Stock Analysis on Net
Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Common-Size Balance Sheet: Assets 

Amgen Inc., common-size consolidated balance sheet: assets

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 10.08 13.04 11.26 11.72 13.06
Marketable securities 0.00 0.00 0.00 2.57 0.08
Trade receivables, net 10.56 7.38 7.48 8.54 8.00
Inventories 6.87 7.62 9.80 7.57 6.68
Prepaid expenses 3.25 2.33 1.70 1.85 2.00
Other 1.31 1.24 0.98 1.82 1.87
Other current assets 4.56% 3.57% 2.68% 3.67% 3.87%
Current assets 32.08% 31.61% 31.22% 34.07% 31.69%
Property, plant and equipment, net 8.74 7.12 6.12 8.33 8.48
Intangible assets, net 24.59 30.16 33.60 24.69 24.82
Goodwill 20.62 20.29 19.17 23.85 24.34
Other noncurrent assets 13.98 10.81 9.89 9.06 10.67
Noncurrent assets 67.92% 68.39% 68.78% 65.93% 68.31%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

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 assets exhibited several notable shifts between 2021 and 2025. Current assets remained relatively stable as a percentage of total assets, fluctuating between approximately 31% and 34% over the period. However, within current assets, certain components experienced more pronounced changes. A significant increase in marketable securities occurred between 2021 and 2022, rising from 0.08% to 2.57% of total assets, but this value is not continued in subsequent years. Trade receivables and inventories also showed variability, with both increasing from 2021 to 2022 before declining and then increasing again in 2025. Noncurrent assets demonstrated a more moderate degree of change, generally remaining around 66-69% of total assets.

Liquidity and Current Assets
Cash and cash equivalents decreased from 13.06% of total assets in 2021 to 10.08% in 2025, indicating a potential shift in liquidity management. Prepaid expenses showed a consistent upward trend, increasing from 2.00% to 3.25% of total assets. Other current assets also increased over the period, from 3.87% to 4.56%. The overall current asset percentage remained relatively consistent, suggesting these changes offset each other to some extent.
Long-Term Investments and Intangibles
Property, plant, and equipment, net, decreased significantly from 8.48% in 2021 to 6.12% in 2023, before partially recovering to 8.74% in 2025. Intangible assets, net, experienced a substantial increase from 24.82% in 2021 to 33.60% in 2023, then decreased to 24.59% in 2025. This suggests a period of significant investment in intangible assets followed by a potential re-evaluation or amortization. Goodwill decreased from 24.34% in 2021 to 19.17% in 2023, then increased to 20.62% in 2025.
Other Noncurrent Assets
Other noncurrent assets exhibited a consistent upward trend, increasing from 10.67% of total assets in 2021 to 13.98% in 2025. This suggests a growing investment in assets not specifically categorized within the other noncurrent asset classifications.

In summary, the asset composition demonstrates a dynamic allocation of resources. The fluctuations in specific asset categories, particularly marketable securities, intangible assets, and property, plant, and equipment, warrant further investigation to understand the underlying strategic decisions and their impact on the company’s long-term financial position.

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