The y-axis rises from 0 percent to 30 percent in steps of 5 percent. The x-axis runs from years 2005 through 2016 in steps of 1 year. The Amgen Research and Development Sales line begins at 19 percent in 2005, rises to 24 percent in 2006 before dropping to 23 percent in 2007, 21 percent in 2008, 20 percent in 2009 and 2010. The line briefly rises to 21 percent in 2011 and dips to 20 percent in 2012. It then rises to 23 percent in 2013, 22 percent in 2014, 19 percent in 2015 and settling on 18 percent on 2016. The Amgen Dividends plus Repurchases Sales line begins at 0 percent and remains there through 2010. The line then rises to 4 percent in 2011, 7 percent in 2012, 8 percent in 2013, 10 percent in 2014, 12 percent in 2015 and ending at 13 percent in 2016. What does this graph tell you about how Amgen, and the pharmaceutical industry, is approaching the capital allocation problem? Why do you think it is changing?

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Based on the provided data from the graph it appears that Amgen as depicted by the Amgen Research an... View the full answer