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:	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	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	(3,011)	(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	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	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	(1,744)	(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	(1,691)	(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	(77)	(830)	(61)	(71)	(11)	(105)	(5)	(644)	(82)	(148)	34)	(5)	(542)	10)	(51)	8)	(90)	(61)	(27)	(1)	(136)	(25)
Operating income	2,656)	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	(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	(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)	(1,088)	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	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	(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)	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 show a pattern of seasonal fluctuations with peaks generally in the fourth quarter of each year. There is a noticeable dip in early 2021 and early 2023, followed by strong recoveries in subsequent quarters. The sales trend overall exhibits growth from 2020 through 2025, with some variability.
Cost of Sales: Costs of sales fluctuate over time, generally increasing in absolute terms but not consistently tracking sales trends. A significant spike occurs in December 2023, roughly doubling compared to prior quarters, which leads to an abnormal increase before stabilizing again.
Gross Profit from Product Sales: Gross profit follows the pattern of product sales with expected variation. Despite the spike in cost of sales in late 2023, gross profit margins dip noticeably in that period but recover thereafter. The overall trend is stable with periodic profit growth aligned with sales peaks.
Other Revenues: Other revenues exhibit moderate volatility with several spikes, particularly in late 2021 and late 2023. These fluctuations could indicate irregular or one-time revenue items. The average level appears to remain relatively steady over time.
Research and Development: Research and development expenses vary significantly with peaks particularly strong in the third and fourth quarters of 2021 and 2023–2025. An exceptional acquisition-related R&D charge occurred in mid-2020. The trend demonstrates a generally increasing commitment to R&D over the years with notable spikes toward the end of the timeline.
Selling, General, and Administrative Expenses: SG&A expenses remain somewhat consistent but show sharp increases in the last quarters of 2023 and 2024. These elevated expenses weigh heavily against operating income during those periods, indicating rising operational costs or additional expenditures in those quarters.
Other Expenses: The 'Other' expense category is highly irregular, featuring large negative values especially in mid-2022, late 2023, and mid-2025. These substantial charges have a marked impact on operating results and suggest significant non-recurring costs or adjustments during these times.
Operating Income: Operating income demonstrates a cyclical pattern consistent with product sales and expense trends. While mostly positive, quarters with high R&D and other expense spikes show declines, notably in late 2023 and mid-2024, reflecting operational pressures from cost increases.
Interest Expense, Net: Interest expense shows a steady increase from 2020 through late 2023, peaking in the fourth quarter of 2023, after which it trends downward slightly. This trend suggests rising financing costs or increased borrowings during the earlier period, followed by some cost control or repayment later.
Other Income (Expense), Net: This item is the most volatile, ranging from significant gains to sizable losses. Outstanding positive peaks occur in early 2023 and late 2024, while deep negatives appear in early 2022 and mid-2025. Such swings likely stem from investment results, foreign exchange, or other non-operational items.
Income (Loss) Before Income Taxes: Pre-tax income is highly variable, impacted by swings in operating income and other gains and losses. It peaks in early 2023 and late 2024, while showing losses or near-zero results in mid-2024. The variability reflects the combined effect of operational performance, interest, and other income/expense volatility.
Provision for Income Taxes: The tax provision fluctuates moderately but does not always move proportionally with income before taxes. Substantial decreases in tax expense in mid-2024 coincide with lower or negative pre-tax income, indicating possible tax credits or deferred tax effects during losses.
Net Income (Loss): Net income mirrors the income before tax pattern with significant volatility. It peaks sharply in early 2023 and late 2024 but includes negative net income in mid-2024, corresponding with operational and other income challenges. Overall, net income trends upward with intermittently strong quarters, yet includes notable volatility reflecting varying external and internal influences.

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Amgen Inc. (NASDAQ:AMGN)

Income Statement Quarterly Data

Income Statement
Quarterly Data