The amortized cost, gross unrealized gains, gross unrealized losses and fair values of interest-bearing securities, which are classified as available for sale, by type of security were as follows (in millions):


Types of securities as of December 31, 2024	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	997	$	—	$	—	$	997







Money market mutual funds	10,354		—		—		10,354
Other short-term interest-bearing securities	135		—		—		135
Total available-for-sale investments	$	11,486	$	—	$	—	$	11,486


Types of securities as of December 31, 2023	Amortized cost		Gross unrealized gains		Gross unrealized losses		Fair values

U.S. Treasury bills	$	—	$	—	$	—	$	—






Money market mutual funds	10,266		—		—		10,266
Other short-term interest-bearing securities	138		—		—		138


Total available-for-sale investments	$	10,404	$	—	$	—	$	10,404

All interest-bearing securities as of December 31, 2024 and 2023, mature in one year or less. For the years ended December 31, 2024, 2023 and 2022, interest income on these investments was $510 million, $1.2 billion and $127 million, respectively.

For the years ended December 31, 2024, 2023 and 2022, realized gains and losses on interest-bearing securities were not material. Realized gains and losses on interest-bearing securities are recorded in Other income (expense), net, in the Consolidated Statements of Income. The cost of securities sold is based on the specific-identification method.

The primary objective of our investment portfolio is to maintain safety of principal, prudent levels of liquidity and acceptable levels of risk. Our investment policy limits interest-bearing security investments to certain types of debt and money market instruments issued by institutions with investment-grade credit ratings, and it places restrictions on maturities and concentration by asset class and issuer.

On January 2, 2020, we acquired a 20.5% ownership interest in BeiGene for $2.8 billion, substantially all of which was attributed to the fair value of equity securities, and we began using the equity method of accounting for this investment. Since the fair value of equity securities acquired exceeded our proportionate share of the carrying value of BeiGene’s underlying net assets, we began amortizing the intangible assets that gave rise to this basis difference over their useful lives.

Effective January 30, 2023, we relinquished our right to appoint a director to BeiGene’s Board of Directors. We no longer have the ability to exert significant influence over BeiGene. As a result, in the first quarter of 2023, we began to account for our ownership interest as an equity security with a readily determinable fair value, which is carried at fair value with changes in fair value recorded in Other income (expense), net, in the Consolidated Statements of Income. See Note 18, Fair value measurement. During the years ended December 31, 2024 and 2023, we recognized unrealized gains of $82 million and $1.2 billion, respectively, in Other income (expense), net, in the Consolidated Statements of Income. As of December 31, 2024 and 2023, the fair values of our investment in BeiGene were $3.5 billion and $3.4 billion, respectively, and were included in Other noncurrent assets in the Consolidated Balance Sheets.

During the year ended December 31, 2022, under the equity method of accounting, the carrying value of the investment was reduced by our share of BeiGene’s net losses of $394 million and amortization of the basis difference of $190 million, with such amounts recognized in Other income (expense), net. In addition, during the year ended December 31, 2022, the carrying value increased by $11 million from the impact of other BeiGene ownership transactions. For information on a collaboration agreement we entered into with BeiGene in connection with this investment, see Note 9, Collaborations.

Subject to certain exceptions or otherwise agreed to by BeiGene, while Amgen holds at least 5.0% of BeiGene’s outstanding common stock, (A) we may only sell our BeiGene equity investment via: (i) a registered public offering, (ii) a sale under Rule 144 of the Securities Act of 1933 (the “Securities Act”) or (iii) a private sale exempt from registration requirements under the Securities Act, and (B) we may not sell more than 5.0% of BeiGene’s outstanding common stock in any rolling 12-month period.

Excluding our equity investments in BeiGene (discussed above) and Neumora (discussed below), we held investments in other equity securities with readily determinable fair values (publicly traded securities) of $314 million and $494 million as of December 31, 2024 and 2023, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. For the years ended December 31, 2024, 2023 and 2022, net unrealized gains and losses on publicly traded securities resulted in a net loss of $21 million, a net gain of $98 million and a net loss of $165 million, respectively. Realized gains and losses on publicly traded securities for the years ended December 31, 2024, 2023 and 2022, were not material.

We held investments of $319 million and $309 million in equity securities without readily determinable fair values as of December 31, 2024 and 2023, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. For the years ended December 31, 2024, 2023 and 2022, gains due to upward adjustments and gains realized upon dispositions of these securities were not material. For the years ended December 31, 2024 and 2023, downward adjustments were not material. For the year ended December 31, 2022, downward adjustments to the carrying values of these securities were $67 million. Adjustments were based on observable price transactions.

As of December 31, 2024 and 2023, our ownership interests in Neumora were approximately 21.9% and 23.2%, respectively, and the fair values of our investment were $375 million and $603 million, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. Although our equity investment qualifies us for the equity method of accounting, we have elected the fair value option to account for our investment. See Note 18, Fair value measurement. Under the fair value option, changes in the fair value of the investment are recognized through earnings in Other income (expense), net, in the Consolidated Statements of Income each reporting period. We believe the fair value option best reflects the economics of the underlying transaction. During the years ended December 31, 2024, 2023 and 2022, we recognized unrealized losses of $228 million and unrealized gains of $238 million and $105 million, respectively, for the change in fair values in Other income (expense), net, in the Consolidated Statements of Income.

We are contractually restricted from selling more than 5.0% of Neumora’s outstanding common stock in any rolling 12-month period for as long as we hold at least 10.0% of their outstanding common stock, subject to certain exceptions or otherwise agreed to by Neumora.

We held limited partnership investments of $262 million and $251 million as of December 31, 2024 and 2023, respectively, which are included in Other noncurrent assets in the Consolidated Balance Sheets. These investments, which are primarily investment funds of early-stage biotechnology companies, are accounted for by using the equity method of accounting and are measured by using our proportionate share of the net asset values of the underlying investments held by the limited partnerships as a practical expedient. These investments are typically redeemable only through distributions upon liquidation of the underlying assets. As of December 31, 2024, unfunded additional commitments to be made for these investments during the next several years were $133 million. For the years ended December 31, 2024 and 2023, net gains and losses recognized from our limited partnership investments were not material. For the year ended December 31, 2022, net losses recognized from our limited partnership investments were $284 million.