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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Debt to Equity since 2005
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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).
The quarterly financial data reveals several notable trends and fluctuations over the observed periods. Net product sales demonstrate a generally stable to slightly increasing pattern with fluctuations, peaking around late 2024 before a moderate decline in early 2025. Alliance and other revenues show significant variability, with marked increases near the end of 2024, indicating possible new partnerships or revenue streams.
Total revenues follow a trend in line with net product sales and alliance revenues, showing incremental growth with some quarterly volatility. The cost of products sold exhibits irregular fluctuations, including an unusually high figure in late 2024, which negatively impacts gross margin during that period. Gross margins mostly remain robust, reflecting effective cost control, except for the noted dip correlating with the rise in cost of products sold towards the end of 2024.
Marketing, selling, and administrative expenses present periodic increases, especially notable in the fourth quarters, possibly reflecting seasonal promotional activities or year-end initiatives. Research and development expenses show a generally steady trend with slight increases in certain quarters, underscoring continued investment in innovation and product development.
Acquired in-process research and development (IPRD) and amortization of acquired intangible assets display significant one-time charges in specific periods, particularly affecting the fourth quarters of 2020 and 2024. These charges contribute to negative operating income in some quarters, including a significant loss in late 2020 and early 2024.
Operating income fluctuates widely, with strong positive results in most quarters but a substantial loss during the fourth quarter of 2020 and another in early 2024. These swings are aligned with large charges related to acquisition and intangible asset amortization. Other income (expense), net, also varies but remains relatively modest compared to operating income fluctuations.
Earnings before income taxes generally mirror operating income trends, with some deviations due to other income and expense impacts. This line shows strong earnings growth in most quarters except for sharp declines in the fourth quarters of 2020 and 2024.
Income tax provisions fluctuate, occasionally showing tax benefits, which influence net earnings significantly. Net earnings attributable to the company reflect strong profitability in most quarters, disturbed by considerable losses during the fourth quarter of 2020 and the first quarter of 2024. The recurring quarterly variations suggest that certain non-operational and one-time items materially affect bottom-line results.
- Net Product Sales
- Display moderate growth overall with seasonal and occasional declines, peaking around late 2024.
- Alliance and Other Revenues
- Highly variable, with notable spikes indicating external collaborations or milestone payments.
- Cost of Products Sold
- Fluctuates irregularly, with extreme spikes impacting gross margin negatively in some quarters.
- Gross Margin
- Remains strong except during periods of elevated product cost, reflecting efficient cost management.
- Marketing, Selling, and Administrative Expenses
- Increase notably at year-end quarters, suggesting intensified sales activities or marketing campaigns.
- Research and Development Expenses
- Relatively stable investment with slight upward trends, indicating ongoing focus on innovation.
- Acquired IPRD and Amortization Charges
- Recurring significant charges in select quarters causing major swings in income and losses.
- Operating Income
- Strong positive results mostly; extreme losses correlated with acquisition-related charges.
- Other Income (Expense), Net
- Variable but less impactful on overall profitability than operating income.
- Earnings Before Income Taxes
- Follow operating income trends, with major downturns in quarters that include large acquisition-related expenses.
- Income Tax Provision
- Fluctuating provisions, sometimes positive, contributing to volatility in net earnings.
- Net Earnings Attributable to Company
- Generally profitable with intermittent large losses driven by non-recurring charges affecting quarterly profitability.