Analysis of Debt
Total Debt (Carrying Amount)
Amgen Inc., balance sheet: debt
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 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).
The carrying amount of total borrowings exhibited a generally increasing trend from 2021 to 2023, followed by a decline in the subsequent two years. A significant increase in both the current portion of long-term debt and long-term debt, excluding the current portion, contributed to the overall rise in total borrowings during this period. The subsequent decrease from 2023 to 2025 suggests a focus on debt reduction or repayment.
- Total Borrowings Trend
- Total borrowings increased from US$33,309 million in 2021 to US$64,613 million in 2023, representing a substantial growth of approximately 94%. This was followed by a decrease to US$60,099 million in 2024 and further to US$54,604 million in 2025. The decline from the 2023 peak represents a reduction of approximately 15.4% over two years.
- Current Portion of Long-Term Debt
- The current portion of long-term debt experienced a dramatic increase from US$87 million in 2021 to US$1,591 million in 2022. While decreasing slightly to US$1,443 million in 2023, it rose again to US$3,550 million in 2024 and reached US$4,599 million in 2025. This indicates a growing proportion of debt maturing within the next year.
- Long-Term Debt (Excluding Current Portion)
- Long-term debt, excluding the current portion, increased from US$33,222 million in 2021 to US$37,354 million in 2022, and then significantly to US$63,170 million in 2023. This was followed by a decrease to US$56,549 million in 2024 and US$50,005 million in 2025. The trend mirrors the overall trend in total borrowings, suggesting that changes in long-term debt are the primary driver of fluctuations in total borrowings.
The increase in the current portion of long-term debt, coupled with the decrease in long-term debt excluding the current portion, suggests a reclassification of debt maturities. The company appears to be shifting debt from longer-term obligations to those due within the next year, potentially in anticipation of refinancing or repayment with available funds.
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Total Debt (Fair Value)
| Dec 31, 2025 | |
|---|---|
| Selected Financial Data (US$ in millions) | |
| Fixed-rate notes | 51,000) |
| Term loans | 1,800) |
| Total borrowings (fair value) | 52,800) |
| Financial Ratio | |
| Debt, fair value to carrying amount ratio | 0.97 |
Based on: 10-K (reporting date: 2025-12-31).
Weighted-average Interest Rate on Debt
Weighted-average effective interest rate on borrowings: 4.50%
| Interest rate | Debt amount1 | Interest rate × Debt amount | Weighted-average interest rate2 |
|---|---|---|---|
| 2.00% | 881) | 18) | |
| 2.60% | 1,250) | 33) | |
| 5.50% | 640) | 35) | |
| 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% | 944) | 38) | |
| 2.45% | 1,250) | 31) | |
| 5.25% | 2,750) | 144) | |
| 2.30% | 1,250) | 29) | |
| 2.00% | 987) | 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% | 1,478) | 47) | |
| 5.75% | 373) | 21) | |
| 2.80% | 568) | 16) | |
| 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% | 1,462) | 49) | |
| 5.60% | 3,541) | 198) | |
| 3.00% | 703) | 21) | |
| 4.20% | 882) | 37) | |
| 4.88% | 1,000) | 49) | |
| 5.65% | 4,250) | 240) | |
| 5.20% | 940) | 49) | |
| 4.40% | 1,128) | 50) | |
| 5.75% | 2,750) | 158) | |
| Total | 54,144) | 2,439) | |
| 4.50% | |||
Based on: 10-K (reporting date: 2025-12-31).
1 US$ in millions
2 Weighted-average interest rate = 100 × 2,439 ÷ 54,144 = 4.50%