Analysis of Debt
Total Debt (Carrying Amount)
Amgen Inc., balance sheet: debt
US$ in millions
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).
- Current Portion of Long-Term Debt
- The current portion of long-term debt remained relatively stable between 2020 and 2021, with a slight decrease from 91 million USD to 87 million USD. However, there was a significant increase starting in 2022, jumping to 1,591 million USD, followed by a moderate reduction to 1,443 million USD in 2023. By 2024, this figure sharply increased again to 3,550 million USD, indicating a substantial rise in short-term debt obligations within the long-term debt structure.
- Long-Term Debt, Excluding Current Portion
- The long-term debt excluding the current portion showed a modest increase from 32,895 million USD in 2020 to 33,222 million USD in 2021. The amount increased more notably in 2022, reaching 37,354 million USD. A significant escalation is observed in 2023, with the debt rising to 63,170 million USD, nearly doubling from the previous year. In 2024, there was a decline to 56,549 million USD, although the amount remained substantially higher than in earlier years.
- Total Borrowings (Carrying Amount)
- Total borrowings followed a similar trend to long-term debt. The amount was fairly steady from 2020 to 2021, increasing slightly from 32,986 million USD to 33,309 million USD. In 2022, total borrowings rose to 38,945 million USD, and then surged to 64,613 million USD in 2023. In 2024, there was a reduction to 60,099 million USD; nonetheless, the total borrowings were still considerably elevated compared to the initial years in the dataset.
- Overall Observations
- The data reveals a notable increase in debt levels starting in 2022, with particularly large rises in both the current portion of long-term debt and the long-term portion in 2023. While there is some reduction in 2024, the total borrowing remains significantly higher than in prior years. The sharp increase in the current portion of long-term debt in 2024 suggests an upcoming short-term maturity profile that could imply refinancing or repayment pressures. The substantial jump in long-term debt in 2023 indicates heightened leverage or increased borrowing activities during that period.
Total Debt (Fair Value)
| Dec 31, 2024 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Fixed-rate notes | 54,900) |
| Term loans | 1,800) |
| Total borrowings (fair value) | 56,700) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.94 |
Based on: 10-K (reporting date: 2024-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on borrowings: 4.49%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 1.90% | 500) | 10) | |
| 5.25% | 2,000) | 105) | |
| 3.13% | 1,000) | 31) | |
| 2.00% | 777) | 16) | |
| 5.51% | 1,500) | 83) | |
| 2.60% | 1,250) | 33) | |
| 5.50% | 595) | 33) | |
| 2.20% | 1,724) | 38) | |
| 3.20% | 1,000) | 32) | |
| 5.15% | 3,750) | 193) | |
| 1.65% | 1,234) | 20) | |
| 3.00% | 750) | 23) | |
| 4.05% | 1,250) | 51) | |
| 4.00% | 876) | 35) | |
| 2.45% | 1,250) | 31) | |
| 5.25% | 2,750) | 144) | |
| 2.30% | 1,250) | 29) | |
| 2.00% | 1,001) | 20) | |
| 3.35% | 1,000) | 34) | |
| 4.20% | 750) | 32) | |
| 5.25% | 4,250) | 223) | |
| 6.38% | 478) | 30) | |
| 6.90% | 254) | 18) | |
| 6.40% | 333) | 21) | |
| 3.15% | 1,668) | 53) | |
| 5.75% | 373) | 21) | |
| 2.80% | 776) | 22) | |
| 4.95% | 600) | 30) | |
| 5.15% | 729) | 38) | |
| 5.65% | 415) | 23) | |
| 5.60% | 2,750) | 154) | |
| 5.38% | 185) | 10) | |
| 4.40% | 2,250) | 99) | |
| 6.30% | 1,415) | 89) | |
| 3.38% | 1,764) | 60) | |
| 5.60% | 3,541) | 198) | |
| 3.00% | 890) | 27) | |
| 4.20% | 895) | 38) | |
| 4.88% | 1,000) | 49) | |
| 5.65% | 4,250) | 240) | |
| 5.20% | 940) | 49) | |
| 4.40% | 1,165) | 51) | |
| 5.75% | 2,750) | 158) | |
| Total | 59,878) | 2,690) | |
| 4.49% | |||
Based on: 10-K (reporting date: 2024-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 2,690 ÷ 59,878 = 4.49%