Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Amgen Inc., consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	9,129)	11,973)	10,944)	7,629)	7,989)
Marketable securities	—)	—)	—)	1,676)	48)
Trade receivables, net	9,570)	6,782)	7,268)	5,563)	4,895)
Inventories	6,225)	6,998)	9,518)	4,930)	4,086)
Prepaid expenses	2,945)	2,139)	1,647)	1,204)	1,223)
Other	1,188)	1,138)	955)	1,184)	1,144)
Other current assets	4,133)	3,277)	2,602)	2,388)	2,367)
Current assets	29,057)	29,030)	30,332)	22,186)	19,385)
Property, plant and equipment, net	7,913)	6,543)	5,941)	5,427)	5,184)
Intangible assets, net	22,276)	27,699)	32,641)	16,080)	15,182)
Goodwill	18,680)	18,637)	18,629)	15,529)	14,890)
Other noncurrent assets	12,660)	9,930)	9,611)	5,899)	6,524)
Noncurrent assets	61,529)	62,809)	66,822)	42,935)	41,780)
Total assets	90,586)	91,839)	97,154)	65,121)	61,165)

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).

Total assets experienced significant growth between 2021 and 2023, followed by a slight decline in 2024 and 2025. This overall trend is primarily driven by changes in both current and noncurrent asset compositions. A detailed examination of individual asset categories reveals varying patterns.

Liquidity & Current Assets: Current assets demonstrated a substantial increase from US$19.385 billion in 2021 to US$30.332 billion in 2023. This growth was fueled by increases in trade receivables, inventories, prepaid expenses, and other current assets. However, current assets decreased to US$29.030 billion in 2024 and remained relatively stable at US$29.057 billion in 2025. Cash and cash equivalents exhibited volatility, increasing from US$7.989 billion in 2021 to US$11.973 billion in 2024 before decreasing to US$9.129 billion in 2025. Marketable securities saw a large increase between 2021 and 2022, but values are unavailable for subsequent years. The increase in trade receivables and inventories suggests potential growth in sales or a build-up of finished goods, respectively.
Long-Term Investments & Intangibles: Noncurrent assets also increased significantly between 2021 and 2023, rising from US$41.780 billion to US$66.822 billion. This increase was largely attributable to substantial growth in intangible assets, which more than doubled during this period. Property, plant, and equipment, net, and goodwill also experienced moderate growth. In 2024 and 2025, noncurrent assets decreased to US$62.809 billion and US$61.529 billion, respectively, primarily due to a decrease in intangible assets. The significant increase in intangible assets between 2022 and 2023 warrants further investigation to understand the nature of these assets and their potential impact on future performance.
Goodwill & Other Noncurrent Assets: Goodwill remained relatively stable throughout the period, increasing modestly from US$14.890 billion in 2021 to US$18.680 billion in 2025. Other noncurrent assets showed an increasing trend, rising from US$6.524 billion in 2021 to US$12.660 billion in 2025, indicating potential investments in long-term strategic initiatives or acquisitions.
Overall Asset Composition: The proportion of noncurrent assets to total assets increased from approximately 68.3% in 2021 to 68.8% in 2023, before decreasing to 68.5% in 2025. This suggests a growing reliance on long-term assets to generate future value. The fluctuations in intangible assets significantly influence the overall asset composition and require ongoing monitoring.

In summary, the asset base experienced considerable expansion between 2021 and 2023, driven by both current and noncurrent assets. The subsequent stabilization and slight decline in total assets in 2024 and 2025 suggest a potential shift in investment strategy or a realization of previously accumulated assets. The significant changes in intangible assets are a key area for further analysis.

Amgen Inc. (NASDAQ:AMGN)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items