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Amgen vs Exelixis: revenue, profit, margins and growth compared

Amgen brought in $36.8B of revenue in fiscal 2025, Exelixis $2.3B in fiscal 2025. Revenue changed by +10.0% at Amgen and +7.0% at Exelixis on the year before, so Amgen grew faster. Amgen kept 21.0% of its revenue as net profit, Exelixis 33.7%. Free cash flow was $8.1B at Amgen and $875.8M at Exelixis.

Side by side, latest fiscal year

AMGNEXEL
Fiscal year endedFY2025 (December 31, 2025)FY2025 (January 2, 2026)
Revenue$36.8B$2.3B
Revenue growth+10.0%+7.0%
Net income$7.7B$782.6M
Net margin21.0%33.7%
Free cash flow$8.1B$875.8M
Free cash flow margin22.0%37.7%
Earnings per share (diluted)$14.23$2.78
Cash$9.1B$482.5M
Debt$54.6Bn/a
Price to earnings29.120.9
Market value$224.2B$14.4B
Dividend yield2.33%n/a
Rank by revenue in sector#20 of 523 · Health care#100 of 523 · Health care

Over the years

Revenue
AMGN FY2018: $23.7BAMGN FY2019: $23.4BAMGN FY2020: $25.4BAMGN FY2021: $26BAMGN FY2022: $26.3BAMGN FY2023: $28.2BAMGN FY2024: $33.4BAMGN FY2025: $36.8BEXEL FY2018: $853.8MEXEL FY2019: $967.8MEXEL FY2020: $987.5MEXEL FY2021: $1.4BEXEL FY2022: $1.6BEXEL FY2023: $1.8BEXEL FY2024: $2.2BEXEL FY2025: $2.3BFY18FY19FY20FY21FY22FY23FY24FY25
AMGN $36.8BEXEL $2.3B
Net income
AMGN FY2018: $8.4BAMGN FY2019: $7.8BAMGN FY2020: $7.3BAMGN FY2021: $5.9BAMGN FY2022: $6.6BAMGN FY2023: $6.7BAMGN FY2024: $4.1BAMGN FY2025: $7.7BEXEL FY2018: $690.1MEXEL FY2019: $321MEXEL FY2020: $111.8MEXEL FY2021: $231.1MEXEL FY2022: $182.3MEXEL FY2023: $207.8MEXEL FY2024: $521.3MEXEL FY2025: $782.6MFY18FY19FY20FY21FY22FY23FY24FY25
AMGN $7.7BEXEL $782.6M
Net margin
AMGN FY2018: 35.3%AMGN FY2019: 33.6%AMGN FY2020: 28.6%AMGN FY2021: 22.7%AMGN FY2022: 24.9%AMGN FY2023: 23.8%AMGN FY2024: 12.2%AMGN FY2025: 21.0%EXEL FY2018: 80.8%EXEL FY2019: 33.2%EXEL FY2020: 11.3%EXEL FY2021: 16.1%EXEL FY2022: 11.3%EXEL FY2023: 11.4%EXEL FY2024: 24.0%EXEL FY2025: 33.7%FY18FY19FY20FY21FY22FY23FY24FY25
AMGN 21.0%EXEL 33.7%
Revenue growth
AMGN FY2019: -1.6%AMGN FY2020: +8.8%AMGN FY2021: +2.2%AMGN FY2022: +1.3%AMGN FY2023: +7.1%AMGN FY2024: +18.6%AMGN FY2025: +10.0%EXEL FY2019: +13.3%EXEL FY2020: +2.0%EXEL FY2021: +45.3%EXEL FY2022: +12.3%EXEL FY2023: +13.6%EXEL FY2024: +18.5%EXEL FY2025: +7.0%FY19FY20FY21FY22FY23FY24FY25
AMGN +10.0%EXEL +7.0%
Free cash flow
AMGN FY2018: $10.6BAMGN FY2019: $8.5BAMGN FY2020: $9.9BAMGN FY2021: $8.4BAMGN FY2022: $8.8BAMGN FY2023: $7.4BAMGN FY2024: $10.4BAMGN FY2025: $8.1BEXEL FY2018: $382.4MEXEL FY2019: $514.1MEXEL FY2020: $178.6MEXEL FY2021: $346.6MEXEL FY2022: $334.9MEXEL FY2023: $292.9MEXEL FY2024: $671.5MEXEL FY2025: $875.8MFY18FY19FY20FY21FY22FY23FY24FY25
AMGN $8.1BEXEL $875.8M

Fiscal years as each company reports them; the two may end in different months.

Questions about Amgen and Exelixis

Which is bigger by revenue, Amgen or Exelixis?

Amgen is bigger by revenue: $36.8B in fiscal 2025, against $2.3B for Exelixis in fiscal 2025.

Which keeps more of its revenue as profit, Amgen or Exelixis?

Amgen had a net margin of 21.0% in fiscal 2025; Exelixis had 33.7% in fiscal 2025.

Which grew revenue faster, Amgen or Exelixis?

In their latest fiscal years revenue changed by +10.0% at Amgen and +7.0% at Exelixis.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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