Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

$24.99

Operating Profit Margin
since 2005

Microsoft Excel

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Calculation

Amgen Inc., operating profit margin, long-term trends, calculation

Microsoft Excel
Operating profit margin = 100 × Operating income1 ÷ Product sales1
Dec 31, 2025 = 100 × ÷
Dec 31, 2024 = 100 × ÷
Dec 31, 2023 = 100 × ÷
Dec 31, 2022 = 100 × ÷
Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
Dec 31, 2017 = 100 × ÷
Dec 31, 2016 = 100 × ÷
Dec 31, 2015 = 100 × ÷
Dec 31, 2014 = 100 × ÷
Dec 31, 2013 = 100 × ÷
Dec 31, 2012 = 100 × ÷
Dec 31, 2011 = 100 × ÷
Dec 31, 2010 = 100 × ÷
Dec 31, 2009 = 100 × ÷
Dec 31, 2008 = 100 × ÷
Dec 31, 2007 = 100 × ÷
Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The operating profit margin exhibited considerable fluctuation between 2005 and 2025. Initially, a decline is observed from 40.33% in 2005 to 27.71% in 2006, followed by a period of relative stability around 28% in 2006 and 2007. A subsequent increase is noted, peaking at 38.37% in 2009, before experiencing a dip in 2011.

From 2011 through 2015, the operating profit margin demonstrated a strong upward trajectory, rising from 28.19% to a high of 44.74%. This period of expansion continued into 2016 and 2017, reaching 45.76%. However, a slight decrease occurred in 2018, followed by a more pronounced decline in 2020, falling to 37.70%. The years 2022 and 2023 saw further reductions, reaching 29.35% and 22.66% respectively, before a partial recovery to 25.83% in 2025.

Overall Trend
The overall trend suggests a cyclical pattern with periods of growth followed by periods of decline. While the margin experienced significant gains between 2011 and 2017, the latter part of the analyzed period indicates increasing volatility and a downward trend.
Correlation with Product Sales
Product sales generally increased over the period, but the operating profit margin did not consistently follow this trend. For example, product sales increased from 2005 to 2006, but the operating profit margin decreased. Similarly, product sales increased significantly in 2024, but the operating profit margin did not increase proportionally, suggesting that increased sales do not automatically translate into higher profitability.
Recent Performance (2020-2025)
The period from 2020 to 2025 is characterized by instability. The operating profit margin decreased from 37.70% in 2020 to a low of 22.66% in 2023, before a modest recovery to 25.83% in 2025. This recent performance warrants further investigation to identify the underlying factors contributing to the margin compression.

The operating income also shows a general upward trend, but with fluctuations. The most significant increase in operating income occurred between 2014 and 2017. However, the rate of increase slowed down in subsequent years, and operating income decreased in 2019 and 2020.

Comparison to Competitors

Amgen Inc., operating profit margin, long-term trends, comparison to competitors

Microsoft Excel
Amgen Inc. AbbVie Inc. Danaher Corp. Gilead Sciences Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
Dec 31, 2025
Dec 31, 2024
Dec 31, 2023
Dec 31, 2022
Dec 31, 2021
Dec 31, 2020
Dec 31, 2019
Dec 31, 2018
Dec 31, 2017
Dec 31, 2016
Dec 31, 2015
Dec 31, 2014
Dec 31, 2013
Dec 31, 2012
Dec 31, 2011
Dec 31, 2010
Dec 31, 2009
Dec 31, 2008
Dec 31, 2007
Dec 31, 2006
Dec 31, 2005

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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).