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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- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Dividend Discount Model (DDM)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Amgen Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Product Sales
- Product sales exhibit a generally upward trend over the observed period, increasing from approximately 5,894 million USD in Q1 2020 to a peak of 8,716 million USD in Q4 2024, before declining slightly to 7,873 million USD in Q1 2025. However, some quarterly fluctuations are notable, such as a dip in early 2021 and early 2023, followed by recoveries.
- Cost of Sales
- Cost of sales has remained relatively stable with smaller fluctuations, mostly ranging between 1,490 million USD and 3,312 million USD. A notable spike occurs in Q4 2023 with costs rising to over 3,112 million USD, considerably higher than in prior periods. An unusual sharp increase in cost of sales is evident in Q4 2023 (3,112 million USD) indicating potentially higher expenses or investments affecting gross margins.
- Gross Profit from Product Sales
- Gross profit tracks sales trends, showing an increase from 4,381 million USD in Q1 2020 to 5,604 million USD in Q4 2024, though it exhibits volatility quarter to quarter. After peaking in late 2024, gross profit dips in Q1 2025 to 4,905 million USD, mirroring the decline in product sales and increased costs in that quarter.
- Other Revenues
- Other revenues fluctuate moderately, mostly between 250 million USD and 575 million USD, without a clear trend. There is a noticeable peak in Q4 2020 reaching 575 million USD and some sporadic spikes and drops, such as a decline towards the end of the dataset in Q1 2025.
- Research and Development (R&D)
- R&D spending generally increases over the duration, starting at about 952 million USD in Q1 2020 and rising to a peak around 1,724 million USD in Q4 2024. This suggests an increased focus on innovation or drug development, despite some quarterly volatility. There is a substantial spike in Q4 2023, indicating significant investments made in that period.
- Acquired In-Process Research and Development
- Reported only once in Q2 2020 with a significant outlay of -1,505 million USD, indicating an acquisition or capitalized development costs at that time. No further data points were provided for this line item, suggesting either a one-time charge or a new reporting approach.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses broadly increase during the periods analysed, starting from approximately 1,316 million USD in Q1 2020 to a high of 2,274 million USD in Q4 2023. There is a particularly sharp increase from late 2022 through 2023, indicating higher promotional, administrative, or operational costs.
- Other Expenses
- Other expenses are quite volatile with notable unusual negative values, including a significant charge in Q2 2022 (-542 million USD) and a large negative value in Q4 2024 (-830 million USD), which could be attributed to irregular or one-off items, impairments, or asset write-offs.
- Operating Income
- Operating income shows fluctuations over time, with peaks around 2,684 million USD in Q4 2022 but also notable troughs such as 828 million USD in Q2 2021 and 991 million USD in Q1 2024. The overall pattern reflects variability in operating efficiency, impacted by fluctuating revenues and expenses.
- Interest Expense, Net
- Interest expense remains fairly consistent, oscillating between approximately 285 million USD and 821 million USD per quarter, with a gradual rising tendency around the later periods, peaking near 821 million USD in Q4 2023. This trend might indicate increased debt levels or higher borrowing costs.
- Other Income (Expense), Net
- This item exhibits significant volatility, with large positive values such as 2,064 million USD in Q1 2023 and large negative values in previous periods (e.g., -530 million USD in Q1 2022). The fluctuations suggest impact from non-operational gains or losses, including possible asset sales, foreign exchange impacts, or one-time financial events.
- Income (Loss) Before Income Taxes
- Income before taxes varies considerably across quarters, generally moving between 558 million USD and 3,442 million USD. Peaks occur in Q1 2023 and Q3 2024, while low points such as a slight loss (-68 million USD) in Q2 2024 suggest periodic pressures on profitability, potentially from operational or non-operational factors.
- Provision for Income Taxes
- Tax provisions fluctuate, with some quarters showing unusually high amounts like -601 million USD in Q1 2023, which may indicate tax adjustments or reassessments. Overall, tax provisions seem to broadly correlate with pre-tax income movements.
- Net Income (Loss)
- Net income demonstrates substantial variability, rising from 1,825 million USD in Q1 2020 to a peak of 2,830 million USD in Q3 2024, but with several quarters reflecting marked declines, including a net loss of -113 million USD in Q2 2024. This wide range underscores the impact of volatile revenues, expenses, and non-operating items on profitability.