Common-Size Balance Sheet: Assets
Quarterly Data
Amgen Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
The composition of assets for the analyzed entity exhibits notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A significant increase in the proportion of cash and cash equivalents is apparent, particularly from March 2023 onwards, peaking at 37.94% of total assets in June 2023, before decreasing to 10.08% by December 2025. Conversely, marketable securities demonstrate a decline in relative size, becoming negligible after June 2022.
Current assets as a percentage of total assets fluctuate, initially decreasing from 34.06% in March 2021 to 31.69% in December 2021, then increasing to a high of 53.55% in September 2023, before falling back to 32.08% by December 2025. Within current assets, trade receivables, inventories, and other current assets all show increases in their proportional representation of total assets throughout the period, with inventories experiencing the most substantial relative growth, rising from 6.42% to 9.80% between March 2021 and December 2023, before decreasing to 6.87% by December 2025.
- Long-Term Asset Trends
- Noncurrent assets generally represent the majority of the entity’s asset base, consistently accounting for over 60% of total assets until a noticeable decline beginning in March 2023. The proportion of intangible assets and goodwill to total assets decreased significantly from 2021 to 2025. Intangible assets decreased from 25.50% to 24.59% and goodwill decreased from 23.46% to 20.62% over the same period. Property, plant, and equipment, net, shows a gradual increase in its proportion of total assets, rising from 7.76% in March 2021 to 8.74% in December 2025. Other noncurrent assets also exhibit an increasing trend, moving from 9.22% to 13.98% over the analyzed timeframe.
The substantial shift in asset allocation towards cash and cash equivalents, coupled with the decline in intangible assets and goodwill, suggests a potential strategic repositioning. The increase in current assets, particularly trade receivables and inventories, may indicate increased sales activity or changes in working capital management. The observed trends warrant further investigation into the underlying business decisions and their impact on the entity’s financial performance.
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