Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
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Amgen Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
The income statement reveals a period of fluctuating performance over the five-year period. Product sales demonstrate a consistent upward trend, while profitability metrics exhibit more volatility. Operating expenses increased significantly throughout the period, impacting overall net income.
- Revenue Growth
- Product sales increased from US$24.297 billion in 2021 to US$35.148 billion in 2025, representing a cumulative growth of approximately 44.4%. While growth was consistent year-over-year, the rate accelerated between 2023 and 2025. Other revenues experienced a more modest fluctuation, peaking at US$1.682 billion in 2021 and reaching US$1.603 billion in 2025.
- Cost of Sales and Gross Profit
- Cost of sales increased substantially, rising from US$6.454 billion in 2021 to US$12.858 billion in 2024 before decreasing slightly to US$12.037 billion in 2025. This increase outpaced the growth in product sales, particularly between 2021 and 2024. Consequently, gross profit from product sales, while generally increasing, experienced slower growth, rising from US$17.843 billion in 2021 to US$23.111 billion in 2025. The gross profit margin decreased over the period.
- Operating Expenses
- Research and development expenses consistently increased, from US$4.819 billion in 2021 to US$7.272 billion in 2025. Selling, general and administrative expenses also rose steadily, moving from US$5.368 billion to US$7.050 billion over the same period. A significant item, acquired in-process research and development, was present in 2021 at US$1.505 billion but absent in subsequent years. Other expenses fluctuated, with a notable increase to US$1.312 billion in 2025. The combined effect of these expenses contributed to volatility in operating income.
- Operating and Net Income
- Operating income peaked in 2022 at US$9.566 billion before declining to US$7.258 billion in 2024, and then recovering to US$9.080 billion in 2025. Interest expense increased from US$1.197 billion in 2021 to US$3.155 billion in 2024, before decreasing to US$2.755 billion in 2025. Other income (expense), net, was highly variable, with a significant positive impact in 2023 (US$2.833 billion) and 2025 (US$2.651 billion). Net income followed a similar pattern to operating income, reaching US$6.552 billion in 2022, falling to US$4.090 billion in 2024, and then rising to US$7.711 billion in 2025.
- Tax Rate
- The provision for income taxes remained relatively stable as a percentage of income before income taxes, fluctuating between approximately 11.8% and 14.4% throughout the period.
In summary, while revenue demonstrated consistent growth, increasing costs and expenses created volatility in profitability. The company experienced a dip in operating and net income in 2024, but showed signs of recovery in 2025, driven by increased product sales and positive impacts from other income.