Income Statement
Quarterly Data

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.

Amgen Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	Sep 30, 2025	Jun 30, 2025	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	9,137)	8,771)	7,873)	8,716)	8,151)	8,041)	7,118)	7,833)	6,548)	6,683)	5,846)	6,552)	6,237)	6,281)	5,731)	6,271)	6,320)	6,114)	5,592)	6,334)	6,104)	5,908)	5,894)
Cost of sales	(3,082)	(3,011)	(2,968)	(3,112)	(3,310)	(3,236)	(3,200)	(3,112)	(1,806)	(1,813)	(1,720)	(1,747)	(1,588)	(1,510)	(1,561)	(1,718)	(1,609)	(1,637)	(1,490)	(1,597)	(1,561)	(1,488)	(1,513)
Gross profit from product sales	6,055)	5,760)	4,905)	5,604)	4,841)	4,805)	3,918)	4,721)	4,742)	4,870)	4,126)	4,805)	4,649)	4,771)	4,170)	4,553)	4,711)	4,477)	4,102)	4,737)	4,543)	4,420)	4,381)
Other revenues	420)	408)	276)	370)	352)	347)	329)	363)	355)	303)	259)	287)	415)	313)	507)	575)	386)	412)	309)	300)	319)	298)	267)
Research and development	(1,900)	(1,744)	(1,486)	(1,724)	(1,450)	(1,447)	(1,343)	(1,534)	(1,079)	(1,113)	(1,058)	(1,324)	(1,112)	(1,039)	(959)	(1,348)	(1,422)	(1,082)	(967)	(1,229)	(1,062)	(964)	(952)
Acquired in-process research and development	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,505)	—)	—)	—)	—)	—)
Selling, general and administrative	(1,720)	(1,691)	(1,687)	(1,878)	(1,625)	(1,785)	(1,808)	(2,274)	(1,353)	(1,294)	(1,258)	(1,572)	(1,287)	(1,327)	(1,228)	(1,425)	(1,305)	(1,384)	(1,254)	(1,773)	(1,346)	(1,295)	(1,316)
Other	(329)	(77)	(830)	(61)	(71)	(11)	(105)	(5)	(644)	(82)	(148)	34)	(5)	(542)	10)	(51)	8)	(90)	(61)	(27)	(1)	(136)	(25)
Operating income	2,526)	2,656)	1,178)	2,311)	2,047)	1,909)	991)	1,271)	2,021)	2,684)	1,921)	2,230)	2,660)	2,176)	2,500)	2,304)	2,378)	828)	2,129)	2,008)	2,453)	2,323)	2,355)
Interest expense, net	(685)	(694)	(723)	(747)	(776)	(808)	(824)	(821)	(759)	(752)	(543)	(415)	(368)	(328)	(295)	(335)	(296)	(281)	(285)	(318)	(302)	(296)	(346)
Other income (expense), net	2,080)	(394)	1,518)	(782)	1,830)	(307)	(235)	402)	685)	(318)	2,064)	(67)	100)	(317)	(530)	162)	73)	11)	13)	187)	55)	3)	11)
Other income (expense)	1,395)	(1,088)	795)	(1,529)	1,054)	(1,115)	(1,059)	(419)	(74)	(1,070)	1,521)	(482)	(268)	(645)	(825)	(173)	(223)	(270)	(272)	(131)	(247)	(293)	(335)
Income (loss) before income taxes	3,921)	1,568)	1,973)	782)	3,101)	794)	(68)	852)	1,947)	1,614)	3,442)	1,748)	2,392)	1,531)	1,675)	2,131)	2,155)	558)	1,857)	1,877)	2,206)	2,030)	2,020)
Provision for income taxes	(705)	(136)	(243)	(155)	(271)	(48)	(45)	(85)	(217)	(235)	(601)	(132)	(249)	(214)	(199)	(232)	(271)	(94)	(211)	(262)	(185)	(227)	(195)
Net income (loss)	3,216)	1,432)	1,730)	627)	2,830)	746)	(113)	767)	1,730)	1,379)	2,841)	1,616)	2,143)	1,317)	1,476)	1,899)	1,884)	464)	1,646)	1,615)	2,021)	1,803)	1,825)

Product Sales: Product sales demonstrated a fluctuating trend over the reported quarters. Initially, from March 2020 to December 2020, sales grew steadily, peaking at 6,334 million USD. Following this period, a noticeable decline occurred in March 2021, but sales recovered by the end of 2021 and again in 2022. The latter period, particularly in 2023 and 2024, showed significant growth with sales reaching a high of 8,716 million USD by March 2025, indicating a strong upward trajectory in recent quarters.
Cost of Sales: Cost of sales generally increased over time, with some volatility. From March 2020 through 2021, costs showed moderate growth. A substantial spike was observed in December 2023, where cost of sales surged markedly to 3,112 million USD and remained elevated through subsequent periods. While costs partially declined afterwards, they consistently stayed higher than earlier years, impacting overall profitability margins.
Gross Profit from Product Sales: Gross profit mirrored the trends in product sales and cost of sales, showing initial growth up to December 2020, followed by a decline in early 2021. Subsequently, gross profit experienced ups and downs but demonstrated strength toward the end of the reported period, with a notable increase in 2024, reaching 5,604 million USD by March 2025. The fluctuations were strongly influenced by the variable cost of sales.
Other Revenues: Other revenues remained relatively stable with intermittent peaks and troughs from 2020 through 2025. Peaks were observed in late 2020 and early 2021, followed by a more steady level of around 300 to 400 million USD in subsequent quarters. This suggests that other income sources contributed moderately but consistently to total revenues.
Research and Development (R&D): R&D expenses showed consistent investment, with some significant increases notably in late 2021 and throughout 2023-2025. The expense reached its highest level near the end of the period, with expenditures like 1,900 million USD recorded in September 2025. This upward trend reflects an emphasis on innovation despite fluctuations and occasional spikes.
Acquired In-Process Research and Development: A notable one-time expense related to acquired in-process R&D was recorded only in June 2021 (1,505 million USD), indicating an acquisition or similar investment event during that quarter. No further such entries were reported in other periods.
Selling, General and Administrative (SG&A): SG&A expenses fluctuated across quarters but trended upward toward the later periods. Following relative stability through 2020 and early 2021, SG&A costs surged in late 2023 to a peak of 2,274 million USD, reflecting increased overhead or operational expenses, before slightly declining in 2024 and 2025 though remaining elevated compared to earlier years.
Other Expenses: Other expenses were irregular and volatile, featuring significant negative values in mid-2022 and other quarters, indicating occasional extraordinary or one-off costs. These inconsistencies may have influenced operating income variability.
Operating Income: Operating income showed variability, with a strong performance in early 2020 followed by a sharp drop in mid-2021 to 828 million USD. Recovery occurred afterward, with peaks and troughs, but a marked decrease appeared in 2024 and 2025, with some quarters registering results below 2,000 million USD, suggesting pressures on operating efficiency or increased operating expenses.
Interest Expense, Net: Interest expenses remained relatively consistent, with a gradual upward trend from about 296 million USD in mid-2020 to around 821 million USD in late 2023. Interest costs appeared to stabilize but remained high through 2024 and 2025, exerting pressure on net profitability.
Other Income (Expense), Net: Other income and expenses exhibited notable volatility throughout the period. This line item recorded extraordinary positive spikes, such as 2,064 million USD in March 2023 and 1,830 million USD in September 2024, contrasting with significant negative values in other quarters. These variations suggest influence from non-operational transactions or one-time financial events impacting overall income.
Income (Loss) Before Income Taxes: Income before income taxes generally followed the trends in operating income, with peaks in early 2020 and early 2023, and significant fluctuations thereafter. Sharp decreases were recorded in 2024, including a negative value in June 2024, followed by recovery towards the end of the period, signaling an unstable pre-tax profitability environment.
Provision for Income Taxes: Income tax provisions were less volatile but showed an increase in some years, particularly notable in March 2023 and September 2025 with provisions of 601 and 705 million USD, respectively. Tax expenses generally reflected the fluctuations in pre-tax income but remained a smaller portion of the overall figures.
Net Income (Loss): Net income displayed considerable volatility across the quarters. Early 2020 and early 2023 showed robust profitability with amounts above 1,800 million USD. However, significant declines and even losses were observed in mid-2024 (-113 million USD). By the end of the reporting period, net income rebounded strongly, reaching a peak of 3,216 million USD in March 2025, highlighting periods of both financial stress and strong recovery.

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Amgen Inc. (NASDAQ:AMGN)

Income Statement Quarterly Data

Income Statement
Quarterly Data