Pandemic puts brake on strong Amgen performance

3 February 2021

Feeling the effects of the coronavirus pandemic, Californian biotech Amgen (Nasdaq: AMGN) reported mixed results for the final quarter of 2020, with rising revenues but declining profits.

Matching analysts’ expectations, revenues were up 7% at $6.6 billion, with earnings increasing 3% to $2.2 billion, which equates to $3.81 a share.

While revenues were driven by higher volume growth, this effect was partially offset by lower net selling prices and the effects of the COVID-19 pandemic.

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