Amgen Inc. (AMGN) has struggled to improve its financial results over the last year, primarily due to the negative effects of the Covid-19 pandemic. The global health crisis has affected the sale of its existing drugs and clinical trials of new treatments. As a result, Amgen stock has slipped nearly 6 percent during the past 12 months.
Nevertheless, the biotechnology company believes that its financial numbers will improve once the pandemic is over. Amgen stock is currently trading around $244. The 52-week range of the stock is $210.28-$276.69, while its market value is hovering around $140 billion.
Amgen recently announced that it would spend $365 million to establish a pharmaceutical packaging facility in New Albany. The facility will cover 270,000 sq ft and create more than 400 jobs in the engineering, quality assurance, and administrative departments.
The plant will manufacture and label vials and syringes for different Amgen drugs. It will increase Amgen’s manufacturing and supply capabilities, helping it deliver more drugs to patients. The facility will be equipped with advanced automation technologies and help the company support any surge in demand for its existing and upcoming medicines.
Amgen is currently working on several drug candidates. Much of its future growth depends on the approval of new treatments. For instance, its lung cancer therapy Lumakras received FDA approval earlier this year. The drug specifically treats non-small cell lung cancer (NSCLC). Lumakras is expected to fuel the growth of Amgen stock, considering a large number of lung cancer patients worldwide.