Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Aggregate Accruals
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Amgen Inc., common-size consolidated income statement (quarterly data)
Based on: 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).
- Gross Profit and Cost of Sales Trends
- The gross profit margin from product sales generally ranged between approximately 55% and 75% over the observed periods, with notable fluctuations in the latter years. Initially stable near 74%, gross profit margins declined significantly during the quarters ending December 2023 to September 2024, reaching a low of about 55%. This decline correlates with a substantial increase in cost of sales as a percentage of product sales, which surged from roughly 25-27% in early periods to peaks above 40% in late 2023 and 2024. Despite some recovery in gross profit margins towards the end of the dataset, cost of sales remained elevated compared to earlier years.
- Other Revenues
- Other revenues exhibited variability but generally remained within a 3.5% to 9% range of product sales. There was a peak around December 2020 with a level exceeding 9% of product sales, but most other periods fluctuated between 4% and 6%. A declining trend is visible from early 2023 onward, settling closer to the lower end of this range by early 2025.
- Research and Development Expenses
- Research and development (R&D) expenses consistently represented a significant portion of product sales, usually between 16% and 20%. There was an isolated large acquired in-process R&D cost of approximately 24.6% in June 2020, indicating a one-time expense. Excluding this, R&D remained relatively stable over time, with minor increases around the end of 2020 and mid-2023, but no strong upward or downward trend overall.
- Selling, General and Administrative Expenses
- Selling, general and administrative (SG&A) expenses ranged mostly between 19% and 28% of product sales. These expenses showed slight volatility, with notable increases in the quarters ending December 2020 and December 2023, peaking near 29% at those points. Generally, however, the SG&A expenses appeared controlled and somewhat stable over time, with a mild downward trend towards mid-2025.
- Operating Income
- Operating income as a percentage of product sales showed substantial variability. Early periods exhibited margins around 30%-40%, but starting mid-2021 there was a significant dip, notably reaching as low as approximately 13%-16% in several quarters around 2023 and early 2024. This corresponds with increased costs noted in cost of sales and SG&A. Although some recovery is seen towards the end of the data series, operating income remains below the elevated margins of earlier years.
- Interest Expense and Other Income/Expense
- Interest expenses steadily increased as a proportion of product sales over time, beginning near 5%-6% and rising beyond 9%-11% during 2023 and early 2024, indicating growing financing costs or debt levels. Other income (expense) showed high volatility with several sharp fluctuations; notably, there was a dramatic positive spike of over 35% in the quarter ending March 2023, followed by large negative swings in other periods. This volatility contributed to corresponding swings in net income before taxes.
- Income Before Taxes and Net Income
- Income before income taxes reflected the same volatility seen in operating income and other income, with values peaking near 38%-59% in some quarters but also falling below zero in early 2024. The provision for income taxes remained relatively small and stable as a percentage of product sales, generally under 4%, occasionally dipping below 1%. Net income followed the broader profitability trends, with peaks around 33%-49% in certain quarters but also experiencing pronounced declines, including a loss of about 1.6% in early 2024. The overall pattern suggests fluctuating profitability influenced by variable operational costs, financing expenses, and other income/expense components.
- Summary Insights
- The data reveals a company experiencing fluctuating profitability driven primarily by increasing cost of sales and heightened interest expenses. While product sales remained constant as the base metric, rising costs eroded gross profit and operating margins notably in late 2023 and early 2024. Research and development costs were relatively steady but saw a significant one-time acquisition-related charge. Administrative costs remained stable but showed temporary spikes. Highly volatile other income/expense items contributed to swings in pre-tax and net income. The periods of peak profitability were followed by sharp declines, suggesting sensitivity to cost structure changes and external financial factors.