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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Amgen Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin 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-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 analysis of the financial data reveals several notable trends and key observations across assets components over the reviewed periods.
- Cash and Cash Equivalents
- Cash levels exhibited significant fluctuations. After facing a decline from early 2020 to early 2021, reaching a low near 6 billion USD, the cash holdings surged dramatically in early 2023, reaching over 34 billion USD, followed by a sharp decline at the end of 2023. Levels remained somewhat volatile thereafter but stayed generally above the figures reported in the 2020-2021 period.
- Marketable Securities
- The value of marketable securities showed inconsistency, with occasional spikes especially during 2020 but almost disappearing from early 2023 onward where data becomes sparse or absent, hinting at possible divestitures or reclassification of assets.
- Trade Receivables, Net
- Trade receivables remained relatively stable with a gradual upward trend over time, rising from about 5 billion USD in early 2020 to over 8.7 billion USD by late 2025. This steady increase suggests business growth in credit sales or an expansion in customer base.
- Inventories
- Inventory values gradually increased from 3.7 billion USD in early 2020 to a peak above 9.5 billion USD in early 2023, followed by a declining trend thereafter, stabilizing near 6.5 billion USD by mid-2025. This pattern may reflect adjustments in production planning or demand forecasts.
- Other Current Assets
- This category demonstrated a mild but consistent increase from just over 2 billion USD in early 2020 to approximately 3.4 billion USD by mid-2025, indicating a stable accumulation of other short-term resources.
- Current Assets
- Overall current assets showed significant volatility. After decreasing from around 23 billion USD in 2020 to about 19 billion USD by mid-2021, they peaked strikingly above 48 billion USD in late 2023, before falling back to the 26-29 billion USD range in the latest periods. Such spikes correspond largely with movements in cash and marketable securities.
- Property, Plant and Equipment, Net
- Assets in this category remained quite steady with slight growth over the period, increasing gradually from approximately 4.9 billion USD to nearly 6.9 billion USD by late 2025. This indicates ongoing investment in fixed assets and capacity expansion or maintenance.
- Intangible Assets, Net
- Intangible assets experienced a clear downward trend through most periods, dropping from approximately 18.7 billion USD in early 2020 to about 13.1 billion USD by late 2023. However, they subsequently surged sharply to over 32 billion USD during 2024 before declining again to roughly 24.6 billion USD by late 2025, reflecting significant acquisitions or revaluations occurring around 2024.
- Goodwill
- Goodwill values were relatively stable, hovering around 14.6-15.5 billion USD through 2022, then increasing to a range near 18.5-18.7 billion USD in the 2024-2025 timeframe. This suggests acquisition activity contributing to goodwill growth over the latter periods.
- Other Noncurrent Assets
- Other noncurrent assets values showed general growth, rising from about 4.6 billion USD in early 2020 to over 11 billion USD by mid-2025 with some intermittent fluctuations, consistent with diversifying long-term holdings or investments.
- Noncurrent Assets
- Total noncurrent assets remained mostly stable around 41-43 billion USD until 2022, followed by a significant jump to over 66 billion USD in 2023 continuing near 62-64 billion USD in 2024-2025. The large increase is driven primarily by marked rises in intangible assets and goodwill, indicating substantial investments or acquisitions.
- Total Assets
- Total assets demonstrated progressive growth with some volatility. From approximately 61.7 billion USD in early 2020, assets slightly declined by mid-2021 but then increased significantly beginning in 2023, peaking near 97 billion USD at the end of 2023. Thereafter, total assets stabilized around 88-92 billion USD range by mid-2025, reflecting overall expansion in the asset base mainly due to spikes in liquidity and intangible assets.
In summary, the financial data indicate periods of investment, asset revaluation, and acquisition activity, especially evident through the sharp increases in intangible assets, goodwill, and cash resources between 2023 and 2024. The significant volatility in cash and marketable securities suggests dynamic liquidity management, while the steady growth in receivables and property suggests continued operational expansion. Inventory adjustments and changes in current assets reflect evolving business cycles and working capital strategies. Overall, the company's asset base expanded notably over the observed periods with some pronounced inflection points corresponding to corporate actions.