Amgen vs. Moderna: Which Healthcare Stock Is a Better Buy in 2026?

In 2025, Amgen and Moderna demonstrated contrasting business dynamics and financial outcomes in the healthcare industry. Amgen, a veteran in drug manufacturing, reported revenue of nearly $36.7 billion, representing a growth rate of around 9.9% year-over-year. The company achieved a net income of approximately $7.7 billion, with a net margin of 21%.

However, Amgen's financial health is somewhat compromised by a high debt-to-equity ratio of 6.3x, indicating significant reliance on debt. Additionally, the company faces risks from government regulation, biosimilars, and litigation, as well as infrastructure disruptions at its manufacturing sites. On the other hand, Moderna, a biotechnology pioneer, reported revenue of close to $1.9 billion, marking a significant decline of approximately 39.2% compared to the previous year.

The company reported a net loss of nearly $2.8 billion, resulting in a negative net margin of 145.2%. Moderna's financial situation is characterized by high reliance on debt, as its debt-to-equity ratio was roughly 0.2x, coupled with a current ratio of 3.3x, demonstrating strong liquidity. The company's financial challenges are further exacerbated by intense competition from established pharmaceutical giants and high clinical development risks associated with its mRNA technology.

The company's future hinges on the success of its pipeline, including upcoming vaccines and treatments, whose outcomes may be years away. Despite the risks, Amgen offers a more attractive investment proposition due to its profitability, growing revenue streams, and a robust dividend policy, while Moderna's high-risk, high-reward profile makes it a less attractive option for investors seeking immediate returns.