Amgen and Illumina increase Q1 revenues despite pandemic
Two Californian life science giants with Cambridge UK operations – Amgen and Illumina – have each hoisted revenues in their respective first quarters.
Amgen, which has just announced expansion at the technology hotspot of Cambridge Science Park, increased total revenues 11 per cent to $6.2 billion compared to the first quarter of 2019.
The surge was driven by higher unit demand but offset partially by lower net selling prices.
Product sales increased 12 per cent globally, driven by volume growth across a number of newer products.
The business generated $2bn of free cash flow in the first quarter versus $1.7bn in Q1 2019. 2020 total revenues guidance has been reaffirmed at $25bn-$25.6bn.
Robert A. Bradway, chairman and chief executive officer, said: “I am inspired by the many ways my colleagues at Amgen and others across the industry are stepping up to meet the greatest public health challenge of our lifetime.
“We are committed to delivering an uninterrupted supply of our medicines to patients; advancing potential new medicines to treat serious diseases, including COVID-19; making a difference in the communities where we live and work; and creating long-term value for shareholders.”
Illumina, whose burgeoning Cambridge operations are at Granta Park, increased Q1 revenues year-on-year by two per cent to $859 million. Cash flow from operations of $281mn compared to $198mn in the first quarter of 2019.
At the close of the quarter, the company held $3.3bn in cash, equivalents and short-term investments, compared to $3.4bn at December 29, 2019.
Francis deSouza, President and CEO, said: “We are doing everything we can to support our employees, our customers, and communities during this pandemic.
“While the near-term headwind is strong, the opportunity for sequencing and genomic insights is clearer than ever. We believe that the global community will emerge from this experience more determined and more united to prepare for the next pandemic and that genomics will be integral to that effort.”