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Amgen Optimistic About 2020 Despite COVID-19 Impacts

 
• By Mandy Jackson

Relatively upbeat during the company’s Q1 call based on Amgen’s product mix, executives expect the biggest coronavirus-related sales impacts in Q2 with stabilization and growth in the second half.

Q1 1st First Quarter Period Stock Market Ticker Words 3d Illustration
Amgen's $6.2bn in Q1 revenue exceeded analyst consensus of $6bn • Source: Shutterstock

The biopharmaceutical industry’s first quarter earnings season has been somewhat grim as the COVID-19 pandemic’s impacts on drug sales have become more apparent, but Amgen Inc. executives were relatively upbeat during the company’s Q1 call on 30 April based on business execution, the mix of products in its portfolio and the addition of Otezla (apremilast) late last year.

Amgen reported total revenue of $6.2bn in the first quarter, which was up 11% from the first quarter of 2019,...

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