Amgen Inc. stock research
FY2025 Q2
Amgen (AMGN) Gross Margin — Quarter Ended Jun 30, 2025
Revenue increased from both the prior quarter and the same quarter last year, while cost of revenue was lower year-over-year. Gross profit rose accordingly, resulting in a gross margin that improved versus both comparison periods.
Gross margin takeaway
Quarter ended Jun 30, 2025 · FY2025 Q2
Revenue increased from both the prior quarter and the same quarter last year, while cost of revenue was lower year-over-year. Gross profit rose accordingly, resulting in a gross margin that improved versus both comparison periods.
- The most observable driver is the combination of higher revenue and lower cost of revenue compared to the year-ago quarter, which together supported gross profit growth and margin expansion.
- Compared to the immediately preceding quarter, revenue and gross profit were higher, while cost of revenue was essentially stable, leading to an improved gross margin. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was lower, and gross margin strengthened.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
67.2%
Gross profit
$6.2B
Revenue
$9.2B
Cost of revenue
$3.0B
Quarter-over-quarter change
+3.6 pts
Year-over-year change
+5.8 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Sep 30, 2024 | $8.5B | $5.2B | $3.3B | 61.1% |
| Dec 31, 2024 | $9.1B | $6.0B | $3.1B | 65.7% |
| Mar 31, 2025 | $8.1B | $5.2B | $3.0B | 63.6% |
| Jun 30, 2025 | $9.2B | $6.2B | $3.0B | 67.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Mar 31, 2025
+3.6 pts
Year-over-year change
Jun 30, 2024
+5.8 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The most observable driver is the combination of higher revenue and lower cost of revenue compared to the year-ago quarter, which together supported gross profit growth and margin expansion.
Compared to the immediately preceding quarter, revenue and gross profit were higher, while cost of revenue was essentially stable, leading to an improved gross margin. Versus the same quarter one year earlier, revenue and gross profit were higher, cost of revenue was lower, and gross margin strengthened.
Monitor the trajectory of cost of revenue, which remained flat sequentially despite higher revenue.