Balance Sheet: Assets
Quarterly Data
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.
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Amgen Inc., consolidated balance sheet: assets (quarterly data)
US$ in millions
Based on: 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 company’s total assets exhibited volatility over the observed period, spanning from March 31, 2021, to December 31, 2025. A significant increase in total assets is apparent in early 2023, followed by a subsequent decrease and stabilization. Analysis of individual asset components reveals varying trends contributing to these overall fluctuations.
- Cash and Cash Equivalents
- Cash and cash equivalents demonstrated substantial fluctuation. A notable surge occurred between June 30, 2021, and September 30, 2021, increasing from US$6.630 million to US$11.969 million. This was followed by a decrease, then a dramatic increase to US$34.248 million by June 30, 2023. Subsequently, cash levels decreased significantly, stabilizing around US$8-9 million in the latter part of the period. This suggests active cash management, potentially related to acquisitions, investments, or financing activities.
- Marketable Securities
- Marketable securities generally decreased in value over the period. Initially at US$4.454 million in March 2021, the balance declined substantially, reaching minimal values by the end of 2021 and remaining low through 2022. The balance remained negligible throughout 2023-2025, indicating a shift in investment strategy or utilization of these funds for other purposes.
- Trade Receivables, Net
- Trade receivables exhibited a consistent upward trend from March 31, 2021 (US$4.423 million) to December 31, 2023 (US$7.268 million), suggesting increasing sales or potentially extended credit terms. The receivables decreased slightly in early 2024, then resumed an upward trend, reaching US$9.570 million by September 30, 2025. This continued growth suggests sustained revenue generation.
- Inventories
- Inventory levels remained relatively stable between March 2021 and December 2022, fluctuating between approximately US$4.0 million and US$4.9 million. A significant increase occurred in December 2023 (US$9.518 million), followed by a decline through December 2025 (US$6.225 million). This substantial fluctuation could be attributed to changes in production levels, supply chain disruptions, or inventory write-downs.
- Other Current Assets
- Other current assets showed a gradual increase over the period, rising from US$2.293 million in March 2021 to US$4.133 million by September 30, 2025. This suggests a growing investment in short-term assets not categorized elsewhere.
- Property, Plant and Equipment, Net
- Net property, plant, and equipment (PP&E) demonstrated a moderate, consistent increase throughout the period, rising from US$4.855 million in March 2021 to US$7.913 million by December 31, 2025. This indicates ongoing investment in long-term assets.
- Intangible Assets, Net
- Intangible assets experienced significant fluctuation. Initially at US$15.947 million in March 2021, they decreased before rising to US$16.080 million in December 2022. A substantial increase to US$32.641 million occurred in December 2023, followed by a decline to US$22.276 million by December 2025. This volatility likely reflects acquisitions, amortization, or impairment charges related to intangible assets.
- Goodwill
- Goodwill remained relatively stable between March 2021 and September 2023, fluctuating around US$14.6-15.5 million. A notable increase occurred in December 2023 (US$18.629 million), followed by a slight decrease to US$18.680 million by December 2025. This suggests potential acquisitions contributing to goodwill.
- Other Noncurrent Assets
- Other noncurrent assets generally increased over the period, rising from US$5.765 million in March 2021 to US$12.660 million by December 2025, indicating growing investments in long-term assets not specifically categorized as PP&E or intangibles.
In summary, the asset composition experienced significant shifts, particularly in cash, inventories, and intangible assets. The substantial increase in total assets in 2023 appears driven by a surge in cash and intangible assets, while subsequent decreases reflect a reduction in these categories. The consistent growth in trade receivables and PP&E suggests ongoing operational activity and investment in long-term capacity.