Amgen's Cash Strength Versus Moderna's mRNA Pivot

Overview

• Amgen reported nearly $36.7 billion in FY2025 revenue, about $7.7 billion in net income, a 21% net margin, and roughly $8.1 billion in free cash flow.
• The company serves about 17 million patients and depends heavily on three distributors—McKesson, Cencora, and Cardinal Health—which together accounted for 77% of gross revenues in 2025 and create concentration risk.
• Moderna posted roughly $1.9 billion in FY2025 revenue, a decline of about 39%, and reported a net loss of nearly $2.8 billion driven by lower pandemic-vaccine demand and high research spending.
• Moderna is shifting toward a broader mRNA program across infectious disease, oncology, and rare diseases and is pursuing partnerships such as its collaboration with Merck to help commercialize cancer treatments.
• Investors must weigh Amgen's predictable cash flows and scale against Moderna's higher-risk, execution-dependent upside where future returns hinge on successful product launches and demand forecasting.