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Thursday, Mar 28, 2024

Amgen Reaffirms Guidance After Hurricane Maria

Amgen Inc. does not anticipate interruptions in its drug supply caused by Hurricane Maria and affirmed its guidance for the year, the company announced Monday. The Thousand Oaks biotech has a manufacturing plant in Juncos, Puerto Rico with about 2,000 employees. However, no product nor in-process inventory was lost due to Maria, which reached Puerto Rico on Sept. 20 and caused an island-wide power outage. The company said it has back-up generators powering its Juncos site and is working to return operations to normal. “The company’s preliminary assessment is that the critical manufacturing areas in our facility in Juncos, Puerto Rico, have not been significantly impacted by this storm,” Esteban Santos, executive vice president of operations at Amgen, said in a statement. Also, Amgen reaffirmed its financial guidance for 2017. Shares of Amgen (AMGN) closed Monday up 53 cents, or a fraction of a percent, to $186.29 on the Nasdaq.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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