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

Investors often face a choice between the stability of established giants and the high-stakes potential of clinical-stage innovators. Deciding between Amgen (NASDAQ:AMGN) and CRISPR Therapeutics (NASDAQ:CRSP) requires balancing immediate dividends against long-term scientific breakthroughs.

Amgen is a global leader in traditional drug manufacturing with a vast portfolio of approved therapies. In contrast, CRISPR Therapeutics is a pioneer in gene-editing technology, recently launching its first commercial product. This comparison explores which approach offers a more compelling opportunity for your portfolio in 2026.

The case for Amgen

Amgen develops medicines for heart disease, obesity, and rare diseases among healthcare stocks. Its portfolio includes treatments for inflammatory conditions and various cancers, serving patients in more than 100 countries. The company distributes products primarily through three wholesalers: McKesson (NYSE:MCK), Cencora (NYSE:COR), and Cardinal Health (NYSE:CAH). These three companies accounted for nearly 77% of worldwide gross revenues in 2025. Customer concentration like this adds a layer of risk to the business.

In FY 2025, revenue reached nearly $36.7 billion, representing a growth of approximately 9.9% over the previous year. The company reported a net income of close to $7.7 billion for the same period, indicating a net margin of roughly 21%, an improvement over the 12.2% seen in 2024. These figures reflect the steady demand for its core products despite a shifting regulatory landscape.

As of its December 2025 balance sheet, the debt-to-equity ratio is nearly 6.3x. This ratio shows how much debt a company uses relative to shareholder equity. The current ratio, which compares short-term assets to liabilities, is roughly 1.1x. Free cash flow, or the cash left after paying for capital expenditures, was nearly $8.1 billion in FY 2025.

The case for CRISPR Therapeutics

CRISPR Therapeutics AG focuses on revolutionary gene-editing therapies, most notably CASGEVY, which treats sickle cell disease and transfusion-dependent beta thalassemia. This therapy has already gained approval in multiple regions, including the U.S., the U.K., and the EU. The company relies heavily on a collaboration with Vertex (NASDAQ:VERX), which manages global development, manufacturing, and commercialization. Under this agreement, CRISPR Therapeutics AG receives roughly 40% of the revenue while Vertex retains 60% of the proceeds.

In FY 2025, revenue reached nearly $3.5 million, a decrease of approximately 90% compared to the prior year. This resulted in a net loss of close to $581.6 million. The company reported a net margin of roughly -16,569.8%, reflecting the high costs of bringing new gene therapies to market and the early stage of its commercial rollout.

As of its December 2025 balance sheet, the debt-to-equity ratio is approximately 0.2x. The current ratio is nearly 13.3x, suggesting the company has significant short-term liquidity to fund its research. Free cash flow was roughly negative $345.9 million in FY 2025, meaning the company spent more on operations and equipment than it brought in during the year.

Risk profile comparison

Amgen faces pressure from government policies like the Inflation Reduction Act, which has already led to price setting for drugs like ENBREL and Otezla. The company also deals with significant litigation risks, including tax disputes with the IRS and class action lawsuits following data breaches. Furthermore, intense competition from biosimilars following the loss of exclusivity for Prolia and XGEVA threatens its future revenue. Manufacturing is also highly concentrated in Puerto Rico, making the supply chain vulnerable to natural disasters.

CRISPR Therapeutics remains unprofitable and expects to continue incurring significant operating losses while requiring additional funding for its clinical programs. Because Vertex exercises substantial control over the CASGEVY program, CRISPR Therapeutics has limited ability to influence global marketing or pricing strategies. Additionally, the CRISPR/Cas9 technology is relatively unproven, carrying risks of unintended genomic consequences or adverse reactions. Ongoing intellectual property disputes with the Broad Institute and other parties also create uncertainty regarding the company's freedom to operate.

Valuation comparison

CRISPR Therapeutics AG carries a lower Forward P/E based on future earnings estimates, but its P/S ratio is much higher than that of Amgen.

Valuation metrics sourced from Financial Modeling Prep (FMP) and may differ from other data providers.

Which stock would I buy in 2026?

I'd go with Amgen, though recent developments at CRISPR make this a more interesting call than it would have been a year ago. CASGEVY's momentum keeps building and revenue is accelerating at a pace that keeps surprising analysts. Losses are narrowing as the commercial infrastructure scales. The pipeline beyond CASGEVY is expanding into cardiovascular disease and other areas, adding long-term optionality that is starting to look like an exciting second act for the company.

But CRISPR is still losing a substantial amount of money every quarter, and the entire investment case rests on continued commercial execution and pipeline success. For most investors, that is a lot of uncertainty to carry.

Amgen is the steadier, more predictable business. Multiple brands are growing at a double-digit rate, the full-year outlook has been raised, and the dividend keeps compounding year after year. Cheaper versions of some of its older drugs are entering the market, but Amgen has enough other growth drivers to absorb that pressure, and new drugs in development could add to the story down the road.

For a long-term investor who wants biotech exposure without betting everything on clinical outcomes, Amgen is the more comfortable place to put your money right now.

Sara Appino has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amgen. The Motley Fool recommends CRISPR Therapeutics and McKesson. The Motley Fool has a disclosure policy.