Amgen vs. CRISPR Therapeutics: Steady Giants vs. High-Stakes Gene Editors

Investors often face a trade-off between established giants and clinical-stage innovators. In this case, Amgen (AMGN) and CRISPR Therapeutics (CRSP) stand out as two distinct options in the healthcare sector.

Amgen is a global leader in traditional drug manufacturing with a vast portfolio of approved therapies. Its products treat conditions like heart disease, obesity, and rare diseases, serving patients in over 100 countries. However, customer concentration with three major wholesalers adds risk to its business model.

In FY 2025, Amgen reported revenue growth of approximately 9.9% year-over-year, reaching nearly $36.7 billion. The company's net income was close to $7.7 billion, indicating a net margin of roughly 21%. As of its December 2025 balance sheet, the debt-to-equity ratio is around 6.3x.

On the other hand, CRISPR Therapeutics focuses on gene-editing therapies, most notably CASGEVY for treating sickle cell disease and transfusion-dependent beta thalassemia. Although it relies heavily on a collaboration with Vertex (VERX), CRISPR Therapeutics AG receives approximately 40% of the revenue.

In FY 2025, CRISPR Therapeutics reported revenue of nearly $3.5 million, a decrease of around 90% compared to the prior year. The company incurred a net loss of close to $581.6 million and has significant short-term liquidity due to its current ratio of approximately 13.3x.

Amgen faces pressure from government policies like the Inflation Reduction Act, which may impact future revenue. CRISPR Therapeutics remains unprofitable and continues to incur significant operating losses while requiring additional funding for its clinical programs.