Statement of Comprehensive Income
Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.
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Amgen Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
The financial data reveals several notable trends in the company's profitability and comprehensive income components from 2020 to 2024.
- Net Income
- Net income peaked at 7,264 million USD in 2020, followed by a significant decline to 5,893 million USD in 2021. After partial recovery to 6,552 million USD in 2022 and 6,717 million USD in 2023, net income experienced a marked drop to 4,090 million USD in 2024, representing the lowest level within the five-year period.
- Foreign Currency Translation Adjustments
- This component showed high volatility, with a minor gain of 9 million USD in 2020, a sharp loss of 135 million USD in 2021, followed by a substantial gain of 496 million USD in 2022. Gains returned to more moderate levels of 50 million USD in 2023 and a small loss of 76 million USD in 2024, indicating fluctuating impacts of currency exchange movements on financial results.
- Cash Flow Hedges
- Gains and losses on cash flow hedges exhibited considerable variability. Negative 438 million USD was recorded in 2020, followed by a positive 324 million USD in 2021. In 2022, gains diminished to 67 million USD and reversed to a loss of 150 million USD in 2023 before rebounding again to a gain of 309 million USD in 2024. This pattern suggests fluctuating effectiveness or exposure in hedging strategies.
- Available-for-Sale Securities
- Minor losses were recorded in 2020 (-21 million USD) and 2021 (-1 million USD), with no data reported in subsequent years, indicating either discontinuation or immateriality of this activity in later periods.
- Other Comprehensive Income (Loss), Net of Reclassification and Taxes
- This category experienced a negative figure of 457 million USD in 2020 but turned positive with 189 million USD in 2021 and further increased to 565 million USD in 2022. A reversal to a loss of 58 million USD occurred in 2023, followed by a gain of 223 million USD in 2024. Such fluctuations point to variability in non-operating income components affecting overall comprehensive income.
- Comprehensive Income
- Comprehensive income followed a downward trajectory from 6,807 million USD in 2020, falling to 6,082 million USD in 2021. It rose to its highest point at 7,117 million USD in 2022 before dropping again to 6,659 million USD in 2023 and significantly decreasing to 4,313 million USD in 2024. The overall trend reflects the combined effect of net income and other comprehensive income changes, with a notable reduction evident in the last reported year.
In summary, the company experienced substantial fluctuations in net income and comprehensive income over the five-year period. The data indicate significant variability in foreign currency effects and cash flow hedge outcomes, which influenced the volatility in other comprehensive income and, by extension, comprehensive income. The sharp decline in net income and comprehensive income in 2024 warrants further investigation to understand underlying causes and potential implications for future financial performance.