Is Amgen bigger than Moderna?

By market capitalization, Amgen is larger at $198.26B vs Moderna's $21.09B.

Which has better profit margins — Amgen or Moderna?

Amgen has higher net profit margins (21.0%) compared to Moderna (-145.2%). Gross and operating margins are compared in the table above.

What sectors do Amgen and Moderna operate in?

Amgen operates in the Healthcare sector (Drug Manufacturers - General). Moderna operates in the Healthcare sector (Biotechnology).

How does Amgen's revenue compare to Moderna's?

Amgen generates $36.75B in annual revenue (TTM) while Moderna generates $1.94B. Amgen is the larger company by revenue as of 2026.

AmgenvsModerna

Amgen vs Moderna: Business Model & Financial Comparison 2026

Amgen · Healthcare / Drug Manufacturers - General·Moderna · Healthcare / Biotechnology

Financial Comparison

Metric	AMGNAmgen	MRNAModerna
Market Cap	$198.26B	$21.09B
Revenue (TTM)	$36.75B	$1.94B
Revenue Growth	8.6%	-29.8%
Gross Margin	70.8%	-105.8%
Operating Margin	30.5%	-126.4%
Net Margin	21.0%	-145.2%
Return on Equity	106.1%	-28.9%
P/E (Trailing)	25.8x	N/A
P/E (Forward)	15.8x	-11.7x
Free Cash Flow	$7.50B	$-1.33B
Cash	$9.13B	$5.80B
Total Debt	$55.44B	$1.30B

Data sourced from Yahoo Finance. Green highlights indicate better performance for that metric. Use the interactive tool for real-time data.

Business Model Comparison

Amgen

Amgen Inc. stands as a leading company in Healthcare. Generating $36.75 billion in annual revenue (growing 8.6% year-over-year) and carrying a market capitalization of $198.16 billion, the company has cemented its position as a foundational player in the global Drug Manufacturers - General landscape. Under the leadership of its leadership team, Amgen Inc. continues to execute on a multi-year strategic vision that balances growth investment with s…

Full Amgen analysis →

Moderna

Moderna, Inc. stands as a leading company in Healthcare. Generating $1.94 billion in annual revenue (growing -29.8% year-over-year) and carrying a market capitalization of $21.26 billion, the company has cemented its position as a foundational player in the global Biotechnology landscape. Under the leadership of its leadership team, Moderna, Inc. continues to execute on a multi-year strategic vision that balances growth investment with shareholde…

Full Moderna analysis →

SWOT Analysis Comparison

Strengths

Amgen

With a market capitalization of $198.16B, Amgen Inc. is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access that smal
Amgen Inc.'s gross margin of 70.8% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 30.5% demonstrates discipline
A return on equity of 106.1% demonstrates that Amgen Inc. generates strong returns from shareholder capital, a hallmark of companies with durable competitive advantages.

Moderna

Moderna, Inc. holds an established position in the Biotechnology sector, with a track record of serving customers and generating value across its core business activities.
The company's deep expertise in Biotechnology — developed over years of operation — provides meaningful barriers to entry and customer relationship advantages that newer competitors must overcome.

Weaknesses

Amgen

With a debt-to-equity ratio of 640.3, Amgen Inc. carries significant debt relative to equity. While manageable given its cash flow, elevated leverage limits financial flexibility and increases vulnera

Moderna

Year-over-year revenue declined 29.8%, raising questions about demand for Moderna, Inc.'s core offerings and requiring management to articulate a credible recovery path.

Opportunities

Amgen

Amgen Inc. operates in the Drug Manufacturers - General segment of the broader Healthcare sector, which represents a $12 trillion global healthcare market by 2030. Even modest share gains in this envi
Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Amgen I
Earnings growth of 112.1% YoY demonstrates Amgen Inc.'s ability to convert revenue growth into shareholder value. Analysts project continued earnings expansion driven by operating leverage as fixed co

Moderna

Moderna, Inc. operates in the Biotechnology segment of the broader Healthcare sector, which represents a $12 trillion global healthcare market by 2030. Even modest share gains in this environment tran
Emerging markets — particularly India (1.4B people, rapidly growing middle class), Southeast Asia (700M people), and Sub-Saharan Africa — represent significant untapped addressable markets for Moderna
With $5.80B in cash and strong free cash flow generation, Moderna, Inc. is well-positioned to pursue strategic acquisitions that expand its capabilities, customer base, or geographic reach.

Threats

Amgen

Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Amgen Inc.'s revenue is not fully insulated from macroeconomic cycles, and a recession scena
Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Amgen Inc.'s busine
Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri

Moderna

Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Moderna, Inc.'s revenue is not fully insulated from macroeconomic cycles, and a recession sc
Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Moderna, Inc.'s bus
Competition for skilled technology, engineering, and management talent remains intense. High employee turnover or inability to attract top talent could slow innovation and execution — particularly cri

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Amgen vs Moderna: FAQ

Is Amgen bigger than Moderna?: By market capitalization, Amgen is larger at $198.26B vs Moderna's $21.09B.
Which has better profit margins — Amgen or Moderna?: Amgen has higher net profit margins (21.0%) compared to Moderna (-145.2%). Gross and operating margins are compared in the table above.
What sectors do Amgen and Moderna operate in?: Amgen operates in the Healthcare sector (Drug Manufacturers - General). Moderna operates in the Healthcare sector (Biotechnology).
How does Amgen's revenue compare to Moderna's?: Amgen generates $36.75B in annual revenue (TTM) while Moderna generates $1.94B. Amgen is the larger company by revenue as of 2026.