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Should you bet on an established giant or a pipeline-driven innovator? This comparison examines Amgen (NASDAQ:AMGN) and Moderna (NASDAQ:MRNA) to see which stock is a better buy today.
Amgen is a veteran in the drug manufacturing world, focusing on long-term stability and diverse treatments for chronic conditions. Moderna is a biotechnology pioneer that transformed during the pandemic and is now pivoting toward a broader mRNA platform. Both companies operate in a competitive environment, but they offer very different risk and reward profiles for investors.
Amgen operates by discovering and marketing medicines for serious conditions such as heart disease, obesity, and cancer. The company functions within the biotech stocks category, serving approximately 17 million patients globally. Its commercial success depends heavily on three distributors: McKesson (NYSE:MCK), Cencora (NYSE:COR), and Cardinal Health (NYSE:CAH). These three partners accounted for 77% of gross revenues in 2025. Customer concentration like this adds a layer of risk to the business.
In its latest annual report, filed for FY 2025, revenue reached nearly $36.7 billion. This represents a growth rate of roughly 9.9% compared to the previous year. Amgen reported net income of approximately $7.7 billion for the same period. The company achieved a net margin of 21%, which measures the portion of revenue that remains as profit after all expenses are paid.