Common-Size Income Statement
Quarterly Data
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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Amgen Inc., common-size consolidated income statement (quarterly data)
Based on: 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
- Product sales consistently represent 100% as the reference metric across all periods. The cost of sales as a percentage of product sales fluctuates notably, starting near -25.6% in early 2020 and increasing in magnitude with a peak near -44.96% in mid-2024, before slightly moderating to around -37.7% by the first quarter of 2025. This indicates a notable increase in production or acquisition costs relative to sales over the observed timeline, especially in late 2023 and 2024.
- Gross Profit from Product Sales
- Gross profit margins generally hover between roughly 70% and 75% in the initial years, with some volatility. A declining trend is noticeable starting in late 2023, with gross profit percentages falling to as low as approximately 55% before modest recovery to about 62% in early 2025. This pattern reflects the upward trend in cost of sales impacting profitability at the gross level.
- Other Revenues
- Other revenues as a percentage of product sales display variation but remain mostly within the 3.5% to 9% range. Notably, there is a spike around the fourth quarter of 2020 and another peak in early 2022, but with subsequent declines towards the latest periods, trending downward to approximately 3.5% by early 2025.
- Research and Development Expenses
- Research and development (R&D) expenditures relative to product sales remain significant and somewhat variable, generally between -16% and -22%, with occasional spikes such as nearly -24.6% for acquired in-process R&D in mid-2020. Noteworthy is the recurring pattern of elevated spending around the end of 2020 and late 2022. Despite fluctuations, R&D remains a substantial cost component consistently over time.
- Selling, General and Administrative Expenses
- Selling, general and administrative (SG&A) expenses relative to sales show considerable volatility, ranging roughly between -19% and -29% post-2020 peaks. The highest expense ratio appears near the end of 2023 with a steep increase to nearly -29%, which then moderates somewhat but remains elevated compared to earlier periods. This suggests increased expenses or investments in sales, marketing, or administration functions during this later timeframe.
- Other Items
- Items categorized as "Other" show erratic and extreme fluctuations, including sharp negative spikes near -10% or more, particularly in mid-2022 and beyond. Such volatility signals irregular or non-recurring items that may have considerable impact on specific quarters, contributing to unpredictability in operating results.
- Operating Income
- Operating income exhibits substantial variability, with initial percentages generally in the 30% to 40% range early in the data series. A sharp decline appears mid-2021 with a low near 13%, followed by partial recoveries. Late 2023 and 2024 see another downturn, with operating income decreasing to low double digits and even near 15% in early 2025. This trend correlates with the increased costs noted in cost of sales and SG&A expenses, indicating pressure on operational profitability.
- Interest Expense, Net
- Interest expense relative to product sales increases notably over time, rising from about -5.0% in 2020 to peaks near -11.6% during 2023 and 2024 before slightly moderating. This increasing interest burden could reflect higher debt levels or rising borrowing costs, further constraining net profitability.
- Other Income (Expense), Net
- This item demonstrates considerable volatility, including some exceptional positive spikes such as 35.31% in early 2023 and 22.45% in late 2024. However, several quarters exhibit negative impacts down to approximately -9% or more. These swings indicate non-operational income or expense elements that intermittently affect the overall financial outcomes significantly.
- Income Before Income Taxes
- Income before taxes tends to follow operating income trends but is affected by the variability in other income/expense. It ranges from highs above 36% in early periods to lows around -1% in the first half of 2024, evidencing periods of financial strain. The substantial swings in this metric highlight sensitivity to operating results, interest, and other income factors.
- Provision for Income Taxes
- The provision for income taxes remains relatively modest compared to earnings, generally between -0.6% and -4.3%, with occasional peaks near -10% as seen in early 2023. The tax expense appears somewhat correlated to profitability changes but does not dominate the margin profile.
- Net Income
- Net income as a percentage of product sales shows considerable fluctuation, closely mirroring pre-tax income and operating trends. Early periods see net income near 30%, but significant declines occur mid-2021 and mid-2024, with troughs slightly below zero in early 2024. The recovery periods elevate net income back above 30% in several quarters. The overall pattern reflects cycles of profitability and challenges stemming from cost pressures, interest expenses, and irregular other income or expense items.