Common-Size Income Statement
Quarterly Data
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- Analysis of Profitability Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
- Aggregate Accruals
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Amgen Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The financial performance over the analyzed period is characterized by significant volatility in gross margins and operating efficiency, particularly during the 2023 to 2024 window, followed by a steady recovery toward the end of the period.
- Gross Profitability and Cost of Sales
- Gross profit margins remained relatively stable between 72% and 76% from early 2021 through late 2022. However, a sharp contraction occurred starting in December 2023, with the gross profit margin dropping to 60.27% and reaching a low of 55.04% by March 2024. This decline was driven by a corresponding surge in the cost of sales, which peaked at 44.96% of product sales in March 2024. A consistent recovery trend followed this trough, with margins expanding back to 70.53% by June 2026.
- Operating Expense Management
- Research and development (R&D) expenditures remained consistently high, generally fluctuating between 16% and 23% of product sales, reflecting a sustained commitment to pipeline investment. Selling, general, and administrative (SG&A) expenses were largely stable around 20% to 23% until a notable spike to 29.03% in December 2023. Subsequent to this peak, SG&A expenses trended downward, reaching a period low of 18.30% by June 2026, indicating improved operational leverage or cost-containment measures.
- Operating Income Trends
- Operating income exhibited substantial variance, mirroring the fluctuations in gross profit. Operating margins peaked at 43.62% in March 2022 before declining to a low of 13.92% in March 2024. The recovery phase beginning in mid-2024 saw operating income margins climb steadily, returning to 36.85% by the end of the analyzed timeframe, suggesting a restoration of core operational profitability.
- Non-Operating Items and Net Income
- Net interest expenses increased from approximately 5% of product sales in 2021 to a peak of 11.59% in September 2023, before stabilizing around 7% in 2026. Net income was heavily influenced by extreme volatility in other income and expenses, which included significant positive swings (e.g., 35.31% in March 2023) and deep losses. These non-operating fluctuations contributed to a net loss of 1.59% in March 2024, contrasting with a peak net income margin of 48.60% in March 2023. The period concluded with a stabilizing net income margin of 24.90%.