Debt to Equity
since 2005
Calculation
Amgen Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2024 | 10.23 | = | 60,099) | ÷ | 5,877) |
| Dec 31, 2023 | 10.37 | = | 64,613) | ÷ | 6,232) |
| Dec 31, 2022 | 10.64 | = | 38,945) | ÷ | 3,661) |
| Dec 31, 2021 | 4.97 | = | 33,309) | ÷ | 6,700) |
| Dec 31, 2020 | 3.51 | = | 32,986) | ÷ | 9,409) |
| Dec 31, 2019 | 3.09 | = | 29,903) | ÷ | 9,673) |
| Dec 31, 2018 | 2.71 | = | 33,929) | ÷ | 12,500) |
| Dec 31, 2017 | 1.40 | = | 35,342) | ÷ | 25,241) |
| Dec 31, 2016 | 1.16 | = | 34,596) | ÷ | 29,875) |
| Dec 31, 2015 | 1.12 | = | 31,556) | ÷ | 28,083) |
| Dec 31, 2014 | 1.19 | = | 30,715) | ÷ | 25,778) |
| Dec 31, 2013 | 1.45 | = | 32,128) | ÷ | 22,096) |
| Dec 31, 2012 | 1.39 | = | 26,529) | ÷ | 19,060) |
| Dec 31, 2011 | 1.13 | = | 21,428) | ÷ | 19,029) |
| Dec 31, 2010 | 0.56 | = | 13,362) | ÷ | 23,944) |
| Dec 31, 2009 | 0.47 | = | 10,601) | ÷ | 22,667) |
| Dec 31, 2008 | 0.50 | = | 10,176) | ÷ | 20,386) |
| Dec 31, 2007 | 0.63 | = | 11,177) | ÷ | 17,869) |
| Dec 31, 2006 | 0.48 | = | 9,012) | ÷ | 18,964) |
| Dec 31, 2005 | 0.19 | = | 3,957) | ÷ | 20,451) |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
- Total Debt
- The total debt exhibits a general upward trend over the period. It increased significantly from 3,957 million USD in 2005 to 9,012 million USD in 2006 and continued growing with some fluctuations. Noticeably, there was a sharp rise in total debt between 2010 and 2012, reaching over 26,000 million USD by 2012. Following this, the debt level maintained growth with minor variations, peaking at 64,613 million USD in 2023 before slightly decreasing to 60,099 million USD in 2024.
- Stockholders’ Equity
- Stockholders' equity shows a declining trend throughout the timeline. Starting at 20,451 million USD in 2005, it experienced a gradual decrease interspersed with brief increases, reaching a local peak at 29,875 million USD in 2016. After this point, equity sharply declined, falling below 10,000 million USD by 2018 and continuing to deteriorate further, reaching 5,877 million USD in 2024. This indicates sustained erosion of equity capital over the years.
- Debt to Equity Ratio
- The debt to equity ratio increased significantly during the period, reflecting higher leverage. Initially, the ratio was low at 0.19 in 2005, rising steadily through 2007 and 2008. The ratio sharply escalated from 2010 onwards, surpassing 1.0 in 2011 and continuing an upward trajectory with occasional slight dips. The ratio peaked dramatically above 10.0 in 2022 and remained near that level in 2023 and 2024, indicating that the company’s debt has grown disproportionately relative to its equity, implying a much higher financial risk.
- Summary
- The data reveals a clear pattern of increasing financial leverage, with total debt expanding rapidly while stockholders’ equity contracts substantially. This dynamic results in a marked rise of the debt to equity ratio, especially evident after 2010. The company’s capital structure has shifted towards greater reliance on debt financing, potentially elevating financial risk and reducing equity cushions. The long-term trend underscores a need for careful management of debt levels to ensure sustainable financial health.
Comparison to Competitors
Amgen Inc., debt to equity, long-term trends, comparison to competitors
| Amgen Inc. | AbbVie Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec 31, 2024 | 10.23 | 20.19 | 3.04 | 0.32 | 2.37 | 1.38 | 0.51 | 0.80 | 0.73 | 0.09 | 0.63 | 0.01 |
| Dec 31, 2023 | 10.37 | 5.73 | 1.35 | 0.34 | 2.34 | 1.09 | 0.43 | 0.93 | 0.81 | 0.10 | 0.75 | 0.02 |
| Dec 31, 2022 | 10.64 | 3.67 | 1.27 | 0.39 | 1.52 | 1.19 | 0.52 | 0.67 | 0.37 | 0.12 | 0.78 | 0.03 |
| Dec 31, 2021 | 4.97 | 4.98 | 1.24 | 0.49 | 1.88 | 1.27 | 0.46 | 0.87 | 0.50 | 0.14 | 0.85 | 0.06 |
| Dec 31, 2020 | 3.51 | 6.58 | 1.34 | 0.53 | 2.94 | 1.73 | 0.56 | 1.26 | 0.63 | 0.24 | 0.63 | 0.07 |
| Dec 31, 2019 | 3.09 | — | 0.91 | 0.72 | 5.88 | 1.09 | 0.47 | 1.02 | 0.83 | 0.06 | 0.60 | 0.09 |
| Dec 31, 2018 | 2.71 | — | 0.52 | 0.35 | 1.30 | 1.28 | 0.51 | 0.94 | 0.66 | 0.08 | 0.69 | 0.13 |
| Dec 31, 2017 | 1.40 | 7.33 | 0.68 | 0.40 | 1.18 | 1.64 | 0.57 | 0.71 | 0.60 | 0.11 | 0.83 | 0.29 |
| Dec 31, 2016 | 1.16 | 7.95 | 0.41 | 0.53 | 0.74 | 1.39 | 0.39 | 0.62 | 0.71 | 0.11 | 0.77 | 0.71 |
| Dec 31, 2015 | 1.12 | 8.03 | 0.47 | 0.54 | 0.55 | 1.20 | 0.28 | 0.59 | 0.60 | 0.10 | 0.59 | 0.86 |
| Dec 31, 2014 | 1.19 | 8.62 | 0.53 | 0.15 | 0.52 | 0.80 | 0.27 | 0.44 | 0.51 | 0.18 | 0.71 | 0.75 |
| Dec 31, 2013 | 1.45 | 3.28 | 0.55 | 0.16 | 0.30 | 0.58 | 0.25 | 0.50 | 0.48 | 0.26 | 0.62 | 0.36 |
| Dec 31, 2012 | 1.39 | 4.66 | 0.54 | 0.28 | 0.37 | 0.88 | 0.25 | 0.39 | 0.46 | 0.37 | 0.46 | 0.68 |
| Dec 31, 2011 | 1.13 | — | 0.34 | 0.31 | 0.52 | 1.13 | 0.34 | 0.32 | 0.47 | 0.90 | 0.47 | 0.58 |
| Dec 31, 2010 | 0.56 | — | 0.35 | 0.21 | 0.56 | 0.59 | 0.30 | 0.33 | 0.50 | 0.31 | 0.14 | 1.07 |
| Dec 31, 2009 | 0.47 | — | 0.43 | 0.25 | 0.70 | 0.18 | 0.29 | 0.30 | 0.54 | 0.27 | 0.14 | 0.14 |
| Dec 31, 2008 | 0.50 | — | 0.55 | 0.27 | 1.55 | 0.31 | 0.28 | 0.33 | 0.30 | 0.00 | 0.14 | 1.20 |
| Dec 31, 2007 | 0.63 | — | 0.59 | 0.41 | 0.37 | 0.38 | 0.22 | 0.32 | 0.20 | 0.43 | 0.15 | 0.07 |
| Dec 31, 2006 | 0.48 | — | 0.74 | 0.37 | 0.34 | 0.77 | 0.17 | 0.39 | 0.11 | 0.92 | 0.19 | 0.24 |
| Dec 31, 2005 | 0.19 | — | 0.77 | 0.21 | 0.60 | 0.10 | 0.07 | 0.45 | 0.27 | 1.75 | 0.21 | 0.75 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Amgen Inc., debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Amgen Inc. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Dec 31, 2024 | 10.23 | 1.04 |
| Dec 31, 2023 | 10.37 | 0.97 |
| Dec 31, 2022 | 10.64 | 0.80 |
| Dec 31, 2021 | 4.97 | 0.93 |
| Dec 31, 2020 | 3.51 | 1.12 |
| Dec 31, 2019 | 3.09 | 1.09 |
| Dec 31, 2018 | 2.71 | 0.93 |
| Dec 31, 2017 | 1.40 | 0.87 |
| Dec 31, 2016 | 1.16 | 0.79 |
| Dec 31, 2015 | 1.12 | 0.68 |
| Dec 31, 2014 | 1.19 | 0.55 |
| Dec 31, 2013 | 1.45 | 0.52 |
| Dec 31, 2012 | 1.39 | 0.51 |
| Dec 31, 2011 | 1.13 | 0.46 |
| Dec 31, 2010 | 0.56 | 0.40 |
| Dec 31, 2009 | 0.47 | 0.39 |
| Dec 31, 2008 | 0.50 | 0.37 |
| Dec 31, 2007 | 0.63 | 0.30 |
| Dec 31, 2006 | 0.48 | 0.25 |
| Dec 31, 2005 | 0.19 | 0.29 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Amgen Inc., debt to equity, long-term trends, comparison to industry (health care)
| Amgen Inc. | Health Care | |
|---|---|---|
| Dec 31, 2024 | 10.23 | 0.87 |
| Dec 31, 2023 | 10.37 | 0.82 |
| Dec 31, 2022 | 10.64 | 0.73 |
| Dec 31, 2021 | 4.97 | 0.79 |
| Dec 31, 2020 | 3.51 | 0.92 |
| Dec 31, 2019 | 3.09 | 0.92 |
| Dec 31, 2018 | 2.71 | 0.86 |
| Dec 31, 2017 | 1.40 | 0.81 |
| Dec 31, 2016 | 1.16 | 0.76 |
| Dec 31, 2015 | 1.12 | 0.69 |
| Dec 31, 2014 | 1.19 | 0.52 |
| Dec 31, 2013 | 1.45 | 0.49 |
| Dec 31, 2012 | 1.39 | 0.51 |
| Dec 31, 2011 | 1.13 | 0.45 |
| Dec 31, 2010 | 0.56 | 0.42 |
| Dec 31, 2009 | 0.47 | 0.41 |
| Dec 31, 2008 | 0.50 | 0.41 |
| Dec 31, 2007 | 0.63 | 0.36 |
| Dec 31, 2006 | 0.48 | 0.33 |
| Dec 31, 2005 | 0.19 | 0.30 |
Based on: 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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).