AI-assembled from public SEC filings
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. It is not a rating, recommendation, endorsement, forecast, or investment advice. Figures are as of their cited filing dates. See Disclaimer.
Methodology
Mechanical large-cap biopharma cluster: companies in the existing grepcent universe with SEC SIC 2834 Pharmaceutical Preparations or SIC 2836 Biological Products, excluding diversified conglomerates such as JNJ.
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.
Provenance
Verified Quantitative Matrix
Numbers are templated from frozen SEC companyfacts-derived facts already verified by grepcent. Fiscal periods and filing dates are shown in each cell; comparability markers use day-level period ends and reported XBRL source concepts.
| Metric | LLY | MRK | PFE | ABBV | BMY | AMGN | GILD | VRTX | REGN |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Mixed reporting concepts: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: 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. | 65,179,000,000 source | 65,011,000,000 source | 62,579,000,000 source | 61,160,000,000 source | 48,194,000,000 source | 36,751,000,000 source | 29,443,000,000 source | 12,001,300,000 source | 14,342,900,000 source |
| Gross margin Mixed reporting concepts: us-gaap:CostOfGoodsAndServicesSold, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: 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. | 83.04% source | 74.80% source | 74.33% source | 70.24% source | 71.08% source | 67.25% source | 78.83% source | 86.24% source | Not available. |
| Operating margin Mixed reporting concepts: us-gaap:OperatingIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: 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. | Not available. | Not available. | Not available. | 24.65% source | Not available. | 24.71% source | 34.04% source | 34.77% source | 24.95% source |
| Net margin Mixed reporting concepts: us-gaap:NetIncomeLoss, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: 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. | 31.67% source | 28.08% source | 12.42% source | 6.91% source | 14.64% source | 20.98% source | 28.90% source | 32.94% source | 31.41% source |
| R&D expense Mixed reporting concepts: us-gaap:ResearchAndDevelopmentExpense, us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost. Ticker concepts: 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. | 13,337,000,000 source | 15,789,000,000 source | 10,437,000,000 source | 9,096,000,000 source | 9,951,000,000 source | 7,272,000,000 source | 5,799,000,000 source | 3,909,500,000 source | 5,850,200,000 source |
| R&D / revenue Mixed reporting concepts: us-gaap:ResearchAndDevelopmentExpense, us-gaap:ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost, us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, us-gaap:Revenues. Ticker concepts: 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. | 20.46% source | 24.29% source | 16.68% source | 14.87% source | 20.65% source | 19.79% source | 19.70% source | 32.58% source | 40.79% source |
| Capital expenditures Mixed reporting concepts: us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: 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. | 7,841,000,000 source | 4,112,000,000 source | 2,629,000,000 source | 1,214,000,000 source | 1,311,000,000 source | 1,858,000,000 source | 563,000,000 source | 437,600,000 source | 898,400,000 source |
| Free cash flow Mixed reporting concepts: us-gaap:NetCashProvidedByUsedInOperatingActivities, us-gaap:PaymentsToAcquireOtherPropertyPlantAndEquipment, us-gaap:PaymentsToAcquireProductiveAssets, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Ticker concepts: 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. | 8,972,000,000 source | 12,360,000,000 source | 9,075,000,000 source | 17,816,000,000 source | 12,845,000,000 source | 8,100,000,000 source | 9,456,000,000 source | 3,193,800,000 source | 4,080,500,000 source |
| Dividends paid Mixed reporting concepts: us-gaap:PaymentsOfDividends, us-gaap:PaymentsOfDividendsCommonStock. Ticker concepts: 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. | 5,384,000,000 source | 8,176,000,000 source | Not available. | 11,657,000,000 source | 5,045,000,000 source | 5,124,000,000 source | 4,003,000,000 source | Not available. | 370,300,000 source |
| Share buybacks | 4,108,000,000 source | 5,084,000,000 source | 0.00 source Day-level period offset: different fiscal year (365 days before row reference) vs row reference 2025-12-31; offset. | 980,000,000 source | 0.00 source | 0.00 source | 1,922,000,000 source | 2,017,400,000 source | 3,438,600,000 source |
| Liabilities / equity leverage Mixed reporting concepts: us-gaap:Assets, us-gaap:Liabilities, us-gaap:StockholdersEquity. Ticker concepts: 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. | 3.24 source | 1.60 source | 1.40 source | Not available. | 3.87 source | 9.46 source | 1.60 source | 0.37 source | 0.30 source |
| Cash and equivalents | 7,268,000,000 source | 14,565,000,000 source | 1,142,000,000 source | 5,229,000,000 source | 10,209,000,000 source | 9,129,000,000 source | Not available. | 5,084,800,000 source | 3,118,100,000 source |
Code-computed comparisons
- Reported net margin range: range endpoints are ABBV (6.91%) and VRTX (32.94%).
- grepcent-computed R&D intensity range: range endpoints are ABBV (14.87%) and REGN (40.79%).
Market-risk companion: risk and factor comparison from lmfin. It is descriptive and separate from the SEC fundamentals review.
Narrative Matrix
| Dimension | MRK | ABBV | BMY | GILD |
|---|---|---|---|---|
| Stated strategy in filings | In its latest annual MD&A, MRK describes this stated strategy in filings item. The Company is diversifying its oncology portfolio and executing on its strategy which is broadly based on three strategic pillars: immuno-oncology, precision molecular targeting and tissue targeting. company page · source filing · filed 2026-02-24 | In its latest annual MD&A, ABBV describes this stated strategy in filings item. The company’s pipeline is focused on such important therapeutic areas as immunology, neuroscience, oncology and aesthetics and other specialties, including obesity. company page · source filing · filed 2026-02-20 | — | In its latest annual MD&A, GILD describes this stated strategy in filings item. Our strategic priorities, as refreshed in late 2025, to deliver on these ambitions include: (i) maximize impact of long-acting HIV therapies; (ii) accelerate our pipeline build in oncology and inflammation; (iii) adopt and scale artificial intelligence to transform how we work; (iv) prioritize investments for highest impact; and (v) strengthen collaboration to accelerate innovation. company page · source filing · filed 2026-02-24 |
| Idiosyncratic risks in filings | In its latest annual Risk Factors section, MRK describes this idiosyncratic risks in filings item. The Company also expects to lose market exclusivity in Europe for Keytruda in 2031 following compound patent expiration. company page · source filing · filed 2026-02-24 | — | In its latest annual Risk Factors section, BMY describes this idiosyncratic risks in filings item. For example, for Eliquis, generics have challenged the composition of matter patents and related SPCs in various jurisdictions, and trials have taken place, or are scheduled to take place, in certain European countries. company page · source filing · filed 2026-02-11 | — |
Related law (on neochart)
Not legal advice. grepcent publishes a curated industry-to-statute association only. 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. Citing cases are shown as a case-citation in-degree importance signal, not an endorsement.
- 35 U.S.C. § 271: §271. Infringement of patent
- 21 U.S.C. § 355: §355. New drugs
Provenance
Withheld quantitative rows
- No quantitative metric rows withheld by the evidence checks.
Withheld dimensions
- business_model: No quote passed the evidence checks.
- geographic_customer_exposure: No quote passed the evidence checks.
- capital_allocation: No quote passed the evidence checks.
- recent_narrative_change: No quote passed the evidence checks.
Withheld cells
- LLY / business_model: no quote passed the evidence checks
- MRK / business_model: no quote passed the evidence checks
- PFE / business_model: no quote passed the evidence checks
- ABBV / business_model: no quote passed the evidence checks
- BMY / business_model: no quote passed the evidence checks
- AMGN / business_model: no quote passed the evidence checks
- GILD / business_model: no quote passed the evidence checks
- VRTX / business_model: no quote passed the evidence checks
- REGN / business_model: no quote passed the evidence checks
- LLY / geographic_customer_exposure: no quote passed the evidence checks
- MRK / geographic_customer_exposure: no quote passed the evidence checks
- PFE / geographic_customer_exposure: no quote passed the evidence checks
- ABBV / geographic_customer_exposure: no quote passed the evidence checks
- BMY / geographic_customer_exposure: no quote passed the evidence checks
- AMGN / geographic_customer_exposure: no quote passed the evidence checks
- GILD / geographic_customer_exposure: no quote passed the evidence checks
- VRTX / geographic_customer_exposure: no quote passed the evidence checks
- REGN / geographic_customer_exposure: no quote passed the evidence checks
- LLY / capital_allocation: no quote passed the evidence checks
- MRK / capital_allocation: no quote passed the evidence checks
- PFE / capital_allocation: no quote passed the evidence checks
- ABBV / capital_allocation: no quote passed the evidence checks
- BMY / capital_allocation: no quote passed the evidence checks
- AMGN / capital_allocation: no quote passed the evidence checks