25 | $9.6B | $51.0B | ||
| Q2 25 | $7.4B | $50.5B | ||
| Q1 25 | $6.2B | $49.4B | ||
| Q4 24 | $5.9B | $49.6B | ||
| Q3 24 | $7.5B | $49.0B | ||
| Q2 24 | $5.9B | $47.4B |
| Q1 26 | — | $113.3B | ||
| Q4 25 | $90.6B | $110.3B | ||
| Q3 25 | $90.1B | $103.0B | ||
| Q2 25 | $87.9B | $101.2B | ||
| Q1 25 | $89.4B | $99.0B | ||
| Q4 24 | $91.8B | $97.3B | ||
| Q3 24 | $90.9B | $100.4B | ||
| Q2 24 | $90.9B | $98.5B |
| Q1 26 | — | — | ||
| Q4 25 | 6.31× | 0.67× | ||
| Q3 25 | 5.67× | 0.62× | ||
| Q2 25 | 7.57× | 0.65× | ||
| Q1 25 | 9.24× | 0.64× | ||
| Q4 24 | 10.23× | 0.59× | ||
| Q3 24 | 8.02× | 0.64× | ||
| Q2 24 | 10.57× | 0.64× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $1.6B | $1.2B |
| Free Cash FlowOCF − Capex | $961.0M | $825.0M |
| FCF MarginFCF / Revenue | 9.7% | 7.5% |
| Capex IntensityCapex / Revenue | 6.5% | — |
| Cash ConversionOCF / Net Profit | 1.20× | 0.72× |
| TTM Free Cash FlowTrailing 4 quarters | $8.1B | $6.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.2B | ||
| Q4 25 | $1.6B | $3.5B | ||
| Q3 25 | $4.7B | $2.2B | ||
| Q2 25 | $2.3B | $1.4B | ||
| Q1 25 | $1.4B | $723.0M | ||
| Q4 24 | $4.8B | $3.3B | ||
| Q3 24 | $3.6B | $2.2B | ||
| Q2 24 | $2.5B | $2.0B |
| Q1 26 | — | $825.0M | ||
| Q4 25 | $961.0M | $3.0B | ||
| Q3 25 | $4.2B | $1.8B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | $980.0M | $361.0M | ||
| Q4 24 | $4.4B | $2.8B | ||
| Q3 24 | $3.3B | $1.9B | ||
| Q2 24 | $2.2B | $1.7B |
| Q1 26 | — | 7.5% | ||
| Q4 25 | 9.7% | 24.5% | ||
| Q3 25 | 44.4% | 16.5% | ||
| Q2 25 | 20.8% | 10.2% | ||
| Q1 25 | 12.0% | 3.5% | ||
| Q4 24 | 48.4% | 24.7% | ||
| Q3 24 | 39.0% | 17.9% | ||
| Q2 24 | 26.5% | 15.7% |
| Q1 26 | — | — | ||
| Q4 25 | 6.5% | 3.8% | ||
| Q3 25 | 4.6% | 3.6% | ||
| Q2 25 | 4.0% | 2.7% | ||
| Q1 25 | 5.0% | 3.5% | ||
| Q4 24 | 4.1% | 4.2% | ||
| Q3 24 | 3.0% | 2.6% | ||
| Q2 24 | 2.8% | 2.9% |
| Q1 26 | — | 0.72× | ||
| Q4 25 | 1.20× | 1.75× | ||
| Q3 25 | 1.46× | 1.39× | ||
| Q2 25 | 1.59× | 0.87× | ||
| Q1 25 | 0.80× | 0.48× | ||
| Q4 24 | 7.61× | 1.80× | ||
| Q3 24 | 1.26× | 1.33× | ||
| Q2 24 | 3.30× | 1.27× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AMGN
| Products | $9.4B | 95% |
| Xgeva | $291.0M | 3% |
| Vectibix | $163.0M | 2% |
| Aranesp | $115.0M | 1% |
TMO
| Laboratory Products and Biopharma Services | $6.0B | 55% |
| Life Sciences Solutions | $2.6B | 24% |
| Analytical Instruments | $1.7B | 16% |
| Specialty Diagnostics | $1.1B | 10% |
