vs
安进（AMGN）与渤健（BIIB）财务数据对比。点击上方公司名可切换其他公司
安进的季度营收约是渤健的4.3倍（$9.9B vs $2.3B），安进净利率更高（13.5% vs -2.1%，领先15.7%），安进同比增速更快（8.6% vs -7.1%），安进自由现金流更多（$961.0M vs $468.0M），过去两年安进的营收复合增速更高（15.1% vs -0.2%）
安进是总部位于美国加利福尼亚州千橡市的跨国生物制药企业，公司名称取自最初的全称「应用分子遗传学」的缩写组合，按营收规模排名位列全球生物医药企业第18位，专注于研发、生产及商业化创新生物药物，为全球患者提供优质治疗选择。
渤健是总部位于美国马萨诸塞州剑桥市的跨国生物技术企业，专注于神经系统疾病治疗领域。公司核心产品包括用于多发性硬化症的特菲达、万立能等多款药物，以及治疗脊髓性肌萎缩症的诺西那生钠、治疗弗里德赖希共济失调的Skyclarys，致力于为神经疾病和罕见病患者提供创新疗法。
AMGN vs BIIB — 直观对比
营收规模更大
AMGN
是对方的4.3倍
$2.3B
营收增速更快
AMGN
高出15.7%
-7.1%
净利率更高
AMGN
高出15.7%
-2.1%
自由现金流更多
AMGN
多$493.0M
$468.0M
两年增速更快
AMGN
近两年复合增速
-0.2%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $9.9B | $2.3B |
| 净利润 | $1.3B | $-48.9M |
| 毛利率 | 69.8% | 78.3% |
| 营业利润率 | 27.6% | -2.5% |
| 净利率 | 13.5% | -2.1% |
| 营收同比 | 8.6% | -7.1% |
| 净利润同比 | 112.6% | -118.3% |
| 每股收益（稀释后） | $2.45 | $-0.35 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收AMGNBIIB
| Q4 25 | $9.9B | $2.3B | ||
| Q3 25 | $9.6B | $2.5B | ||
| Q2 25 | $9.2B | $2.6B | ||
| Q1 25 | $8.1B | $2.4B | ||
| Q4 24 | $9.1B | $2.5B | ||
| Q3 24 | $8.5B | $2.5B | ||
| Q2 24 | $8.4B | $2.5B | ||
| Q1 24 | $7.4B | $2.3B |
净利润AMGNBIIB
| Q4 25 | $1.3B | $-48.9M | ||
| Q3 25 | $3.2B | $466.5M | ||
| Q2 25 | $1.4B | $634.8M | ||
| Q1 25 | $1.7B | $240.5M | ||
| Q4 24 | $627.0M | $266.7M | ||
| Q3 24 | $2.8B | $388.5M | ||
| Q2 24 | $746.0M | $583.6M | ||
| Q1 24 | $-113.0M | $393.4M |
毛利率AMGNBIIB
| Q4 25 | 69.8% | 78.3% | ||
| Q3 25 | 67.8% | 73.4% | ||
| Q2 25 | 67.2% | 77.1% | ||
| Q1 25 | 63.6% | 74.1% | ||
| Q4 24 | 65.7% | 76.2% | ||
| Q3 24 | 61.1% | 74.1% | ||
| Q2 24 | 61.4% | 77.8% | ||
| Q1 24 | 57.0% | 76.3% |
营业利润率AMGNBIIB
| Q4 25 | 27.6% | -2.5% | ||
| Q3 25 | 26.4% | 22.0% | ||
| Q2 25 | 28.9% | 28.1% | ||
| Q1 25 | 14.5% | 12.8% | ||
| Q4 24 | 25.4% | 11.9% | ||
| Q3 24 | 24.1% | 18.3% | ||
| Q2 24 | 22.8% | 28.3% | ||
| Q1 24 | 13.3% | 20.3% |
净利率AMGNBIIB
| Q4 25 | 13.5% | -2.1% | ||
| Q3 25 | 33.7% | 18.4% | ||
| Q2 25 | 15.6% | 24.0% | ||
| Q1 25 | 21.2% | 9.9% | ||
| Q4 24 | 6.9% | 10.9% | ||
| Q3 24 | 33.3% | 15.8% | ||
| Q2 24 | 8.9% | 23.7% | ||
| Q1 24 | -1.5% | 17.2% |
每股收益（稀释后）AMGNBIIB
| Q4 25 | $2.45 | $-0.35 | ||
| Q3 25 | $5.93 | $3.17 | ||
| Q2 25 | $2.65 | $4.33 | ||
| Q1 25 | $3.20 | $1.64 | ||
| Q4 24 | $1.17 | $1.82 | ||
| Q3 24 | $5.22 | $2.66 | ||
| Q2 24 | $1.38 | $4.00 | ||
| Q1 24 | $-0.21 | $2.70 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $9.1B | — |
| 总债务越低越好 | $54.6B | $6.3B |
| 股东权益账面价值 | $8.7B | $18.3B |
| 总资产 | $90.6B | $29.4B |
| 负债/权益比越低杠杆越低 | 6.31× | 0.34× |
8季度趋势，按日历期对齐
现金及短期投资AMGNBIIB
| Q4 25 | $9.1B | — | ||
| Q3 25 | $9.4B | — | ||
| Q2 25 | $8.0B | — | ||
| Q1 25 | $8.8B | — | ||
| Q4 24 | $12.0B | — | ||
| Q3 24 | $9.0B | — | ||
| Q2 24 | $9.3B | — | ||
| Q1 24 | $9.7B | — |
总债务AMGNBIIB
| Q4 25 | $54.6B | $6.3B | ||
| Q3 25 | $54.6B | $6.3B | ||
| Q2 25 | $56.2B | $6.3B | ||
| Q1 25 | $57.4B | $4.5B | ||
| Q4 24 | $60.1B | $6.3B | ||
| Q3 24 | $60.4B | $4.5B | ||
| Q2 24 | $62.6B | $6.3B | ||
| Q1 24 | $64.0B | $6.3B |
股东权益AMGNBIIB
| Q4 25 | $8.7B | $18.3B | ||
| Q3 25 | $9.6B | $18.2B | ||
| Q2 25 | $7.4B | $17.6B | ||
| Q1 25 | $6.2B | $17.0B | ||
| Q4 24 | $5.9B | $16.7B | ||
| Q3 24 | $7.5B | $16.4B | ||
| Q2 24 | $5.9B | $15.9B | ||
| Q1 24 | $5.0B | $15.2B |
总资产AMGNBIIB
| Q4 25 | $90.6B | $29.4B | ||
| Q3 25 | $90.1B | $29.2B | ||
| Q2 25 | $87.9B | $28.3B | ||
| Q1 25 | $89.4B | $28.0B | ||
| Q4 24 | $91.8B | $28.0B | ||
| Q3 24 | $90.9B | $28.3B | ||
| Q2 24 | $90.9B | $26.8B | ||
| Q1 24 | $93.0B | $26.6B |
负债/权益比AMGNBIIB
| Q4 25 | 6.31× | 0.34× | ||
| Q3 25 | 5.67× | 0.35× | ||
| Q2 25 | 7.57× | 0.36× | ||
| Q1 25 | 9.24× | 0.27× | ||
| Q4 24 | 10.23× | 0.38× | ||
| Q3 24 | 8.02× | 0.28× | ||
| Q2 24 | 10.57× | 0.40× | ||
| Q1 24 | 12.75× | 0.41× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $1.6B | $511.9M |
| 自由现金流经营现金流 - 资本支出 | $961.0M | $468.0M |
| 自由现金流率自由现金流/营收 | 9.7% | 20.5% |
| 资本支出强度资本支出/营收 | 6.5% | 1.9% |
| 现金转化率经营现金流/净利润 | 1.20× | — |
| 过去12个月自由现金流最近4个季度 | $8.1B | $2.1B |
8季度趋势，按日历期对齐
经营现金流AMGNBIIB
| Q4 25 | $1.6B | $511.9M | ||
| Q3 25 | $4.7B | $1.3B | ||
| Q2 25 | $2.3B | $160.9M | ||
| Q1 25 | $1.4B | $259.3M | ||
| Q4 24 | $4.8B | $760.9M | ||
| Q3 24 | $3.6B | $935.6M | ||
| Q2 24 | $2.5B | $625.8M | ||
| Q1 24 | $689.0M | $553.2M |
自由现金流AMGNBIIB
| Q4 25 | $961.0M | $468.0M | ||
| Q3 25 | $4.2B | $1.2B | ||
| Q2 25 | $1.9B | $134.3M | ||
| Q1 25 | $980.0M | $222.2M | ||
| Q4 24 | $4.4B | $721.6M | ||
| Q3 24 | $3.3B | $900.6M | ||
| Q2 24 | $2.2B | $592.3M | ||
| Q1 24 | $459.0M | $507.3M |
自由现金流率AMGNBIIB
| Q4 25 | 9.7% | 20.5% | ||
| Q3 25 | 44.4% | 48.4% | ||
| Q2 25 | 20.8% | 5.1% | ||
| Q1 25 | 12.0% | 9.1% | ||
| Q4 24 | 48.4% | 29.4% | ||
| Q3 24 | 39.0% | 36.5% | ||
| Q2 24 | 26.5% | 24.0% | ||
| Q1 24 | 6.2% | 22.1% |
资本支出强度AMGNBIIB
| Q4 25 | 6.5% | 1.9% | ||
| Q3 25 | 4.6% | 1.8% | ||
| Q2 25 | 4.0% | 1.0% | ||
| Q1 25 | 5.0% | 1.5% | ||
| Q4 24 | 4.1% | 1.6% | ||
| Q3 24 | 3.0% | 1.4% | ||
| Q2 24 | 2.8% | 1.4% | ||
| Q1 24 | 3.1% | 2.0% |
现金转化率AMGNBIIB
| Q4 25 | 1.20× | — | ||
| Q3 25 | 1.46× | 2.73× | ||
| Q2 25 | 1.59× | 0.25× | ||
| Q1 25 | 0.80× | 1.08× | ||
| Q4 24 | 7.61× | 2.85× | ||
| Q3 24 | 1.26× | 2.41× | ||
| Q2 24 | 3.30× | 1.07× | ||
| Q1 24 | — | 1.41× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
AMGN
| Products | $9.4B | 95% |
| Xgeva | $291.0M | 3% |
| Vectibix | $163.0M | 2% |
| Aranesp | $115.0M | 1% |
BIIB
| Products | $1.7B | 73% |
| Tysabri Product | $244.5M | 11% |
| AVONEX | $119.2M | 5% |
| SKYCLARYS | $88.9M | 4% |
| Alzheimers Collaboration | $47.1M | 2% |
| IMRALDI | $43.5M | 2% |
| TECFIDERA | $36.9M | 2% |
| PLEGRIDY | $24.7M | 1% |
| QALSODY | $7.8M | 0% |
| BYOOVIZ | $4.3M | 0% |
