Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Common-Size Income Statement 
Quarterly Data

Amgen Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Product sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales -33.73 -34.33 -37.70 -35.70 -40.61 -40.24 -44.96 -39.73 -27.58 -27.13 -29.42 -26.66 -25.46 -24.04 -27.24 -27.40 -25.46 -26.77 -26.65 -25.21 -25.57 -25.19 -25.67
Gross profit from product sales 66.27% 65.67% 62.30% 64.30% 59.39% 59.76% 55.04% 60.27% 72.42% 72.87% 70.58% 73.34% 74.54% 75.96% 72.76% 72.60% 74.54% 73.23% 73.35% 74.79% 74.43% 74.81% 74.33%
Other revenues 4.60 4.65 3.51 4.25 4.32 4.32 4.62 4.63 5.42 4.53 4.43 4.38 6.65 4.98 8.85 9.17 6.11 6.74 5.53 4.74 5.23 5.04 4.53
Research and development -20.79 -19.88 -18.87 -19.78 -17.79 -18.00 -18.87 -19.58 -16.48 -16.65 -18.10 -20.21 -17.83 -16.54 -16.73 -21.50 -22.50 -17.70 -17.29 -19.40 -17.40 -16.32 -16.15
Acquired in-process research and development 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -24.62 0.00 0.00 0.00 0.00 0.00
Selling, general and administrative -18.82 -19.28 -21.43 -21.55 -19.94 -22.20 -25.40 -29.03 -20.66 -19.36 -21.52 -23.99 -20.63 -21.13 -21.43 -22.72 -20.65 -22.64 -22.42 -27.99 -22.05 -21.92 -22.33
Other -3.60 -0.88 -10.54 -0.70 -0.87 -0.14 -1.48 -0.06 -9.84 -1.23 -2.53 0.52 -0.08 -8.63 0.17 -0.81 0.13 -1.47 -1.09 -0.43 -0.02 -2.30 -0.42
Operating income 27.65% 30.28% 14.96% 26.51% 25.11% 23.74% 13.92% 16.23% 30.86% 40.16% 32.86% 34.04% 42.65% 34.64% 43.62% 36.74% 37.63% 13.54% 38.07% 31.70% 40.19% 39.32% 39.96%
Interest expense, net -7.50 -7.91 -9.18 -8.57 -9.52 -10.05 -11.58 -10.48 -11.59 -11.25 -9.29 -6.33 -5.90 -5.22 -5.15 -5.34 -4.68 -4.60 -5.10 -5.02 -4.95 -5.01 -5.87
Other income (expense), net 22.76 -4.49 19.28 -8.97 22.45 -3.82 -3.30 5.13 10.46 -4.76 35.31 -1.02 1.60 -5.05 -9.25 2.58 1.16 0.18 0.23 2.95 0.90 0.05 0.19
Other income (expense) 15.27% -12.40% 10.10% -17.54% 12.93% -13.87% -14.88% -5.35% -1.13% -16.01% 26.02% -7.36% -4.30% -10.27% -14.40% -2.76% -3.53% -4.42% -4.86% -2.07% -4.05% -4.96% -5.68%
Income (loss) before income taxes 42.91% 17.88% 25.06% 8.97% 38.04% 9.87% -0.96% 10.88% 29.73% 24.15% 58.88% 26.68% 38.35% 24.38% 29.23% 33.98% 34.10% 9.13% 33.21% 29.63% 36.14% 34.36% 34.27%
Provision for income taxes -7.72 -1.55 -3.09 -1.78 -3.32 -0.60 -0.63 -1.09 -3.31 -3.52 -10.28 -2.01 -3.99 -3.41 -3.47 -3.70 -4.29 -1.54 -3.77 -4.14 -3.03 -3.84 -3.31
Net income (loss) 35.20% 16.33% 21.97% 7.19% 34.72% 9.28% -1.59% 9.79% 26.42% 20.63% 48.60% 24.66% 34.36% 20.97% 25.75% 30.28% 29.81% 7.59% 29.43% 25.50% 33.11% 30.52% 30.96%

Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Product Sales and Cost of Sales
The product sales remained stable as a constant 100% baseline throughout all reported quarters. However, the cost of sales showed notable variability, generally ranging from approximately 24% to over 44% of product sales. Notably, there was a significant increase in the cost of sales starting around the quarter ending December 31, 2023, peaking near 44.96% in June 2024, before slightly decreasing towards early 2025.
Gross Profit from Product Sales
Gross profit margins fluctuated within the 55% to 75% range, initially maintaining high seventies in 2020 and early 2021. A marked decline is observed from late 2023 onwards, reaching a low near 55% in June 2024. The margin subsequently shows a moderate recovery towards 66% by early 2025. These shifts correspond inversely with changes in cost of sales, indicating pressure on profitability.
Other Revenues
Other revenues as a percentage of product sales varied between roughly 3.5% and 9.2%. Peaks occurred in late 2020 (over 9%), and sporadically in other quarters. No clear trend of growth or decline is observed over the entire period; rather, the figures exhibit cyclical fluctuations without sustained directional movement.
Research and Development (R&D)
R&D expenses as a percentage of product sales fluctuated between approximately 16% and 22%, with intermittent increases notably around the third quarter of 2021 (over 22%). Although generally stable, a slight upward trend appears in the latter quarters, indicating increased investment. Acquired in-process R&D is recorded only once with a significant value of -24.62% in June 2021, suggesting a one-time acquisition expense impacting that quarter.
Selling, General and Administrative (SG&A) Expenses
SG&A costs ranged mostly between 18% and 29%, showing several spikes, particularly in the final quarter of 2023 (near 29%) and moderate rises during 2024. Overall, SG&A exhibits some volatility but maintains a tendency to decrease slightly towards the later quarters, reflecting potential cost control efforts.
Other Items
The category labeled "Other" showed highly variable figures, some quarters showing minor negative or positive percentages, while certain quarters revealed substantial negative values (e.g., -10.54% in March 2025) and occasional large negative spikes in mid-2022 and late 2023 to early 2024. These irregularities likely reflect non-recurring items or adjustments, contributing to financial result variation.
Operating Income
Operating income displayed considerable fluctuations, varying widely from approximately 13.5% to nearly 44% of product sales across quarters. Early 2021 and late 2022 experienced high operating income (above 40%), while quarters around late 2023 and mid-2024 showed notable declines into the teens, reflecting pressures from increased costs and expenses.
Interest Expense, Net
Interest expense as a percentage of product sales showed a gradual increasing trend over time, from roughly 5.0% in 2020 to peaks exceeding 11% during 2023 and 2024. This increase signals either rising debt levels or higher interest rates impacting the net interest burden.
Other Income (Expense), Net
This line exhibited pronounced volatility, with periods of positive spikes such as over 35% in March 2023 and over 22% in December 2024, contrasted by deep negatives (e.g., -9.25% in March 2022, -17.54% in December 2024). Such erratic behavior indicates significant non-operating gains or losses affecting overall profitability.
Income (Loss) Before Income Taxes
Pre-tax income mirrored the operating income and other income trends, ranging broadly from negative values near zero to highs around 42%. Notably, there was a dip to slightly negative territory in June 2024, but a recovery to over 40% in September 2025. This shows strong period-over-period variability influenced by operating performance and other income effects.
Provision for Income Taxes
The provision for income taxes remained relatively low compared to income levels, typically between -0.6% and -4%, with occasional exceptions including a sharp increase to -10.28% in March 2023 and -7.72% in September 2025. These variations could be indicative of changes in tax rates, recognition of deferred taxes, or tax planning outcomes.
Net Income
Net income as a percentage of product sales followed the fluctuations in pre-tax income and tax provisions, ranging from a low of approximately -1.6% (June 2024) to highs exceeding 48% (March 2023). While overall positive, the series demonstrates significant quarter-to-quarter variability, reflecting pronounced impacts from cost structure changes, non-operating income volatility, and tax effects.