AMGN is trading at the lower end of its historical trading range,
with a P/E of 29.8x on our new 2003 EPS estimate of $1.68 (P/E range of 14.5--
59.6x over the past four years) and PEG of 1.14x (historical range of 0.93-
3.58x). Thus, we see significant appreciation opportunity to our $75 price
target (based on 1.7 times our long-term growth rate (2003--06E) estimate of
26% applied to our 2003E EPS of $1.68).