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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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
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Amgen Inc., consolidated statement of comprehensive income
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The statement of comprehensive income reveals fluctuations in profitability and other comprehensive income components over the five-year period. Net income demonstrates an initial increase followed by a significant decline and subsequent recovery. Other comprehensive income exhibits considerable volatility, impacting overall comprehensive income.
- Net Income
- Net income increased from US$5,893 million in 2021 to US$6,552 million in 2022, representing a growth of approximately 11.1%. A further modest increase was observed in 2023, reaching US$6,717 million. However, 2024 saw a substantial decrease to US$4,090 million. A strong recovery occurred in 2025, with net income rising to US$7,711 million, exceeding the 2023 peak.
- Foreign Currency Translation Adjustments
- Gains or losses from foreign currency translation adjustments were initially negative at -US$135 million in 2021, then became significantly positive in 2022 at US$496 million. This was followed by a smaller gain of US$50 million in 2023, a loss of -US$76 million in 2024, and a gain of US$172 million in 2025. This indicates considerable sensitivity to exchange rate fluctuations.
- Cash Flow Hedges
- Gains or losses on cash flow hedges were positive in 2021 and 2024 (US$324 million and US$309 million respectively), but diminished to US$67 million in 2022 and became negative in 2023 (-US$150 million) and 2025 (-US$377 million). This suggests changes in hedging strategies or the effectiveness of those strategies over time.
- Other Comprehensive Income
- Other comprehensive income, net of reclassification adjustments and taxes, mirrored the volatility of its components. It increased from US$189 million in 2021 to US$565 million in 2022, decreased to -US$58 million in 2023, rose to US$223 million in 2024, and then declined to -US$192 million in 2025. The fluctuations in foreign currency translation and cash flow hedges significantly influenced this line item.
- Comprehensive Income
- Comprehensive income generally followed the trend of net income, increasing from US$6,082 million in 2021 to US$7,117 million in 2022, and US$6,659 million in 2023. It then decreased to US$4,313 million in 2024, before recovering to US$7,519 million in 2025. The impact of other comprehensive income dampened the growth in 2022 and 2023, and exacerbated the decline in 2024, but contributed to the recovery in 2025.
Overall, the period was characterized by significant swings in both net income and other comprehensive income, resulting in fluctuating comprehensive income. The largest single-year change occurred in 2024, with a substantial decrease in net income and a moderate decrease in comprehensive income. The recovery in 2025 suggests a return to more favorable conditions.