Common-Size Balance Sheet: Assets
Quarterly Data
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Amgen Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2026-06-30), 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 structure exhibits significant volatility between 2021 and 2026, characterized by a major shift in liquidity and capital allocation during 2023. The balance sheet generally maintains a high proportion of noncurrent assets, although a temporary inversion occurred in the first three quarters of 2023.
- Liquidity and Current Asset Trends
- Current assets typically fluctuate between 30% and 37% of total assets. However, a substantial surge is observed from March 2023 to September 2023, where current assets peaked at 53.55%. This spike was driven almost exclusively by cash and cash equivalents, which rose from approximately 11% to 38% during this period. Following December 2023, cash levels normalized to a range of 9% to 14%. Marketable securities, which represented 7.12% of assets in early 2021, declined steadily to 0.00% by March 2023 and remained absent thereafter, indicating a shift toward more liquid cash holdings or direct asset investment.
- Intangible Assets and Goodwill
- Intangible assets and goodwill represent a dominant portion of the total asset base. Combined, these two items frequently account for 40% to 55% of total assets. A notable contraction occurred in early 2023, with intangibles dropping to 14.52% by September 2023. This was immediately followed by a sharp increase in December 2023, where intangible assets jumped to 33.60%. This pattern, coinciding with the simultaneous drop in cash reserves, is indicative of a large-scale acquisition. From December 2023 through June 2026, there is a gradual downward trend in the proportion of intangible assets, falling to 21.42%, likely reflecting amortization or the growth of other asset classes.
- Fixed and Other Noncurrent Assets
- Property, plant, and equipment (PP&E) remained relatively stable, though a modest upward trajectory is evident in the latter half of the period, rising from a low of 6.12% in late 2023 to 8.94% by June 2026. Other noncurrent assets showed a similar gradual increase, expanding from 9.22% in March 2021 to a peak of 14.67% in September 2025, suggesting steady investment in long-term operational infrastructure or other non-depreciable long-term holdings.
- Overall Asset Composition
- The long-term structural trend shows a preference for noncurrent assets, which typically comprise 62% to 70% of the total balance sheet. The brief period in 2023 where noncurrent assets dipped to 46.45% represents an anomaly tied to a liquidity buildup prior to a major capital deployment. By 2024 and 2025, the balance sheet returned to its characteristic composition, with a strong emphasis on intangible value and a stable current asset ratio hovering around 30% to 36%.