Common-Size Balance Sheet: Assets
Quarterly Data
Amgen Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 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 asset composition of the balance sheet exhibits a significant structural shift occurring between the third and fourth quarters of 2023, transitioning from a period of high liquidity to a period of increased investment in long-term intangible assets. Throughout the observed period, the balance sheet maintains a heavy weighting toward noncurrent assets, which typically comprise between 62% and 70% of total assets, with brief exceptions during periods of extreme cash accumulation.
- Liquidity and Current Asset Trends
- Current assets generally fluctuate between 30% and 37% of the total asset base. A notable anomaly occurred between March and September 2023, where current assets surged to a peak of 53.55%. This increase was driven almost exclusively by cash and cash equivalents, which rose from approximately 11% in early 2022 to 38.37% by September 30, 2023. Following December 31, 2023, liquidity normalized, with cash returning to a range of 9% to 13%. Additionally, marketable securities, which represented 7.12% of assets in March 2021, were phased out entirely by March 2023.
- Intangible Assets and Goodwill
- The composition of noncurrent assets is dominated by intangible assets and goodwill. Intangible assets showed a downward trend through much of 2022 and 2023, reaching a low of 14.52% in September 2023. However, a sharp increase was recorded on December 31, 2023, where intangibles jumped to 33.60%, suggesting a significant acquisition or asset revaluation. Goodwill has remained relatively stable, generally fluctuating between 20% and 25% of total assets, though it experienced a temporary dip to 17% during the same period that cash peaked in 2023.
- Operational Asset Stability
- Trade receivables and inventories demonstrate consistent patterns with minor fluctuations. Net trade receivables have trended slightly upward in recent periods, moving from approximately 7% in 2021 to 9.88% by March 31, 2026. Inventories have remained largely stable between 5% and 8%, with a temporary peak of 9.80% in December 2023. Property, plant, and equipment (PP&E) have maintained a steady presence, consistently representing between 6% and 9% of total assets.
- Noncurrent Asset Dynamics
- Noncurrent assets typically represent the majority of the balance sheet, usually exceeding 65%. The only significant deviation occurred in 2023, where noncurrent assets dropped to a minimum of 46.45% in September 2023, coinciding with the peak in cash reserves. By the end of 2023 and into 2024, the weighting of noncurrent assets recovered to roughly 68% to 70%, driven by the increase in intangible assets.
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