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:	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	9,367)	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)
Cost of sales	(2,976)	(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)
Gross profit from product sales	6,391)	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)
Other revenues	499)	420)	408)	276)	370)	352)	347)	329)	363)	355)	303)	259)	287)	415)	313)	507)	575)	386)	412)	309)
Research and development	(2,142)	(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)
Acquired in-process research and development	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(1,505)	—)
Selling, general and administrative	(1,952)	(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)
Other	(76)	(329)	(77)	(830)	(61)	(71)	(11)	(105)	(5)	(644)	(82)	(148)	34)	(5)	(542)	10)	(51)	8)	(90)	(61)
Operating income	2,720)	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)
Interest expense, net	(653)	(685)	(694)	(723)	(747)	(776)	(808)	(824)	(821)	(759)	(752)	(543)	(415)	(368)	(328)	(295)	(335)	(296)	(281)	(285)
Other income (expense), net	(553)	2,080)	(394)	1,518)	(782)	1,830)	(307)	(235)	402)	685)	(318)	2,064)	(67)	100)	(317)	(530)	162)	73)	11)	13)
Other income (expense)	(1,206)	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)
Income (loss) before income taxes	1,514)	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)
Provision for income taxes	(181)	(705)	(136)	(243)	(155)	(271)	(48)	(45)	(85)	(217)	(235)	(601)	(132)	(249)	(214)	(199)	(232)	(271)	(94)	(211)
Net income (loss)	1,333)	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)

The financial performance presented demonstrates considerable fluctuation over the observed period. Product sales exhibit an overall upward trend, though not consistently linear. Cost of sales generally mirrors the increase in product sales, resulting in a fluctuating gross profit from product sales. Operating income shows significant variability, influenced by shifts in research and development expenses, selling, general, and administrative costs, and other income/expenses.

Product Sales & Gross Profit: Product sales increased from $5,592 million in March 2021 to $9,367 million in September 2025, with a notable surge in the latter half of 2023 and continuing into 2024. However, sales decreased to $7,873 million in March 2025 and $8,771 million in June 2025. Correspondingly, gross profit from product sales followed a similar pattern, peaking at $6,391 million in September 2025 before declining. The gross margin remained relatively stable, generally ranging between 73% and 76% throughout the period.
Expense Management: Research and development expenses have generally increased over time, rising from $967 million in March 2021 to $2,142 million in September 2025. Selling, general, and administrative expenses also increased, though with less consistency, peaking at $2,274 million in September 2023. A significant increase in acquired in-process research and development expense was observed in June 2021. Other expenses demonstrate considerable volatility, with both positive and negative impacts on overall profitability.
Operating Income & Profitability: Operating income experienced substantial swings. It peaked at $2,660 million in September 2022, but decreased to $991 million in March 2024. A strong recovery was observed in September 2024 with $3,101 million, followed by a decrease to $2,311 million in December 2024. Interest expense remained relatively consistent, while other income/expense exhibited significant fluctuations, notably a large expense in March 2025. Consequently, income before income taxes varied considerably. Net income mirrored these trends, with a peak of $2,841 million in March 2024 and a loss of -$113 million in March 2025.

The period demonstrates a complex financial trajectory. While product sales generally increased, profitability was significantly impacted by fluctuating expenses and other income/expenses. The substantial increase in research and development spending suggests a focus on innovation, but its impact on future revenue remains to be seen. The volatility in other income/expense warrants further investigation to understand the underlying drivers.

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Amgen Inc. (NASDAQ:AMGN)

Income Statement Quarterly Data

Income Statement
Quarterly Data