Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

$24.99

Common-Size Income Statement
Quarterly Data

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

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3 months ended: 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
Cost of sales
Gross profit from product sales
Other revenues
Research and development
Acquired in-process research and development
Selling, general and administrative
Other
Operating income
Interest expense, net
Other income (expense), net
Other income (expense)
Income (loss) before income taxes
Provision for income taxes
Net income (loss)

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.