Amgen Inc. stock research
FY2026 Q1
Amgen (AMGN) Gross Margin — Quarter Ended Mar 31, 2026
Revenue and gross profit both decreased from the prior quarter, while cost of revenue also declined. Gross margin weakened compared to the previous quarter but improved relative to the same quarter one year earlier.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit both decreased from the prior quarter, while cost of revenue also declined. Gross margin weakened compared to the previous quarter but improved relative to the same quarter one year earlier.
- The strongest observable margin driver is the change in cost of revenue relative to revenue. Cost of revenue declined at a slower pace than revenue, which compressed gross margin from the prior quarter.
- Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
68.2%
Gross profit
$5.9B
Revenue
$8.6B
Cost of revenue
$2.7B
Quarter-over-quarter change
-1.7 pts
Year-over-year change
+4.6 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 |
|---|---|---|---|---|
| Jun 30, 2025 | $9.2B | $6.2B | $3.0B | 67.2% |
| Sep 30, 2025 | $9.6B | $6.5B | $3.1B | 67.8% |
| Dec 31, 2025 | $9.9B | $6.9B | $3.0B | 69.8% |
| Mar 31, 2026 | $8.6B | $5.9B | $2.7B | 68.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-1.7 pts
Year-over-year change
Mar 31, 2025
+4.6 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the change in cost of revenue relative to revenue. Cost of revenue declined at a slower pace than revenue, which compressed gross margin from the prior quarter.
Compared to the immediately preceding quarter, gross margin was lower. Compared to the same quarter one year earlier, gross margin was higher.
Monitor the trajectory of cost of revenue relative to revenue in upcoming quarters.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Amgen Inc. (AMGN) | 68.2% |