Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
Amgen Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
The financial data reveals several notable trends in the composition and structure of the company's liabilities and stockholders’ equity over multiple quarters.
- Accounts Payable
- This item as a percentage of total liabilities and stockholders’ equity generally fluctuated around 2%, with a tendency to decline in mid-2023 before rising sharply toward mid-2025, reaching above 3%. This indicates some volatility in the company's short-term obligations to suppliers.
- Accrued Liabilities
- Accrued liabilities maintained a relatively high proportion, mainly between roughly 14% and 19%. There was an increase from early 2020 through the end of 2022, peaking around 19%, followed by a decline and renewed rise towards the end of the observed period, evidencing ongoing variability in accrued expenses.
- Current Portion of Long-Term Debt
- The current portion of long-term debt showed considerable volatility. After very low values in mid-2020, sharp increases occurred in mid-2021 and mid-2024, with values rising above 6%. These swings suggest periodic reclassifications or repayments impacting short-term debt components.
- Current Liabilities
- Current liabilities as a whole varied between approximately 15% and 25%. After a dip in early 2023, the percentage rose again to exceed 25% in mid-2025, highlighting fluctuations in short-term financial obligations.
- Long-Term Debt, Excluding Current Portion
- This category consistently represented the largest component of liabilities, ranging mostly from about 47% to above 68%. There was a general trend of increase from 2020 through early 2023, followed by a gradual decrease toward the end of the period, indicating adjustments in long-term financing strategies.
- Long-Term Deferred Tax and Tax Liabilities
- Long-term deferred tax liabilities appeared only in recent periods and remained relatively stable around 1.5% to 2.4%. Long-term tax liabilities decreased progressively from above 13% in 2020 to about 2.9% by mid-2025, indicating a substantial reduction in tax-related long-term obligations.
- Other Noncurrent Liabilities
- Other noncurrent liabilities stayed fairly steady, fluctuating slightly between around 2.3% to 4.9%, with a mild decreasing tendency after late 2022.
- Noncurrent Liabilities
- Noncurrent liabilities as a percentage of total liabilities and stockholders’ equity increased substantially from roughly 65% in 2020 to nearly 78% by early 2023, then gradually declined to about 65% by mid-2025, reflecting changing emphasis on long-term financing and obligations.
- Total Liabilities
- The total liabilities proportion remained very high throughout the period, consistently above 83%, peaking near 98% in early 2022, then moderately declining to approximately 89% by mid-2025. This indicates a consistently leveraged balance sheet with a slight deleveraging trend recently.
- Common Stock and Additional Paid-In Capital
- Equity contributions as a percentage of total capital showed a declining trend from above 51% in early 2020 to about 34%–38% range more recently. A notable drop occurred between 2021 and 2023, followed by stabilization, suggesting changes in equity financing or retained earnings policies.
- Accumulated Deficit
- The accumulated deficit was consistently negative and increased in magnitude from approximately -27% to nearly -50% during 2020 to early 2022, before improving toward around -26% by mid-2025. This pattern indicates periods of cumulative losses with subsequent recovery or reduction in deficit.
- Accumulated Other Comprehensive Loss
- This element was negative but relatively minor and somewhat volatile, ranging between approximately -0.07% and -1.56%, with no clear long-term directional pattern.
- Stockholders’ Equity
- Stockholders’ equity as a proportion of total capital demonstrated a fluctuating but generally low level, beginning near 15%, declining sharply to close to 1.5% in early 2022, then rising again to exceed 10% by mid-2025. This variance corresponds to shifting leverage and accumulated deficit trends.
Overall, the data indicates a high reliance on liabilities to finance the company’s assets, with notable shifts in short-term and long-term debt components. Accrued liabilities remain a significant part of short-term obligations, while long-term debt represents the majority of noncurrent liabilities. Equity proportions have declined but show signs of a modest rebound recently. The accumulated deficit's fluctuations reflect varying profitability or loss absorption over time. The company appears to be managing leverage actively, with some deleveraging occurring after peaks in liabilities.