Amgen Inc., current enterprise value calculation

Current share price (P)	$297.93
No. shares of common stock outstanding	537,204,943
US$ in millions
Common equity (market value)¹	160,049)
Total equity	160,049)
Add: Current portion of long-term debt (per books)	3,550)
Add: Long-term debt, excluding current portion (per books)	56,549)
Total equity and debt	220,148)
Less: Cash and cash equivalents	11,973)
Less: Marketable securities	—)
Enterprise value (EV)	208,175)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 297.93 × 537,204,943

Amgen Inc., EV calculation

	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Share price^1, 2	$291.16	$290.07	$240.00	$222.66	$236.65
No. shares of common stock outstanding¹	537,204,943	535,918,901	533,976,238	557,029,370	577,566,383
US$ in millions
Common equity (market value)³	156,413)	155,454)	128,154)	124,028)	136,681)
Total equity	156,413)	155,454)	128,154)	124,028)	136,681)
Add: Current portion of long-term debt (book value)	3,550)	1,443)	1,591)	87)	91)
Add: Long-term debt, excluding current portion (book value)	56,549)	63,170)	37,354)	33,222)	32,895)
Total equity and debt	216,512)	220,067)	167,099)	157,337)	169,667)
Less: Cash and cash equivalents	11,973)	10,944)	7,629)	7,989)	6,266)
Less: Marketable securities	—)	—)	1,676)	48)	4,381)
Enterprise value (EV)	204,539)	209,123)	157,794)	149,300)	159,020)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Amgen Inc. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 291.16 × 537,204,943

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Amgen Inc. EV increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Amgen Inc. (NASDAQ:AMGN)

Enterprise Value (EV)