Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

$24.99

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.

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Amgen Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
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: 2026-06-30), 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).

Revenue exhibits a consistent long-term upward trajectory, with product sales growing from 5,592 million USD in March 2021 to 9,537 million USD by June 2026. While growth was gradual through 2022, a significant acceleration occurred starting in late 2023, characterized by a step-up in quarterly sales exceeding 7,000 million USD.

Gross Profitability and Cost Structure
Gross profit from product sales generally trended upward, reaching 6,726 million USD in June 2026. However, a notable shift in the cost of sales occurred in December 2023, where expenses jumped from approximately 1,800 million USD per quarter to over 3,000 million USD. This shift suggests a change in the cost of goods sold or a modification in product mix that reduced the gross margin percentage despite the increase in absolute sales volume.
Operating Expenditure Trends
Investment in Research and Development shows a steady increase, rising from sub-1,000 million USD levels in 2021 to consistently exceeding 1,700 million USD by 2025 and 2026. Selling, general and administrative expenses also experienced a permanent upward shift in December 2023, increasing from an average of 1,300 million USD in previous periods to levels frequently exceeding 1,700 million USD. These trends indicate an aggressive expansion of both the product pipeline and commercial infrastructure.
Operating Income and Financial Leverage
Operating income remains positive but volatile, with a significant dip to 991 million USD in March 2023 followed by a recovery to 3,514 million USD by June 2026. Parallel to this, net interest expenses have increased substantially, moving from approximately 280 million USD per quarter in 2021 to a range of 650 million to 820 million USD between 2023 and 2026, suggesting an increase in the company's debt obligations.
Net Income and Non-Operating Volatility
Net income demonstrates extreme quarterly volatility that does not align directly with operating performance. This instability is primarily driven by the Other income (expense), net line item, which contains large, erratic swings—such as the 2,064 million USD gain in March 2023 and the 1,830 million USD gain in September 2024. These non-operational fluctuations resulted in wide swings in the bottom line, including a net loss of 113 million USD in March 2024, despite maintaining positive operating income.