Amgen upbeat despite Q1 revenue dip
Biotechnology big-hitter Amgen – with operations at Cambridge Science Park – saw revenues slip four per cent to $5.9 billion for the first quarter of 2021 with the global pandemic hampering progress.
The fall was driven by lower net selling prices, partially offset by volume growth. The results reflect the cumulative, continuing negative effect of COVID-19 on patient visits and new patient diagnoses.
Although product sales decreased five per cent, volumes grew double digits or better for a number of products. The company generated $1.9bn of free cash flow in the first quarter versus $2bn in Q1 2020.
Amgen reaffirmed the 2021 total revenues guidance at between $25.8bn and $26.6bn.
Robert A. Bradway, chairman and chief executive officer, said: “While our business continued to be impacted by the COVID-19 pandemic – particularly in the first two months of the quarter – we are encouraged by strong volume trends in many of our newer products and remain confident in the outlook for the full year. We also continue to advance key pipeline opportunities, including three late-stage assets that have earned Breakthrough Therapy Designation from the U.S. Food and Drug Administration.”