Moody’s rates Amgen notes Baa1

Moody's Investors Service said it assigned a rating of Baa1 to the new senior unsecured Swiss franc-denominated note issuance of Amgen Inc.

There are no changes to the existing ratings of Amgen, including the Baa1 senior unsecured long-term rating and the Prime-2 rating on short-term obligations.

The outlook is stable.

Moody’s said the Baa1 rating reflects Amgen’s good competitive position as the largest stand-alone biotechnology company based on revenue and its strong profit margins. The company’s multi-billion dollar product franchises result in very good cash flow, with a steadily accumulating cash balance, although primarily held offshore.

Key sources of Amgen's future growth include the relatively new products Prolia, Xgeva and Kyprolis, expansion into emerging markets, and recent and pending launches from its pipeline.

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