<PAGE>

                                                                   Exhibit 10.47
                                PROMISSORY NOTE
                                ---------------


$1,000,000.00


1.   Promise to Pay.
     --------------

     For value received, I, George J. Morrow ("Staff Member"), a married man,
     and I, Katherine D. Morrow, wife of Staff Member, promise to pay to the
     order of Amgen Inc., a Delaware corporation ("Payee"), at its office at One
     Amgen Center Drive, Thousand Oaks, CA 91320-1789, the sum of One Million
     Dollars and No Cents ($1,000,000.00) (the "Principal"), payable in full on
     the earlier of five (5) years from date of execution of this Note or thirty
     (30) days from the date on which Staff Member ceases to be an employee of
     Payee, whichever first occurs, together with interest on the Principal from
     the date of this Note until such date as the Note is paid in full. Interest
     on this Note shall be computed as set forth below. The interest rate for
     the period from the date of this Note through December 31, 2001 (the
     "initial rate") is 5.00% per annum on the unpaid Principal. After December
     31, 2001 the interest rate on this Note shall change as set forth below.

2.   Adjustable Interest Rate.
     ------------------------

     The interest rate shall be adjusted annually on January 1 of each year (the
     "Change Date") so as to equal the average interest rate designated as the
     "Introduction Rates" on adjustable rate loans as publicly offered by the
     banks and savings and loans in California as published by the Los Angeles
     Times in its Sunday edition. The rate shall be set using the rates
     published in the Los Angeles Times on the Sunday immediately preceding the
     Change Date. In the event that the "Introduction Rates" list is not
     published in the Los Angeles Times for any reason, then, in such event, the
     Payee shall establish the interest rate based on a survey by it of the
     introductory interest rates on adjustable loans offered by no fewer than
     five banking institutions located in Southern California that the Payee, in
     its sole discretion, deems representative of banking institutions in the
     Ventura and Los Angeles County areas. Payee shall give Staff Member notice
     if the interest rate shall be determined using this alternative method.
     Notwithstanding the foregoing, the interest rate shall never be increased
     or decreased on any single Change Date by more than one percentage point
     from the interest rate for the preceding 12 months. At no time during the
     term of this Note shall the annual interest rate exceed 8.00% per annum.

     Payee shall deliver or mail to Staff Member a notice of any changes in the
     adjustable interest rate on this Note and the amount of the Staff Member's
     semi-monthly payroll deductions before the effective date of any change.
     The notice shall include information required by law to be given to Staff
     Member and also the title and telephone number of a person who shall answer
     any questions Staff Member may have regarding the notice.

3.   Salary Deduction.
     ----------------

     The interest on this Note shall be payable by semi-monthly deductions from
     Staff Member's salary. The amount of such deductions shall initially be Two
     Thousand Eighty-Three Dollars and Thirty-Three Cents ($2,083.33) per
     installment; provided, however, that the manner of payment of this Note
     shall not be limited to deductions from Staff Member's salary. The amount
     of such deductions shall be adjusted annually concurrently with any
     adjustment in the interest rate on this Note to ensure that interest to be
     incurred during the ensuing calendar year shall be paid in twenty-four (24)
     equal payments. The first such installment shall be on 04/15/01; the second
     installment shall be on 04/30/01; and each successive installment shall be
     on the fifteenth and last days of each successive month until the Principal
     is repaid. Payee shall give Staff Member at least seven (7) days advance
     notice of any adjustment in the amount of said payroll deductions. Staff
     Member acknowledges and agrees that by executing this Note, Staff Member
     agrees to the payroll deductions described in this Note.

4.   Option to Convert.
     -----------------

     At the end of the term of this Note, Staff Member shall have the option to
     seek to convert this loan to a loan amortized over an additional five-year
     period by executing a new Promissory Note at terms to be mutually agreed
     upon by Staff Member and Payee. In the event that Staff Member and Payee
     are unable to reach agreement on such terms, this Note shall become
     immediately due and payable.
<PAGE>

5.   Prepayment.
     ----------

     Staff Member may prepay without penalty this Note in whole or in part at
     any time. Any and all payments or prepayments under this Note may be made
     by Staff Member to Payee at the following address (or such other address as
     it designates in writing to Staff Member):

               AMGEN INC.
               One Amgen Center Drive
               Thousand Oaks, California 91320-1789

               Attention:  Accounting Manager

6.   Attorneys' Fees.
     ---------------

     Staff Member agrees to pay all costs and expenses, including, without
     limitation, collection agency fees and expenses, reasonable attorneys'
     fees, costs of suit and costs of appeal, which Payee may incur in the
     exercise, preservation or enforcement of its right, powers and remedies
     hereunder, or under any documents or instruments securing this Note, or
     under law.

7.   Modification of Terms.
     ---------------------

     Payee may, with or without notice to Staff Member, cause additional parties
     to be added to this Note, or release any party to this Note, or revise,
     extend, or renew the Note, or extend the time for making any installment
     provided for by this Note, or accept any installment in advance, all
     without affecting the liability of Staff Member. Staff Member may not
     assign or transfer in any manner whatsoever this Note or any of Staff
     Member's obligations under this Note.

8.   Security Interest.
     -----------------

     The purpose of this loan is to purchase a personal residence. Staff Member
     shall secure this loan by executing and causing to be filed, immediately
     upon close of escrow, a trust deed on this residence, commonly known as
     5053 Royal Vista Court, Thousand Oaks, CA 91362 whose property description
     is as follows: Lot 86 of Tract No. 4256, in the City of Thousand Oaks,
     County of Ventura, State of California, as per map recorded in Book 111
     Pages 42-63 of Maps in the office of the county recorder of said county.
     Except all oil, gas and other hydrocarbon substances lying within and under
     that portion of said land lying below a depth of 500 feet, measured
     vertically from the surface of said land, without however, any right to
     enter upon the surface of said land nor into that portion of the subsurface
     thereof lying above a depth of 500 feet, measured vertically from said
     surface.

9.   Acceleration.
     ------------

     A)   In the event Staff Member fails to pay when due any sums under this
     Note, then:

          (1)  the entire unpaid balance of this Note shall, at the option of
          the Payee hereof, immediately become due and payable in full and
          unpaid Principal thereafter shall bear interest at the lesser of the
          maximum rate permitted by law or at the rate of 8.00% per annum; and

          (2)  Staff Member authorizes Payee to deduct any sums due to Payee
          under this Note from any monies, including any wages due, otherwise
          owing to Staff Member.

     B)   If Staff Member sells the residence which is purchased with the funds
     herein provided, this Note shall immediately become due and payable upon
     the sale of such residence.

10.  Waiver of Rights by Staff Member.
     --------------------------------

     Staff Member waives (1) presentment, demand, protest, notice of dishonor
     and/or protest and notice of non-payment; (2) the right, if any, to the
     benefit of, or to direct the application of, any security hypothecated to
     Payee until all indebtedness of Staff Member to Payee, however arising, has
     been paid; and (3) the right to require the Payee to proceed against any
     party to this Note, or to pursue any other remedy in Payee's power. Payee
     may proceed against Staff Member directly and independently of any other
     party to this Note, and the cessation of
<PAGE>

     the liability of any other party for any reason other than full payment, or
     any revision, renewal, extension, forbearance, change of rate of interest,
     or acceptance, release or substitution of security, or any impairment or
     suspension of Payee's remedies or rights against any other party, shall not
     in any way affect the liability of Staff Member.

11.  Obligations of Persons Under this Note.
     --------------------------------------

     If more than one person signs this Note, each person is fully and
     personally obligated to keep all of the promises made in this Note,
     including the promise to pay the full amount owed. Any person who is a
     guarantor, surety, or endorser of this Note is also obligated to do these
     things. Any person who takes over these obligations, including the
     obligations of a guarantor, surety or endorser of this Note, is also
     obligated to keep all of the promises made in this Note. Payee may enforce
     its rights under this Note against each person individually or against all
     of the signatories to this Note. This means that any one of the signatories
     to this Note may be required to pay all of the amounts owed under this
     Note.

12.  Governing Law.
     -------------

     This Note and the obligations under this Note of Staff Member or any other
     signatory to this Note shall be governed by and interpreted and determined
     in accordance with the laws of the State of California as applied to
     contracts between California residents entered into and to be performed
     entirely within said State.

IN WITNESS WHEREOF, the undersigned has/have executed and delivered this Note as
of the 11th day of March, 2001.
       ----        -----


                                             /s/ George J. Morrow
                                             ----------------------------
                                             George J. Morrow


                                             /s/ Katherine D. Morrow
                                             ----------------------------
                                             Katherine D. Morrow