Amgen, one of the world’s largest biotech companies, saw rising revenue in the fourth quarter of 2020, but the COVID-19 pandemic could dampen the outlook for the company and its investors in 2021, according to earnings released Feb. 2.
The Thousand Oaks-based biotech firm had $6.6 billion in revenue in the fourth quarter, a 7% increase from the same quarter in 2019.
Despite the revenue growth, earnings per share were down 3% from the previous year, as the company had earnings of $2.76 per share in the fourth quarter of 2020, down from $2.85 in the same quarter of 2019.
For the full year, Amgen delivered revenue growth of 9%, for a total of $25 billion.
“Our success in 2020 gives me great confidence in our ability to deliver in 2021 and beyond. The world needs more innovation not less and we’ve proven ourselves ready, willing and able to provide it,” CEO and Chairman Bob Bradway said during the company’s earnings call.
Amgen is projecting sales to be fairly flat from 2020 to 2021, due to pressure on some drug prices and decreased demand for certain treatments due to the pandemic.
Fourth quarter results were released at the end of the trading day on Feb. 2. Amgen closed the day at $240.49. The stock dipped about 2% in after-hours trading, after the earnings release.