Common-Size Income Statement
Quarterly Data
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- Analysis of Solvency Ratios
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Amgen Inc., common-size consolidated income statement (quarterly data)
Based on: 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 significant fluctuations in profitability and expense management over the observed period. Product sales are consistently represented as 100% by definition, allowing for a clear view of relative changes in other financial items. A notable trend is the increasing cost of sales as a percentage of product sales, particularly evident in the latter half of the period, culminating in a substantial increase in late 2023 and early 2024.
- Gross Profit
- Gross profit from product sales demonstrates a generally decreasing trend from approximately 73.35% in early 2021 to a low of 55.04% in early 2024. While some recovery is observed in later periods, reaching 68.23% by late 2025, it does not return to the levels seen in the initial years. This decline correlates with the increasing cost of sales.
- Research and Development
- Research and development expenses remain relatively stable as a percentage of product sales, fluctuating between approximately 16.48% and 22.87% throughout the period. A significant spike in acquired in-process research and development occurred in June 2021, representing -24.62% of product sales, but this was not repeated in subsequent periods.
- Selling, General, and Administrative Expenses
- Selling, general, and administrative expenses exhibit considerable volatility. A marked increase is observed in late 2023, reaching -29.03% of product sales, before decreasing in subsequent periods. This suggests potential changes in operational strategies or one-time events impacting these expenses.
- Operating Income
- Operating income as a percentage of product sales mirrors the trends in gross profit and expenses. It declines significantly from 38.07% in early 2021 to a low of 13.92% in early 2024, followed by a partial recovery to 29.04% by late 2025. This indicates a weakening of core operational profitability.
- Net Income
- Net income demonstrates a similar pattern to operating income, with a substantial decrease from 29.43% in early 2021 to -1.59% in early 2024. The impact of interest expense and other income (expense) is noticeable, particularly in 2022 and 2023, where significant fluctuations occur. Net income recovers somewhat in later periods, reaching 35.20% by late 2025, but remains below the initial levels.
- Interest Expense and Other Income
- Interest expense consistently represents a negative percentage of product sales, increasing from -5.10% to -11.59% before decreasing again. Other income (expense) exhibits substantial volatility, with significant positive and negative swings throughout the period. These fluctuations contribute to the overall variability in income before taxes and net income.
Overall, the period under review demonstrates a challenging trend in profitability, characterized by increasing costs, fluctuating expenses, and a decline in net income. While some recovery is observed in the latter part of the period, the company experienced significant operational and financial pressures, particularly in 2023 and early 2024.