Comprehensive Stock Comparison
Compare Amgen Inc. (AMGN) vs Biogen Inc. (BIIB) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | AMGN | 10.0% revenue growth vs BIIB's 1.4% |
| Value | BIIB | Lower P/E (12.2x vs 17.3x) |
| Quality / Margins | AMGN | 21.0% net margin vs BIIB's 13.2% |
| Stability / Safety | AMGN | Beta 0.45 vs BIIB's 0.61 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | BIIB | +36.5% vs AMGN's +29.1% |
| Efficiency (ROA) | AMGN | 8.5% ROA vs BIIB's 4.4%, ROIC 20.7% vs 6.5% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Amgen is a global biotechnology company that discovers, develops, manufactures, and markets innovative human therapeutics for serious illnesses. It generates revenue primarily from sales of its branded biologic medicines — with key products including Enbrel, Prolia, Otezla, and Repatha — across therapeutic areas like oncology, inflammation, bone health, and cardiovascular disease. The company's moat lies in its deep expertise in complex biologics manufacturing, extensive patent protection for its innovative therapies, and a robust pipeline of novel drug candidates.
Biogen is a biotechnology company focused on developing and commercializing therapies for neurological and neurodegenerative diseases. It generates revenue primarily from multiple sclerosis drugs like TECFIDERA and VUMERITY (~40% of sales), spinal muscular atrophy treatment SPINRAZA (~25%), and biosimilars for autoimmune conditions. The company's competitive advantage lies in its deep neuroscience expertise and specialized manufacturing capabilities for complex biologics.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
AMGN leads in 5 of 6 categories (Financial Metrics, Profitability & Efficiency). BIIB leads in 1 (Valuation Metrics).
Financial Metrics (TTM)
AMGN is the larger business by revenue, generating $36.7B annually — 3.7x BIIB's $9.8B. AMGN is the more profitable business, keeping 21.0% of every revenue dollar as net income compared to BIIB's 13.2%. On growth, AMGN holds the edge at +8.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | AMGNAmgen Inc. | BIIBBiogen Inc. |
|---|---|---|
| RevenueTrailing 12 months | $36.7B | $9.8B |
| EBITDAEarnings before interest/tax | $15.6B | $2.8B |
| Net IncomeAfter-tax profit | $7.7B | $1.3B |
| Free Cash FlowCash after capex | $8.1B | $2.1B |
| Gross MarginGross profit ÷ Revenue | +70.5% | +70.5% |
| Operating MarginEBIT ÷ Revenue | +28.0% | +19.1% |
| Net MarginNet income ÷ Revenue | +21.0% | +13.2% |
| FCF MarginFCF ÷ Revenue | +22.0% | +21.8% |
| Rev. Growth (YoY)Latest quarter vs prior year | +8.6% | -7.1% |
| EPS Growth (YoY)Latest quarter vs prior year | +111.2% | -118.0% |
Valuation Metrics
At 21.7x trailing earnings, BIIB trades at a 20% valuation discount to AMGN's 27.3x P/E. On an enterprise value basis, BIIB's 11.4x EV/EBITDA is more attractive than AMGN's 12.6x.
| Metric | AMGNAmgen Inc. | BIIBBiogen Inc. |
|---|---|---|
| Market CapShares × price | $209.2B | $28.2B |
| Enterprise ValueMkt cap + debt − cash | $254.7B | $32.1B |
| Trailing P/EPrice ÷ TTM EPS | 27.28x | 21.72x |
| Forward P/EPrice ÷ next-FY EPS est. | 17.33x | 12.16x |
| PEG RatioP/E ÷ EPS growth rate | 9.27x | — |
| EV / EBITDAEnterprise value multiple | 12.56x | 11.41x |
| Price / SalesMarket cap ÷ Revenue | 5.69x | 2.87x |
| Price / BookPrice ÷ Book value/share | 24.30x | 1.54x |
| Price / FCFMarket cap ÷ FCF | 25.83x | 13.73x |
Profitability & Efficiency
AMGN delivers a 89.1% return on equity — every $100 of shareholder capital generates $89 in annual profit, vs $7 for BIIB. BIIB carries lower financial leverage with a 0.38x debt-to-equity ratio, signaling a more conservative balance sheet compared to AMGN's 6.31x. On the Piotroski fundamental quality scale (0–9), AMGN scores 7/9 vs BIIB's 5/9, reflecting strong financial health.
| Metric | AMGNAmgen Inc. | BIIBBiogen Inc. |
|---|---|---|
| ROE (TTM)Return on equity | +89.1% | +7.1% |
| ROA (TTM)Return on assets | +8.5% | +4.4% |
| ROICReturn on invested capital | +20.7% | +6.5% |
| ROCEReturn on capital employed | +22.3% | +7.7% |
| Piotroski ScoreFundamental quality 0–9 | 7 | 5 |
| Debt / EquityFinancial leverage | 6.31x | 0.38x |
| Net DebtTotal debt minus cash | $45.5B | $3.6B |
| Cash & Equiv.Liquid assets | $9.1B | $3.0B |
| Total DebtShort + long-term debt | $54.6B | $6.9B |
| Interest CoverageEBIT ÷ Interest expense | 4.24x | 8.80x |
Total Returns (with DRIP)
A $10,000 investment in AMGN five years ago would be worth $18,973 today (with dividends reinvested), compared to $7,020 for BIIB. Over the past 12 months, BIIB leads with a +36.5% total return vs AMGN's +29.1%. The 3-year compound annual growth rate (CAGR) favors AMGN at 21.5% vs BIIB's -10.8% — a key indicator of consistent wealth creation.
| Metric | AMGNAmgen Inc. | BIIBBiogen Inc. |
|---|---|---|
| YTD ReturnYear-to-date | +19.2% | +7.9% |
| 1-Year ReturnPast 12 months | +29.1% | +36.5% |
| 3-Year ReturnCumulative with dividends | +79.4% | -28.9% |
| 5-Year ReturnCumulative with dividends | +89.7% | -29.8% |
| 10-Year ReturnCumulative with dividends | +221.6% | -26.1% |
| CAGR (3Y)Annualised 3-year return | +21.5% | -10.8% |
Risk & Volatility
AMGN is the less volatile stock with a 0.45 beta — it tends to amplify market swings less than BIIB's 0.61 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. AMGN currently trades 99.5% from its 52-week high vs BIIB's 94.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | AMGNAmgen Inc. | BIIBBiogen Inc. |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 0.45x | 0.61x |
| 52-Week HighHighest price in past year | $390.09 | $202.41 |
| 52-Week LowLowest price in past year | $261.43 | $110.04 |
| % of 52W HighCurrent price vs 52-week peak | +99.5% | +94.8% |
| RSI (14)Momentum oscillator 0–100 | 62.5 | 50.7 |
| Avg Volume (50D)Average daily shares traded | 2.3M | 1.3M |
Analyst Outlook
Wall Street rates AMGN as "Buy" and BIIB as "Buy". Consensus price targets imply 7.8% upside for BIIB (target: $207) vs -10.6% for AMGN (target: $347).
| Metric | AMGNAmgen Inc. | BIIBBiogen Inc. |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $347.00 | $206.76 |
| # AnalystsCovering analysts | 37 | 47 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 14 | 0 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Amgen Inc. (AMGN) | 100 | 162.43 | +62.4% |
| Biogen Inc. (BIIB) | 100 | 54.62 | -45.4% |
Amgen Inc. (AMGN) returned +90% over 5 years vs Biogen Inc. (BIIB)'s -30%. A $10,000 investment in AMGN 5 years ago would be worth $18,973 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Amgen Inc. (AMGN) | $23.0B | $36.8B | +59.8% |
| Biogen Inc. (BIIB) | $11.4B | $9.8B | -14.3% |
Amgen Inc.'s revenue grew from $23.0B (2016) to $36.8B (2025) — a 5.4% CAGR. Biogen Inc.'s revenue grew from $11.4B (2016) to $9.8B (2025) — a -1.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Amgen Inc. (AMGN) | 33.6% | 21.0% | -37.5% |
| Biogen Inc. (BIIB) | 32.3% | 13.2% | -59.2% |
Amgen Inc.'s net margin went from 34% (2016) to 21% (2025). Biogen Inc.'s net margin went from 32% (2016) to 13% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Amgen Inc. (AMGN) | 64.6 | 23 | -64.4% |
| Biogen Inc. (BIIB) | 26.7 | 19.9 | -25.5% |
Amgen Inc. has traded in a 15x–65x P/E range over 9 years; current trailing P/E is ~27x. Biogen Inc. has traded in a 9x–33x P/E range over 9 years; current trailing P/E is ~22x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Amgen Inc. (AMGN) | 10.24 | 14.23 | +39.0% |
| Biogen Inc. (BIIB) | 16.93 | 8.83 | -47.8% |
Amgen Inc.'s EPS grew from $10.24 (2016) to $14.23 (2025) — a 4% CAGR. Biogen Inc.'s EPS grew from $16.93 (2016) to $8.83 (2025) — a -7% CAGR.
Chart 6Free Cash Flow — 5 Years
Amgen Inc. generated $8B FCF in 2025 (-3% vs 2021). Biogen Inc. generated $2B FCF in 2025 (-39% vs 2021).
AMGN vs BIIB: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is AMGN or BIIB a better buy right now?
Biogen Inc. (BIIB) offers the better valuation at 21.7x trailing P/E (12.2x forward), making it the more compelling value choice. Analysts rate Amgen Inc. (AMGN) a "Buy" — based on 37 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — AMGN or BIIB?
On trailing P/E, Biogen Inc. (BIIB) is the cheapest at 21.7x versus Amgen Inc. at 27.3x. On forward P/E, Biogen Inc. is actually cheaper at 12.2x.
03Which is the better long-term investment — AMGN or BIIB?
Over the past 5 years, Amgen Inc. (AMGN) delivered a total return of +89.7%, compared to -29.8% for Biogen Inc. (BIIB). A $10,000 investment in AMGN five years ago would be worth approximately $19K today (assuming dividends reinvested). Over 10 years, the gap is even starker: AMGN returned +221.6% versus BIIB's -26.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — AMGN or BIIB?
By beta (market sensitivity over 5 years), Amgen Inc. (AMGN) is the lower-risk stock at 0.45β versus Biogen Inc.'s 0.61β — meaning BIIB is approximately 36% more volatile than AMGN relative to the S&P 500. On balance sheet safety, Biogen Inc. (BIIB) carries a lower debt/equity ratio of 38% versus 6% for Amgen Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — AMGN or BIIB?
Amgen Inc. (AMGN) is the more profitable company, earning 21.0% net margin versus 13.2% for Biogen Inc. — meaning it keeps 21.0% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: AMGN leads at 40.5% versus 19.1% for BIIB. At the gross margin level — before operating expenses — AMGN leads at 82.5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is AMGN or BIIB more undervalued right now?
On forward earnings alone, Biogen Inc. (BIIB) trades at 12.2x forward P/E versus 17.3x for Amgen Inc. — 5.2x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for BIIB: 7.8% to $206.76.
07Which pays a better dividend — AMGN or BIIB?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
08Is AMGN or BIIB better for a retirement portfolio?
For long-horizon retirement investors, Amgen Inc. (AMGN) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.45), +221.6% 10Y return). Both have compounded well over 10 years (AMGN: +221.6%, BIIB: -26.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between AMGN and BIIB?
Both stocks operate in the Healthcare sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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