Amgen Inc. (NASDAQ:AMGN)

The analysis of the company's annual financial data reveals multiple noteworthy trends across the periods observed.

Liquidity and Current Assets

Cash and cash equivalents showed a generally upward trend, increasing markedly from $6,266 million in 2020 to $11,973 million in 2024, with a significant rise between 2022 and 2023. Marketable securities fluctuated, with a steep decline from $4,381 million in 2020 to just $48 million in 2021, followed by a partial recovery to $1,676 million in 2022 and disappearing thereafter. Trade receivables steadily increased from $4,525 million in 2020 to a peak of $7,268 million in 2023 before slightly decreasing to $6,782 million in 2024. Inventories showed strong growth overall, more than doubling from $3,893 million in 2020 to a peak of $9,518 million in 2023, then decreasing to $6,998 million by 2024. Prepaid expenses rose consistently from $1,156 million to $2,139 million over the five years. Corporate partner receivables fluctuated, peaking in 2021 at $780 million but subsequently declining and stabilizing near $520 million in 2024. Tax receivables experienced modest declines with some recovery towards the end of the period. Other current asset categories, including other and other current assets, generally increased, with notable growth in the latter from $2,079 million to $3,277 million.

Current Assets Total

Total current assets showed variability, dropping from $21,144 million in 2020 to $19,385 million in 2021, then climbing to a high of $30,332 million in 2023 before a slight decrease to $29,030 million in 2024. This indicates an expanding current asset base, particularly driven by increases in cash, receivables, and inventories within the last few years.

Long-term Assets

Property, plant and equipment (PP&E) increased steadily over the period, from $4,889 million in 2020 to $6,543 million in 2024, showing ongoing capital investment. Intangible assets showed a sharp increase in 2023, jumping from $16,080 million in 2022 to $32,641 million, before falling back to $27,699 million in 2024, suggesting major acquisitions or revaluations took place in 2023. Goodwill rose moderately from $14,689 million to about $18,637 million, reflecting likely acquisition activity. Other noncurrent assets increased substantially overall, with a marked rise in 2023 and 2024 to nearly $10,000 million, which contributed significantly to the growth in noncurrent assets.

Noncurrent Assets Total

Noncurrent assets remained relatively stable between 2020 and 2022, around $41,800 million, then surged to $66,822 million in 2023 before slightly decreasing to $62,809 million in 2024. The major increase in intangible and other noncurrent assets caused this sizable growth in 2023.

Total Assets

Total assets mirrored the trends in current and noncurrent assets. They experienced a minor dip from $62,948 million in 2020 to $61,165 million in 2021, followed by steady growth to $65,121 million in 2022, then a substantial jump to $97,154 million in 2023 and a partial decline to $91,839 million in 2024. This pattern suggests significant expansion activities, likely supported by asset acquisitions or revaluations occurring especially in 2023.

In summary, the financial data indicate robust growth in both current and noncurrent assets, with pronounced increases in 2023 across intangible and other noncurrent assets categories, implying significant strategic investments or acquisitions during this period. Liquidity improved steadily, although certain asset categories such as marketable securities showed volatility. The overall asset base expanded significantly especially in the last two years, reflecting an aggressive growth strategy.