Amgen Inc. stock research
FY2025 Q3
Amgen (AMGN) Gross Margin — Quarter Ended Sep 30, 2025
Revenue and gross profit both increased compared with the prior quarter and the same quarter a year earlier. Gross margin improved over both periods, as cost of revenue grew at a slower pace than revenue.
Gross margin takeaway
Quarter ended Sep 30, 2025 · FY2025 Q3
Revenue and gross profit both increased compared with the prior quarter and the same quarter a year earlier. Gross margin improved over both periods, as cost of revenue grew at a slower pace than revenue.
- The strongest observable margin driver was the relationship between revenue growth and cost of revenue growth. Revenue rose more than cost of revenue, leading to an expanded gross margin.
- Compared with the preceding quarter, revenue and gross profit were higher, and gross margin strengthened. Compared with the same quarter a year earlier, all metrics improved, with gross margin showing a notable increase.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
67.8%
Gross profit
$6.5B
Revenue
$9.6B
Cost of revenue
$3.1B
Quarter-over-quarter change
+0.6 pts
Year-over-year change
+6.7 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 |
|---|---|---|---|---|
| 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% |
| Sep 30, 2025 | $9.6B | $6.5B | $3.1B | 67.8% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jun 30, 2025
+0.6 pts
Year-over-year change
Sep 30, 2024
+6.7 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver was the relationship between revenue growth and cost of revenue growth. Revenue rose more than cost of revenue, leading to an expanded gross margin.
Compared with the preceding quarter, revenue and gross profit were higher, and gross margin strengthened. Compared with the same quarter a year earlier, all metrics improved, with gross margin showing a notable increase.
Monitor the trend of cost of revenue relative to revenue, given regulatory and reimbursement factors referenced in the filing that may influence future margins.