Amgen update on Puerto Rico ops: Plants fully operational
SAN JUAN – Drugmaker Amgen has said that while it expects to incur $67 million in pre-tax expenses as a result of Hurricane Maria, or a 7-cent hit to its earnings per shares (EPS), it does not expect an impact on its product supply.
“Hurricane recovery efforts are well underway at our Puerto Rico manufacturing facility with no expected impact on product supply,” the company said in its third quarter report.
In the five weeks since Maria slammed Puerto Rico, Amgen said it has been providing support to staff members, implementing business continuity plans and restoring its biopharmaceutical manufacturing plant in Juncos, which employs some 2,000 people.
“Our drug substance manufacturing and packaging plants are fully operational and we expect to resume formulation/filling and small molecule commercial production by the end of October 2017. The Company continues to provide an uninterrupted supply of medicines for patients around the world,” the report states.
In the fourth quarter, the company expects additional pre-tax expenses in the range of $75 million to $100 million, or $0.08 to $0.11 EPS.
“At this time, the Company does not expect a significant impact to full-year 2018 results,” the drug marker said adding that the numbers do not include possible insurance recoveries.