"Take Amgen, which now trades at a 23% discount to our fair value estimate. Amgen throws off more than $1 billion in free cash flow (more than 20% of sales)and returns 36% on its invested capital(before its acquisition of Immunex). The company has challenges ahead, but we're toying with the idea of lowering our risk rating from high to medium, which could turn the stock into a 5-star holding. Besides, who wouldn't trust their money in Amgen's hands, with former nuclear-attack-submarine officer Kevin Sharer at the helm?"
(c) Copyright 2002. Morningstar, Inc. All rights reserved.
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Got this from Amgen's website if you want to include this also. Russ Olson.
Kevin Sharer was elected Amgen's chief executive officer in May 2000. Sharer is the third CEO in Amgen's history. He became the company's third chairman of the board in January 2001. Sharer joined Amgen in October 1992 as president, chief operating officer and member of the board of directors. Before joining Amgen, Sharer was executive vice president and president of the Business Markets Division at MCI Communications. Prior to MCI, he served in a variety of executive capacities at General Electric, and was a consultant for McKinsey & Company.
Sharer received a bachelor's degree in aeronautical engineering from the U.S. Naval Academy in 1970, a master's degree in aeronautical engineering from the U.S. Naval postgraduate school in 1971, and also holds a master's degree in business administration from the University of Pittsburgh in 1982. Sharer served on two nuclear attack submarines following graduation from Annapolis.
Sharer serves on the board of directors of 3M, UNOCAL, and the U.S. Naval Academy Foundation. He is chairman of the board of trustees of the Los Angeles County Museum of Natural History and a member of The Business Council.
Amgen is a global biotechnology company that discovers, develops, manufactures and markets important human therapeutics based on advances in cellular and molecular biology.
