Amgen Inc., current enterprise value calculation

Current share price (P)	$273.54
No. shares of common stock outstanding	535,918,901
US$ in millions
Common equity (market value)¹	146,595)
Total equity	146,595)
Add: Current portion of long-term debt (per books)	1,443)
Add: Long-term debt, excluding current portion (per books)	63,170)
Total equity and debt	211,208)
Less: Cash and cash equivalents	10,944)
Less: Marketable securities	—)
Enterprise value (EV)	200,264)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 273.54 × 535,918,901

Amgen Inc., EV calculation

	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Share price^1, 2	$290.07	$240.00	$222.66	$236.65	$227.00
No. shares of common stock outstanding¹	535,918,901	533,976,238	557,029,370	577,566,383	589,806,819
US$ in millions
Common equity (market value)³	155,454)	128,154)	124,028)	136,681)	133,886)
Total equity	155,454)	128,154)	124,028)	136,681)	133,886)
Add: Current portion of long-term debt (book value)	1,443)	1,591)	87)	91)	2,953)
Add: Long-term debt, excluding current portion (book value)	63,170)	37,354)	33,222)	32,895)	26,950)
Total equity and debt	220,067)	167,099)	157,337)	169,667)	163,789)
Less: Cash and cash equivalents	10,944)	7,629)	7,989)	6,266)	6,037)
Less: Marketable securities	—)	1,676)	48)	4,381)	2,874)
Enterprise value (EV)	209,123)	157,794)	149,300)	159,020)	154,878)

¹ Data adjusted for splits and stock dividends.

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

³ 2023 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 290.07 × 535,918,901

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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 2021 to 2022 and from 2022 to 2023.

Amgen Inc. (NASDAQ:AMGN)

Enterprise Value (EV)