Stock Analysis on Net

Amgen Inc. (NASDAQ:AMGN)

Cash Flow Statement 
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Amgen Inc., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net income (loss) 1,730 627 2,830 746 (113) 767 1,730 1,379 2,841 1,616 2,143 1,317 1,476 1,899 1,884 464 1,646 1,615 2,021 1,803 1,825
Depreciation, amortization and other 1,387 1,397 1,396 1,400 1,399 1,380 895 896 900 911 837 828 841 852 850 855 841 873 901 930 897
Impairment of intangible assets 800
Stock-based compensation expense 85 134 136 157 103 161 104 119 47
Deferred income taxes (250) (334) (110) (383) (401) (623) (447) (154) (49) (351) (333) (263) (251) (189) (127) (46) (91) 52 (78) (177) (84)
Acquired in-process research and development 1,505
Adjustments for equity method investments 1 28 (12) (27) 28 (14) 28 (31) 178 216 192 305 (97) 166 49 (85)
Loss on divestiture 2 5 560
(Gains) losses on equity securities (1,295) 876 (1,633) 401 515 (261) (135) 661 (1,830) 14 (209) 111 211
Other items, net (50) (9) 68 28 (95) (16) 574 65 (60) (25) 9 85 29 22 (149) 42 164 (135) 25 138 107
Noncash adjustments to reconcile net income (loss) to net cash provided by operating activities 677 2,065 (115) 1,591 1,494 669 977 1,615 (1,023) 729 525 1,513 1,135 588 740 2,405 829 790 848 891 920
Trade receivables, net (1,308) 473 (342) (176) 486 (433) (342) (96) (144) (180) (62) (309) (195) (160) (304) (56) 91 (396) 1,146 (222) (955)
Inventories 288 323 681 722 806 573 (54) 30 (58) (91) (241) (180) (230) 50 (48) (41) (126) 101 (90) (113) (113)
Other assets (201) (14) (299) (250) (89) (232) (263) 70 (139) 92 (32) 241 (43) 136 (115) (112) (146) 65 (79) (176) 319
Accounts payable 497 (232) (122) 643 23 (187) 156 (118) (253) 296 (44) (140) 42 191 (104) (127) (29) 247 14 (191) (25)
Accrued income taxes, net 104 53 247 (1,534) 223 (2,029) 527 28 443 (155) 193 (1,003) 318 (135) 211 (982) 52 52 (753) 315 137
Long-term tax liabilities 70 69 76 78 (715) 78 97 89 107 44 77 51 57 102 55 (22) 69 (592) 4 32 74
Accrued liabilities (874) 728 (275) 693 (1,054) 884 (282) 581 (230)
Accrued sales incentives and allowance 486 658 929 (77) (316) 520 242 575 (402)
Other liabilities (78) 21 (39) 23 (56) (72) (28) (44) (78) 298 419 440 (396) 137 99 402 (282) 271 257 503 (48)
Changes in operating assets and liabilities, net of acquisitions (1,016) 2,079 856 122 (692) (898) 53 1,115 (754) 304 310 (900) (447) 321 (206) (938) (371) (252) 499 148 (611)
Net cash provided by operating activities 1,391 4,771 3,571 2,459 689 538 2,760 4,109 1,064 2,649 2,978 1,930 2,164 2,808 2,418 1,931 2,104 2,153 3,368 2,842 2,134
Purchases of marketable securities (1) (224) (387) (1,976) 1 (901) (403) (7,597) (3,148) (3,100) (2,100) (129)
Proceeds from sales of marketable securities (2) 1 1,124 98 (1) 405 3,999 (1) 24 2,574
Proceeds from maturities of marketable securities 550 673 400 15 32 904 1,399 3,004 3,524 2,043 2,100 125 113
Purchases of property, plant and equipment (411) (371) (257) (238) (230) (249) (248) (271) (344) (340) (160) (246) (190) (287) (242) (185) (166) (173) (135) (158) (142)
Cash paid for acquisitions, net of cash acquired (26,989) (3,839) (890) (13) (1,626)
Other (36) (31) 47 21 13 151 (13) 59 28 159 (120) 14 47 42 (169) 14 (79) (106) (492) (50) (2,646)
Net cash (used in) provided by investing activities (447) (402) (210) (217) (217) (27,089) (262) (211) 1,358 (3,473) (267) (2,193) (111) (230) 73 1,209 (319) (1,384) (1,628) (2,159) (230)
Net proceeds from issuance of debt 3,996 1 (18) 23,798 (19) 2,984 2 3,952 (1) 4,946 (88) 4,039 4,963
Extinguishment of debt (301) (249) (410) (97) (130) (420) (297)
Repayment of debt (2,500) (2,200) (1,400) (750) (704) (4,150) (1,450) (1,750) (3,250)
Repurchases of common stock (200) (6,360) (1,443) (1,080) (1,581) (871) (1,205) (765) (555) (961)
Dividends paid (1,279) (1,205) (1,210) (1,209) (1,208) (1,140) (1,140) (1,139) (1,137) (1,040) (1,038) (1,038) (1,080) (990) (999) (1,008) (1,016) (932) (936) (942) (945)
Other (27) (2) 8 (40) (90) (5) 14 (53) (28) 10 (61) (26) (26) 26 (19) (33) (52) (3) (9) (17) (61)
Net cash provided by (used in) financing activities (4,107) (1,407) (3,651) (2,649) (1,708) 2,754 (2,005) (1,210) 21,509 (1,049) 1,588 (1,062) (3,514) (6,558) 2,848 (2,622) (1,939) (3,590) (1,798) 775 (254)
Increase (decrease) in cash and cash equivalents (3,163) 2,962 (290) (407) (1,236) (23,797) 493 2,688 23,931 (1,873) 4,299 (1,325) (1,461) (3,980) 5,339 518 (154) (2,821) (58) 1,458 1,650

Based on: 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).


Net Income (Loss)
The net income exhibits significant volatility throughout the periods, with peaks generally around the third quarter of most years. Notable declines occur in mid-2021 and early 2024, including a negative figure in the first quarter of 2024. The latest quarters show large recoveries after these downturns.
Depreciation, Amortization and Other
This expense remains relatively stable across the years, typically fluctuating slightly around the 840 to 900 million mark, with a distinct increase starting in the first quarter of 2024, reaching levels close to 1400 million, indicating an increase in non-cash expenses.
Impairment of Intangible Assets
No reported impairments until the last quarter of 2024, where a substantial charge of 800 million appears, suggesting a significant write-down of intangible assets late in the analysis period.
Stock-based Compensation Expense
Beginning in 2022, this expense shows variability with spikes particularly in the third and fourth quarters of 2023, reflecting fluctuations in stock-based compensation costs.
Deferred Income Taxes
Deferred income taxes generally show negative adjustments, especially pronounced from the third quarter of 2021 onwards, with large negative fluctuations indicating changes in tax assets or liabilities. The extremes are in the fourth quarter of 2023 and multiple quarters in 2024.
Acquired In-Process Research and Development
This appears as a one-time charge of 1505 million in the second quarter of 2021, indicating a significant acquisition or investment in research and development during that period.
Adjustments for Equity Method Investments
The adjustments fluctuate considerably with both positive and negative values across quarters, indicating variability in the company’s equity investees' performance or valuations over time.
Loss on Divestiture
Reported only in the third quarter of 2021 with a large loss of 560 million and minor losses following, suggesting a major divestiture activity in 2021.
(Gains) Losses on Equity Securities
These figures show volatile gains and losses, including significant gains in early 2023 and notable losses in several quarters indicating active portfolio management with varying performance outcomes.
Other Items, Net
Reported items fluctuate widely across quarters with no clear trend, indicating miscellaneous operational or financial adjustments impacting the overall results.
Noncash Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities
These adjustments display volatility with notable spikes in the second quarter of 2021 and fourth quarter of 2023, affecting cash flow reconciliation significantly during those periods.
Trade Receivables, Net
Fluctuations are irregular with both positive and negative significant changes, reflecting varied collection periods or sales timing impacts on working capital.
Inventories
Inventory levels fluctuate with periods of buildup, notably in mid to late 2023 and early 2024 suggesting operational changes or supply chain adjustments.
Other Assets
Changes are inconsistent without a discernible trend, indicating episodic adjustments or shifts in other asset categories.
Accounts Payable
Accounts payable show considerable variability with both increases and decreases across the periods, impacting working capital management dynamically.
Accrued Income Taxes, Net
The accrued income taxes show extreme fluctuations, possibly reflecting tax payment timings or adjustments to tax liabilities, with periods of large negative balances in mid-2021 and early 2024.
Long-Term Tax Liabilities
Generally stable with occasional dips and rises, indicating steady long-term tax obligations except for a notable negative spike in mid-2024.
Accrued Liabilities
Reported only in later quarters, fluctuates between large positive and negative shifts, implying changes in expense recognition or obligations over time.
Accrued Sales Incentives and Allowance
Shows significant activity starting in 2022, with large positive and negative movements reflecting adjustments in sales incentive accruals and allowances affecting operating cash flows.
Other Liabilities
These liabilities experience volatility with alternating positive and negative changes, suggesting episodic adjustments to other obligations.
Changes in Operating Assets and Liabilities, Net of Acquisitions
The changes show notable swings including large positive changes toward the end of 2024, indicating significant operating cash flow effects from working capital movements and other asset/liability adjustments.
Net Cash Provided by Operating Activities
Operating cash flow demonstrates robust performance with occasional dips, notably sharp declines in early 2023 and 2024, but recovery follows, underscoring overall operational cash generation strength despite volatility.
Purchases of Marketable Securities
High variability with substantial purchases during certain periods such as early 2021 and sporadic inactivity later, showing changes in investment strategy or liquidity management.
Proceeds from Sales and Maturities of Marketable Securities
Collections from sales and maturities fluctuate widely, with several large proceeds in mid-2021 and early 2023, indicating tactical portfolio rebalancing.
Purchases of Property, Plant and Equipment
Capital expenditures are steady with small variations; increases noted toward the end of the period, widely reflecting ongoing investment in fixed assets.
Cash Paid for Acquisitions, Net of Cash Acquired
Significant acquisition outflows occur in mid-2021 and dramatically increase in the fourth quarter of 2023, consistent with large-scale business combinations or asset purchases.
Net Cash Provided by (Used in) Investing Activities
The investing cash flow changes dramatically across periods, including a large negative spike in late 2023 due to acquisitions and a rebound in early 2023, indicating fluctuations in investment and divestment activities.
Net Proceeds from Issuance of Debt
Debt issuance peaks notably in the first quarter of 2024 with a large inflow, accompanied by smaller, irregular issuances in other periods, supporting funding needs.
Extinguishment and Repayment of Debt
Debt repayments occur sporadically with considerable repayments in late 2021 through 2024; extinguishments of debt are also recorded, contributing to net financing cash outflows at times.
Repurchases of Common Stock
Significant stock buybacks occur mainly in early periods through 2021, with a substantial deceleration afterward, reflecting changing capital allocation priorities.
Dividends Paid
Stable and consistent dividend payments are evident, with gradual increases annually, indicating a commitment to returning capital to shareholders.
Net Cash Provided by (Used in) Financing Activities
Financing activities show large swings with significant inflows particularly in early 2024 but also substantial outflows in other periods, demonstrating active management of capital structure and shareholder distributions.
Increase (Decrease) in Cash and Cash Equivalents
Cash balances display pronounced volatility, including large increases especially in early 2023, followed by sharp declines notably in late 2023 and throughout 2024, mirroring the variability in operational, investing, and financing cash flows.