Analysis of Debt
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- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Total Debt (Carrying Amount)
Amgen Inc., balance sheet: debt
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Current portion of long-term debt | ||||||
| Long-term debt, excluding current portion | ||||||
| Total borrowings (carrying amount) |
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).
The carrying amount of total borrowings exhibited a generally increasing trend from 2021 to 2023, followed by a decline in the subsequent two years. A significant increase in both the current portion of long-term debt and long-term debt, excluding the current portion, contributed to the overall rise in total borrowings during this period. The subsequent decrease from 2023 to 2025 suggests a focus on debt reduction or repayment.
- Total Borrowings Trend
- Total borrowings increased from US$33,309 million in 2021 to US$64,613 million in 2023, representing a substantial growth of approximately 94%. This was followed by a decrease to US$60,099 million in 2024 and further to US$54,604 million in 2025. The decline from the 2023 peak represents a reduction of approximately 15.4% over two years.
- Current Portion of Long-Term Debt
- The current portion of long-term debt experienced a dramatic increase from US$87 million in 2021 to US$1,591 million in 2022. While decreasing slightly to US$1,443 million in 2023, it rose again to US$3,550 million in 2024 and reached US$4,599 million in 2025. This indicates a growing proportion of debt maturing within the next year.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt, excluding the current portion, increased from US$33,222 million in 2021 to US$37,354 million in 2022, and then significantly to US$63,170 million in 2023. This was followed by a decrease to US$56,549 million in 2024 and US$50,005 million in 2025. The trend mirrors the overall trend in total borrowings, suggesting that changes in long-term debt are the primary driver of fluctuations in total borrowings.
The increase in the current portion of long-term debt, coupled with the decrease in long-term debt excluding the current portion, suggests a reclassification of debt maturities. The company appears to be shifting debt from longer-term obligations to those due within the next year, potentially in anticipation of refinancing or repayment with available funds.
Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Fixed-rate notes | |
| Term loans | |
| Total borrowings (fair value) | |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on borrowings:
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| Total | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × ÷ =