Revenue flow

Margins

Stage	AMGN	% of rev	HALO	% of rev	Gap · A − B
Revenue	$10.4B	100.00%	$481M	100.00%	AMGN ×21.55
Gross profit	$7.6B	73.10%	$402M	83.54%	HALO +10.4pp
Operating income	$3.7B	35.79%	$288M	59.80%	HALO +24.0pp
Pre-tax income	$4.7B	45.21%	$285M	59.23%	HALO +14.0pp
Net income	$3.9B	37.28%	$230M	47.80%	HALO +10.5pp

Stage	AMGN	HALO	Gap · A − B
Revenue	$10.4B100.00%	$481M100.00%	AMGN ×21.55
Gross profit	73.10%$7.6B	83.54%$402M	HALO +10.4pp
Operating income	35.79%$3.7B	59.80%$288M	HALO +24.0pp
Pre-tax income	45.21%$4.7B	59.23%$285M	HALO +14.0pp