Revenue flow

Margins

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

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