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.

Paying user area

Try for free

Amgen Inc. pages available for free this week:

The data is hidden behind: . Unhide it.

Get access

This is a one-time payment. There is no automatic renewal.

We accept:

Visa Mastercard American Express Maestro Discover JCB PayPal Google Pay
Visa Secure Mastercard Identity Check American Express SafeKey

Amgen Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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: 2026-03-31), 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).

An analysis of the quarterly financial performance reveals a general upward trajectory in top-line revenue, accompanied by significant volatility in net income and an increasing cost structure. Product sales demonstrated steady growth over the observation period, rising from 5,592 million US dollars in March 2021 to a peak of 9,367 million US dollars in December 2025, before a moderate decline to 8,218 million US dollars by March 2026.

Revenue and Gross Profit Trends
Product sales experienced a marked acceleration starting in late 2023, with figures consistently exceeding 8,000 million US dollars from June 2024 onward. However, the cost of sales also increased substantially during this period, shifting from an average of approximately 1,600 million US dollars in 2021-2022 to peaks exceeding 3,300 million US dollars in 2024. This shift resulted in gross profit levels that, while increasing in absolute terms, did not scale linearly with revenue growth.
Operating Expense Analysis
Research and development (R&D) expenditures show a consistent long-term increase, growing from 967 million US dollars in March 2021 to a peak of 2,142 million US dollars in December 2025. Similarly, selling, general, and administrative (SG&A) expenses trended upward, rising from 1,254 million US dollars in early 2021 to 1,952 million US dollars by December 2025. A notable spike in SG&A occurred in December 2023, reaching 2,274 million US dollars.
Operating Income and Profitability
Operating income remained positive throughout the period but exhibited significant fluctuations. A period of relative stability was followed by a contraction in early 2024, with operating income dipping to 991 million US dollars in December 2023 and 1,178 million US dollars in March 2024. Recovery was observed in the latter half of 2024 and throughout 2025, where operating income frequently exceeded 2,500 million US dollars.
Non-Operating Items and Net Income Volatility
Net income is characterized by extreme volatility, largely driven by the "Other income (expense), net" line item. Large positive swings were recorded in March 2023 (2,064 million US dollars), September 2024 (1,830 million US dollars), and September 2025 (2,080 million US dollars). These non-operating gains often offset operational costs, as evidenced by the contrast between the net loss of 113 million US dollars in March 2024 and the net income of 3,216 million US dollars in September 2025.
Interest and Tax Obligations
Net interest expenses increased from approximately 285 million US dollars in early 2021 to a peak of 824 million US dollars in March 2024, before stabilizing and slightly declining toward the end of 2025. The provision for income taxes varied widely, correlating with the fluctuations in income before taxes, with a significant tax expense of 705 million US dollars noted in September 2025.