On this page of StockholderLetter.com we present the latest annual shareholder letter from AMGEN INC — ticker symbol AMGN. Reading current and past AMGN letters to shareholders can bring important insights into the investment thesis.

 •  4/10/2024 Letter Continued (Full PDF)
 •  3/30/2023 AMGN Stockholder Letter
 •  More "Biotechnology" Category Stockholder Letters
 •  AMGN Benford's Law Stock Score = 95

AMGN Shareholder/Stockholder Letter Transcript:

LETTER TO
SHAREHOLDERS
2023

resulting in 15% volume growth, partially offset by a
                                                                                               2
generated record sales in 2023, and nine had sales

especially strong growth coming from the Asia                                                                                                
and development in 2023, an increase of 8% from
the prior year, to advance the broadest and deepest
Amgen delivered total shareholder return of 13% in
2023 and 232% over the past ten years, ahead of
dividend per share by 10% in 2023 over 2022, the

Robert A. Bradway


TO MY FELLOW
SHAREHOLDERS
2

in sales3                                                                                 



commitment to pursuing the best innovation, inside
sales have come from medicines discovered and
developed internally, with the other half coming from

FOUR THERAPEUTIC PILLARS OF GROWTH
Amgen performed well in 2023, serving millions
of patients around the world with our innovative,
life-changing medicines; advancing many

establishes us as a leader in treating rare diseases;
achievements last year favorably position Amgen
to generate attractive growth through the end of

Today, our portfolio is balanced across four

each pillar, we have numerous well-established
medicines currently on the market around the world;
new innovative treatments advancing through our
pipeline; and biosimilars, either marketed or planned,
success is not overly reliant on any one product or
therapeutic area, and our presence in roughly 100
countries around the world gives us geographic

Total revenues in 2023 increased 7% from the prior
share1                                       Demand for our medicines
from patients and physicians was strong in 2023,
Furthermore, at a time of intense pressure on drug
pricing worldwide     which we don   t expect to go
away     we   ve built a portfolio that is designed to

2023 Letter to Shareholders |
$28.2B
$18.65
$4.8B
49.8%
2023 Total Revenues
Non-GAAP
Earnings Per Share1
GAAP Research and
Development Investment
Non-GAAP
Operating Margin1, 4
General Medicine



advancing potentially differentiated, early-stage
treatments for obesity, the furthest along of which,
maridebart cafraglutide, is currently being studied in
cafraglutide demonstrated rapid, substantial, and

worldwide live with obesity, a complex disease with
the disease, we believe that a variety of medicines
will ultimately be needed to treat this patient


    a type of    bad    cholesterol that is genetically

rapidly enrolled thousands of patients around the
for olpasiran, underscoring the medical

Oncology


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                                                                                                                                       and

3

4
Non-GAAP operating margin is calculated as a percentage of product sales.




in early-stage acute lymphoblastic leukemia, and


there have been no new treatments for small cell
lung cancer for decades, and the disease today has


xaluritamig for prostate cancer, which is the second                                                                                     
of the most-prescribed cancer treatments in the
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ON THE COVER:                                                                
This state-of-the-art facility produces the same


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2023 Letter to Shareholders |

Amgen has been a leader in treating

more than threefold in its second year on the market

polyps and for eosinophilic esophagitis, and in a
disease, which is the world   s third-leading cause




trials studying rocatinlimab in moderate-to-severe
atopic dermatitis in collaboration with our long-time

              7 that is now available in markets around the

                                                                                           7
                                                                  7
Rare Disease

                 for thyroid eye disease, a progressive and
potentially vision-threatening disease that can
cause symptoms such as eye bulging and double
                                    for uncontrolled gout, which

                 for neuromyelitis optica spectrum disorder,

early in their life cycles and     by leveraging
Amgen   s extensive global presence, world-class
biologics capabilities, and extensive experience in

end, we are pursuing launches in new geographic


Overcoming Stereotypes








4

vasculitis, an autoimmune disease that leads to


more than doubled, and we see opportunity for


disorder in which the immune system attacks the
glands that make moisture in the eyes, mouth, and

lungs become scarred and breathing becomes
systemic sclerosis, which can cause skin hardening


                  7                                                                                    
                                             7 is under regulatory review in

Thomas (above) heard the calling to become
                                                      The Ed Sullivan
Show                                                                           




medicines at                                                5




To learn more about our pipeline, please visit
                                             5


ACCELERATING INNOVATION



At a time when a rapidly aging global population
needs more innovation, the convergence of    biotech   
and    tech    is enabling Amgen to innovate with
incredibly exciting moment for which we have been

genetic and health information from approximately

5
Restarting the Music





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 4/10/2024 Letter Continued (Full PDF)