Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Amgen Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals a period of relative stability followed by a significant margin contraction in late 2023 and early 2024, with a subsequent gradual recovery through early 2026. Operating performance exhibits volatility, influenced both by rising costs of sales and substantial fluctuations in non-operating income and expenses.
- Gross Profitability and Cost Structure
- Cost of sales remained stable between 24% and 29% of product sales from March 2021 through September 2023. However, a sharp increase is observed starting in December 2023, where costs peaked at 44.96% in March 2024. This trend led to a compression of the gross profit margin, which fell from a historical average of approximately 73% to a low of 55.04% in March 2024. From mid-2024 onward, a recovery trend is evident, with gross profit margins returning to the 62% to 68% range by early 2026.
- Operating Expense Management
- Research and development (R&D) expenses have remained consistently significant, typically fluctuating between 16% and 23% of product sales. A slight upward trend is noted toward the end of the period, peaking at 22.87% in December 2025. Selling, general, and administrative (SG&A) expenses generally stayed between 19% and 23%, despite a temporary spike to 29.03% in December 2023. The stability of these operating expenses suggests a disciplined approach to overhead despite the volatility in gross margins.
- Operating Income Trends
- Operating income margins show a cyclical pattern. After maintaining strengths between 30% and 43% through much of 2021 and 2022, margins contracted sharply in late 2023 and early 2024, reaching a trough of 13.92% in December 2023. This decline correlates directly with the spike in cost of sales and SG&A expenses during that period. A steady recovery followed, with operating income returning to 32.44% by March 2026.
- Non-Operating Items and Net Income
- Interest expenses as a percentage of sales increased from approximately 5% in 2021 to a peak of 11.59% in September 2023, before moderating to around 8% by 2026. Net income is characterized by extreme volatility, primarily driven by "Other income (expense), net." Notable anomalies include a surge in net income to 48.60% in March 2023 and a dip to -1.59% in December 2023. These fluctuations indicate that the bottom line is heavily influenced by non-recurring items and non-operating gains or losses rather than solely by core operational performance.