Amgen vs Novo Nordisk A/S: Business Model & Financial Comparison 2026
Amgen · Healthcare / Drug Manufacturers - General·Novo Nordisk A/S · Healthcare / Drug Manufacturers - General
Financial Comparison
| Metric | AMGNAmgen | NVONovo Nordisk A/S |
|---|---|---|
| Market Cap | $198.26B | $169.56B |
| Revenue (TTM) | $36.75B | $309.06B |
| Revenue Growth | 8.6% | -7.6% |
| Gross Margin | 70.8% | 82.4% |
| Operating Margin | 30.5% | 44.5% |
| Net Margin | 21.0% | 33.1% |
| Return on Equity | 106.1% | 60.7% |
| P/E (Trailing) | 25.8x | 10.7x |
| P/E (Forward) | 15.8x | 11.4x |
| Free Cash Flow | $7.50B | $376.9M |
| Cash | $9.13B | $26.96B |
| Total Debt | $55.44B | $130.96B |
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 →Novo Nordisk A/S
Novo Nordisk A/S stands as a leading company in Healthcare. Generating $309.06 billion in annual revenue (growing -7.6% year-over-year) and carrying a market capitalization of $173.66 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, Novo Nordisk A/S continues to execute on a multi-year strategic vision that balances growth inv…
Full Novo Nordisk A/S 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.
Novo Nordisk A/S
- With a market capitalization of $173.66B, Novo Nordisk A/S is one of the largest companies in its sector, providing the scale advantages of brand recognition, supplier leverage, and capital access tha
- Novo Nordisk A/S's gross margin of 82.4% is well above industry averages, reflecting pricing power, operational efficiency, or a high-value product mix. The operating margin of 44.5% demonstrates disc
- A return on equity of 60.7% demonstrates that Novo Nordisk A/S generates strong returns from shareholder capital, a hallmark of companies with durable competitive advantages.
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
Novo Nordisk A/S
- Novo Nordisk A/S's debt-to-equity ratio of 67.5 indicates meaningful financial leverage. Total debt stands at $130.96B against $26.96B in cash and equivalents.
- Year-over-year revenue declined 7.6%, raising questions about demand for Novo Nordisk A/S'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
Novo Nordisk A/S
- Novo Nordisk A/S 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 thi
- 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 Novo No
- With $26.96B in cash and strong free cash flow generation, Novo Nordisk A/S 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
Novo Nordisk A/S
- Global economic slowdowns, inflation, or rising interest rates can reduce consumer and enterprise spending. Novo Nordisk A/S's revenue is not fully insulated from macroeconomic cycles, and a recession
- Increasing government regulation — particularly data privacy laws (GDPR, CCPA), antitrust enforcement, and trade restrictions — poses compliance costs and potential restrictions on Novo Nordisk A/S's
- 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
Compare any 2–4 companies with live data
The interactive comparison tool lets you select any companies, see real-time metrics, and export a side-by-side report.
Open Comparison ToolAmgen vs Novo Nordisk A/S: FAQ
- Is Amgen bigger than Novo Nordisk A/S?
- By market capitalization, Amgen is larger at $198.26B vs Novo Nordisk A/S's $169.56B.
- Which has better profit margins — Amgen or Novo Nordisk A/S?
- Novo Nordisk A/S has higher net profit margins (33.1%) compared to Amgen (21.0%). Gross and operating margins are compared in the table above.
- What sectors do Amgen and Novo Nordisk A/S operate in?
- Amgen operates in the Healthcare sector (Drug Manufacturers - General). Novo Nordisk A/S operates in the Healthcare sector (Drug Manufacturers - General).
- How does Amgen's revenue compare to Novo Nordisk A/S's?
- Amgen generates $36.75B in annual revenue (TTM) while Novo Nordisk A/S generates $309.06B. Novo Nordisk A/S is the larger company by revenue as of 2026.