# Large-cap biopharma peer review

Descriptive comparison assembled from public SEC filings and verified companyfacts.

**Descriptive comparison -- not investment advice.** This feature-specific review is assembled from a frozen evidence pack of public SEC filing quotes and verified SEC companyfacts numbers. It is descriptive only and makes no judgment about which company is better.

## Companies

[LLY](/company/LLY/), [MRK](/company/MRK/), [PFE](/company/PFE/), [ABBV](/company/ABBV/), [BMY](/company/BMY/), [AMGN](/company/AMGN/), [GILD](/company/GILD/), [VRTX](/company/VRTX/), [REGN](/company/REGN/)

## Governing statutes (not legal advice)

**Descriptive law cross-reference -- not legal advice.** grepcent publishes a curated industry-to-statute association only. This is not legal advice. It does not interpret statutes, assess company conduct, or mirror statute text. Deep links go to neochart.

Statutes grepcent curates as governing this industry, deep-linked to neochart's official text. Case-citation counts are shown as an importance signal, not the selection criterion. Not legal advice. Citing cases are shown as a case-citation in-degree importance signal, not an endorsement.

- [35 U.S.C. § 271](https://www.neochart.com/catalog/federal/patent/title_35/chapter_28/section_271/title35_sec271_3da7ea233a9d/271_infringement_of_patent_0001/index.html): §271. Infringement of patent (2,433 citing cases; source neochart)
- [21 U.S.C. § 355](https://www.neochart.com/catalog/federal/title_21/section_355/title21_sec355_f60f927c9c7d/355_new_drugs_0001/index.html): §355. New drugs (1,093 citing cases; source neochart)

## Methodology

The cluster is selected mechanically from public SEC SIC 2834 and 2836 companies already present in grepcent's processed universe, at large-cap scale by latest reported revenue. Diversified healthcare groups whose pharmaceutical business sits alongside large non-pharmaceutical segments are excluded and named rather than dropped silently: JNJ is the notable case, and its latest reported revenue exceeds every company included here, so its absence is a deliberate scope decision rather than an oversight. The review publishes no proprietary index-membership labels.

Pack hash: `7f4aa44d8a2143bb24c6af57cae9b02d29f3935f029ca5fb89e0bd07762a6284`. Generated: 2026-07-23.

## Verified Quantitative Matrix

| Metric | LLY | MRK | PFE | ABBV | BMY | AMGN | GILD | VRTX | REGN | Comparability |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | 65,179,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_REVENUE_FY2025; concept us-gaap:Revenues | 65,011,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_REVENUE_FY2025; concept us-gaap:Revenues | 62,579,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_REVENUE_FY2025; concept us-gaap:Revenues | 61,160,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_REVENUE_FY2025; concept us-gaap:Revenues | 48,194,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_REVENUE_FY2025; concept us-gaap:Revenues | 36,751,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 29,443,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 12,001,300,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 14,342,900,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_REVENUE_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:Revenues; AMGN -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; BMY -> us-gaap:Revenues; GILD -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LLY -> us-gaap:Revenues; MRK -> us-gaap:Revenues; PFE -> us-gaap:Revenues; REGN -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VRTX -> us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Gross margin | 83.04%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_GROSS_MARGIN_FY2025; concept us-gaap:Revenues; us-gaap:CostOfGoodsAndServicesSold | 74.80%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_GROSS_MARGIN_FY2025; concept us-gaap:Revenues; us-gaap:CostOfGoodsAndServicesSold | 74.33%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_GROSS_MARGIN_FY2025; concept us-gaap:Revenues; us-gaap:CostOfGoodsAndServicesSold | 70.24%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_GROSS_MARGIN_FY2025; concept us-gaap:Revenues; us-gaap:CostOfGoodsAndServicesSold | 71.08%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_GROSS_MARGIN_FY2025; concept us-gaap:Revenues; us-gaap:CostOfGoodsAndServicesSold | 67.25%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_GROSS_MARGIN_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:CostOfGoodsAndServicesSold | 78.83%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_GROSS_MARGIN_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:CostOfGoodsAndServicesSold | 86.24%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_GROSS_MARGIN_FY2025; concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; us-gaap:CostOfGoodsAndServicesSold | Not available | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:CostOfGoodsAndServicesSold, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:Revenues; AMGN -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; BMY -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:Revenues; GILD -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LLY -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:Revenues; MRK -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:Revenues; PFE -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:Revenues; VRTX -> us-gaap:CostOfGoodsAndServicesSold + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating margin | Not available | Not available | Not available | 24.65%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:Revenues | Not available | 24.71%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 34.04%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 34.77%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 24.95%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_OPERATING_MARGIN_FY2025; concept us-gaap:OperatingIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, GILD 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:OperatingIncomeLoss + us-gaap:Revenues; AMGN -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; GILD -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; REGN -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VRTX -> us-gaap:OperatingIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Net margin | 31.67%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 28.08%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 12.42%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 6.91%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 14.64%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:Revenues | 20.98%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 28.90%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 32.94%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 31.41%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_NET_MARGIN_FY2025; concept us-gaap:NetIncomeLoss; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:NetIncomeLoss + us-gaap:Revenues; AMGN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; BMY -> us-gaap:NetIncomeLoss + us-gaap:Revenues; GILD -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LLY -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MRK -> us-gaap:NetIncomeLoss + us-gaap:Revenues; PFE -> us-gaap:NetIncomeLoss + us-gaap:Revenues; REGN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VRTX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| R&D expense | 13,337,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost | 15,789,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpense | 10,437,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost | 9,096,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost | 9,951,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpense | 7,272,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost | 5,799,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost | 3,909,500,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost | 5,850,200,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_RESEARCH_AND_DEVELOPMENT_FY2025; concept us-gaap:ResearchAndDevelopmentExpense | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:ResearchAndDevelopmentExpense, us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; concept mapping ABBV -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; AMGN -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; BMY -> us-gaap:ResearchAndDevelopmentExpense; GILD -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; LLY -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; MRK -> us-gaap:ResearchAndDevelopmentExpense; PFE -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; REGN -> us-gaap:ResearchAndDevelopmentExpense; VRTX -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost |
| R&D / revenue | 20.46%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; us-gaap:Revenues | 24.29%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpense; us-gaap:Revenues | 16.68%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; us-gaap:Revenues | 14.87%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; us-gaap:Revenues | 20.65%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpense; us-gaap:Revenues | 19.79%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 19.70%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 32.58%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | 40.79%; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_R_AND_D_INTENSITY_FY2025; concept us-gaap:ResearchAndDevelopmentExpense; us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:ResearchAndDevelopmentExpense, us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:Revenues; AMGN -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; BMY -> us-gaap:ResearchAndDevelopmentExpense + us-gaap:Revenues; GILD -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LLY -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:Revenues; MRK -> us-gaap:ResearchAndDevelopmentExpense + us-gaap:Revenues; PFE -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:Revenues; REGN -> us-gaap:ResearchAndDevelopmentExpense + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VRTX -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Capital expenditures | 7,841,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment | 4,112,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 2,629,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,214,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,311,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 1,858,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 563,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 437,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_CAPEX_FY2025; concept us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 898,400,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_CAPEX_FY2025; concept us-gaap:PaymentsToAcquireProductiveAssets | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping ABBV -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; AMGN -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; BMY -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GILD -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LLY -> us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment; MRK -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PFE -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; REGN -> us-gaap:PaymentsToAcquireProductiveAssets; VRTX -> us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Free cash flow | 8,972,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment | 12,360,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 9,075,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 17,816,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 12,845,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 8,100,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 9,456,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 3,193,800,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | 4,080,500,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_FREE_CASH_FLOW_FY2025; concept us-gaap:NetCashProvidedByUsedInOperatingActivities; us-gaap:PaymentsToAcquireProductiveAssets | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; concept mapping ABBV -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; AMGN -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; BMY -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; GILD -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; LLY -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment; MRK -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; PFE -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment; REGN -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquireProductiveAssets; VRTX -> us-gaap:NetCashProvidedByUsedInOperatingActivities + us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 5,384,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 8,176,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | Not available | 11,657,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 5,045,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | 5,124,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividendsCommonStock | 4,003,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | Not available | 370,300,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_DIVIDENDS_PAID_FY2025; concept us-gaap:PaymentsOfDividends | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, REGN 0d aligned; tags mixed; concepts us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock; concept mapping ABBV -> us-gaap:PaymentsOfDividends; AMGN -> us-gaap:PaymentsOfDividendsCommonStock; BMY -> us-gaap:PaymentsOfDividends; GILD -> us-gaap:PaymentsOfDividends; LLY -> us-gaap:PaymentsOfDividends; MRK -> us-gaap:PaymentsOfDividendsCommonStock; REGN -> us-gaap:PaymentsOfDividends |
| Share buybacks | 4,108,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 5,084,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 0.00; FY 2024; period end 2024-12-31; offset different fiscal year (365 days before row reference) (offset); fact NUM_PFE_SHARE_BUYBACKS_FY2024; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 980,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 0.00; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 0.00; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 1,922,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 2,017,400,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | 3,438,600,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_SHARE_BUYBACKS_FY2025; concept us-gaap:PaymentsForRepurchaseOfCommonStock | period offset; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE different fiscal year (365 days before row reference) offset, REGN 0d aligned, VRTX 0d aligned; tags clean |
| Liabilities / equity leverage | 3.24; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 1.60; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 1.40; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | Not available | 3.87; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 9.46; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 1.60; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_GILD_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Assets; us-gaap:StockholdersEquity | 0.37; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | 0.30; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_LIABILITIES_TO_EQUITY_FY2025; concept us-gaap:Liabilities; us-gaap:StockholdersEquity | period aligned; reference 2025-12-31; offsets AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:Assets, us-gaap:Liabilities, us-gaap:StockholdersEquity; concept mapping AMGN -> us-gaap:Assets + us-gaap:StockholdersEquity; BMY -> us-gaap:Liabilities + us-gaap:StockholdersEquity; GILD -> us-gaap:Assets + us-gaap:StockholdersEquity; LLY -> us-gaap:Assets + us-gaap:StockholdersEquity; MRK -> us-gaap:Assets + us-gaap:StockholdersEquity; PFE -> us-gaap:Liabilities + us-gaap:StockholdersEquity; REGN -> us-gaap:Liabilities + us-gaap:StockholdersEquity; VRTX -> us-gaap:Liabilities + us-gaap:StockholdersEquity |
| Cash and equivalents | 7,268,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_LLY_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 14,565,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_MRK_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 1,142,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_PFE_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 5,229,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_ABBV_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 10,209,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_BMY_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 9,129,000,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_AMGN_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | Not available | 5,084,800,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_VRTX_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | 3,118,100,000; FY 2025; period end 2025-12-31; offset 0d (aligned); fact NUM_REGN_CASH_FY2025; concept us-gaap:CashAndCashEquivalentsAtCarryingValue | period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags clean |

## Code-computed comparisons

- Reported net margin range: range endpoints are [ABBV](/company/ABBV/) (6.91%) and [VRTX](/company/VRTX/) (32.94%). Computed from facts NUM_ABBV_NET_MARGIN_FY2025 and NUM_VRTX_NET_MARGIN_FY2025; comparability: period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:NetIncomeLoss + us-gaap:Revenues; AMGN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; BMY -> us-gaap:NetIncomeLoss + us-gaap:Revenues; GILD -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LLY -> us-gaap:NetIncomeLoss + us-gaap:Revenues; MRK -> us-gaap:NetIncomeLoss + us-gaap:Revenues; PFE -> us-gaap:NetIncomeLoss + us-gaap:Revenues; REGN -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VRTX -> us-gaap:NetIncomeLoss + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- grepcent-computed R&D intensity range: range endpoints are [ABBV](/company/ABBV/) (14.87%) and [REGN](/company/REGN/) (40.79%). Computed from facts NUM_ABBV_R_AND_D_INTENSITY_FY2025 and NUM_REGN_R_AND_D_INTENSITY_FY2025; comparability: period aligned; reference 2025-12-31; offsets ABBV 0d aligned, AMGN 0d aligned, BMY 0d aligned, GILD 0d aligned, LLY 0d aligned, MRK 0d aligned, PFE 0d aligned, REGN 0d aligned, VRTX 0d aligned; tags mixed; concepts us-gaap:ResearchAndDevelopmentExpense, us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues; concept mapping ABBV -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:Revenues; AMGN -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; BMY -> us-gaap:ResearchAndDevelopmentExpense + us-gaap:Revenues; GILD -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; LLY -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:Revenues; MRK -> us-gaap:ResearchAndDevelopmentExpense + us-gaap:Revenues; PFE -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:Revenues; REGN -> us-gaap:ResearchAndDevelopmentExpense + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax; VRTX -> us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost + us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

Market-risk companion: [/compare/pharma/risk/](/compare/pharma/risk/).

## Gate summary

Facts: 123. Claims survived: 5. Claims dropped: 0. Cells quarantined: 49.