Analysis of Inventory
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Amgen Inc. pages available for free this week:
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
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Inventory Disclosure
Amgen Inc., balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials | |||||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Inventories |
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 composition of inventories exhibits significant fluctuations over the observed period. Overall inventory value increased substantially between 2021 and 2023, followed by declines in the subsequent two years. A closer examination of the individual components reveals differing trends.
- Raw Materials
- Raw materials inventory increased from US$647 million in 2021 to US$993 million in 2023, representing a 53.5% increase. However, it decreased to US$818 million in 2024 and then rose slightly to US$915 million in 2025. This suggests potential volatility in supply chain management or procurement strategies, with a recent stabilization.
- Work in Process
- Work in process inventory demonstrated the most dramatic changes. It increased significantly from US$2,367 million in 2021 to US$5,747 million in 2023, more than doubling in value. This was followed by a substantial decrease to US$4,120 million in 2024 and a further reduction to US$3,425 million in 2025. This pattern could indicate shifts in production levels, manufacturing efficiencies, or changes in the stage of completion of ongoing projects.
- Finished Goods
- Finished goods inventory also increased between 2021 and 2023, rising from US$1,072 million to US$2,778 million. Similar to work in process, this component experienced a decline in 2024 to US$2,060 million and continued to decrease to US$1,885 million in 2025. This suggests a potential adjustment in response to demand or a deliberate effort to reduce finished goods holdings.
- Total Inventories
- Total inventories grew from US$4,086 million in 2021 to a peak of US$9,518 million in 2023, representing a 133% increase. The subsequent years saw a decrease, falling to US$6,998 million in 2024 and US$6,225 million in 2025. The overall trend suggests a build-up of inventory through 2023, followed by a concerted effort to reduce inventory levels in the following two years. The declines in work in process and finished goods are the primary drivers of this reduction.
The significant increase in 2023, followed by the declines in 2024 and 2025, warrants further investigation to understand the underlying operational and strategic factors influencing these movements. The differing trends among the inventory components suggest that inventory management strategies may be targeted at specific stages of the production process.