Moody’s applies Baa1 to Amgen notes

Moody's Investors Service said it assigned a Baa1 rating to the new senior unsecured note offering of Amgen Inc.

There are no changes to the company’s existing ratings, including the Baa1 senior unsecured long-term rating and the Prime-2 short-term rating.

The outlook remains stable.

Proceeds are for general corporate purposes, including share repurchases.

Moody’s said the Baa1 rating reflects Amgen's position as the largest stand-alone biotechnology company and its strong profit margins.

“Amgen's multi-billion-dollar product franchises support very good margins and cash flow, with a steadily accumulating cash balance, although primarily held offshore. Sources of Amgen's future growth include Prolia, Xgeva and Kyprolis, expansion into emerging markets, and pipeline launches,” the agency said in a news release.

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