Amgen Inc. (NASDAQ:AMGN)

The analysis of the annual financial data reveals several notable trends across asset categories.

Cash and Cash Equivalents

This category showed an overall increase from 9.95% in 2020 to 13.04% in 2024, peaking at 13.06% in 2021 before a slight decline and subsequent rise. This suggests a growing liquidity position over the analysed period.

Marketable Securities

Marketable securities as a percentage of total assets declined sharply from 6.96% in 2020 to nearly negligible at 0.08% in 2021, with a partial recovery to 2.57% by 2022, followed by missing data for 2023 and 2024. This indicates a significant reduction in these investments early on, with uncertain status in later years.

Trade Receivables, Net

The trade receivables percentage displayed an upward trend from 7.19% in 2020 to a peak of 8.54% in 2022, before a gradual decrease to 7.38% by 2024. This indicates fluctuating but generally stable receivables relative to total assets.

Inventories

Inventories rose steadily from 6.18% in 2020 up to a high of 9.8% in 2023, before dropping to 7.62% in 2024. The sharp increase followed by a decline may imply changes in stock management or production cycles.

Prepaid Expenses

Prepaid expenses remained relatively stable, fluctuating slightly around 2%, with a low of 1.7% in 2023 and rising to 2.33% in 2024, indicating consistent proportions relative to total assets.

Corporate Partner Receivables

These receivables increased from 0.93% in 2020 to 1.28% in 2021, then decreased steadily to 0.57% in 2024, reflecting diminishing partner receivables as a share of total assets over time.

Tax Receivables

Tax receivables showed a decreasing trend from 0.34% in 2020 to 0.18% in 2023, slightly rising to 0.22% in 2024, suggesting a minor reduction in tax assets maintained.

Other Current Assets

This category increased from 3.3% in 2020 to a peak of 3.87% in 2021, declined to 2.68% in 2023, and rebounded to 3.57% in 2024. These fluctuations highlight variability in other short-term asset holdings relative to total assets.

Current Assets in Total

Current assets as a whole showed modest fluctuation, decreasing from 33.59% in 2020 to 31.22% in 2023, then slightly increasing to 31.61% in 2024. This modest decline implies a slight reduction in current asset allocation.

Property, Plant and Equipment, Net

A decrease was noted from 7.77% in 2020 to 6.12% in 2023, followed by a recovery to 7.12% in 2024. This pattern may reflect asset disposals or depreciation before reinvestment or acquisitions.

Intangible Assets, Net

Intangible assets exhibited significant volatility, falling from 26.35% in 2020 to 24.69% in 2022, then sharply increasing to 33.6% in 2023 before a decline to 30.16% in 2024. This volatility suggests acquisitions or write-ups impacting intangible asset values.

Goodwill

Goodwill decreased steadily from 23.34% in 2020 to 19.17% in 2023, before a small increase to 20.29% in 2024, possibly indicating impairments or divestitures followed by some level of replenishment.

Other Noncurrent Assets

Other noncurrent assets gradually increased from 8.96% to 10.81% over the period, showing a trend of growing long-term asset holdings outside traditional categories.

Noncurrent Assets in Total

Noncurrent assets as a percentage of total assets remained relatively stable, increasing from 66.41% in 2020 to 68.78% in 2023, with a slight decline to 68.39% in 2024, indicating a consistent dominance of noncurrent assets in the overall asset mix.

In summary, the asset structure maintains a majority in noncurrent assets, with some notable increases in intangible assets in 2023. Liquidity, as indicated by cash and cash equivalents, improved over the period. Variability in marketable securities and inventories points to changes in investment strategy and inventory management. The steady decrease in goodwill may indicate asset impairments or restructuring activities. Overall, the data suggests ongoing asset portfolio adjustments to align with strategic priorities.