THOUSAND OAKS, Calif. - Biotechnology firm Amgen (NASDAQ: NASDAQ:AMGN), a $149.6 billion market cap company with strong financial health according to InvestingPro analysis, has announced the establishment of a second drug substance manufacturing facility in Holly Springs, North Carolina, with a $1 billion investment. This expansion is in addition to the company's prior $550 million commitment, bringing the total planned investment in the area to over $1.5 billion.
The new facility is expected to incorporate advanced technologies and sustainable practices, reflecting Amgen's dedication to environmental stewardship and manufacturing excellence. The investment will also create 370 new jobs, contributing to the growth of a strong biomanufacturing hub in the region. This expansion comes as Amgen reports impressive revenue growth of 21.25% over the last twelve months.
Robert A. Bradway, Amgen's chairman and chief executive officer, highlighted the expansion as a testament to the company's commitment to providing transformative medicines globally. He noted that North Carolina is set to play a crucial role in Amgen's international manufacturing network, which aims to meet increasing demand for its innovative therapies.
North Carolina Governor Roy Cooper welcomed the decision, attributing the state's appeal to its reputation as a leading biotechnology center, its innovative ecosystem, and a skilled and diverse workforce.
Amgen, with a history of over 40 years in the biotechnology industry, continues to be recognized for its innovative contributions. In 2024, the company received accolades as one of the "World's Most Innovative Companies" by Fast Company and one of "America's Best Large Employers" by Forbes. The company maintains a strong 3.23% dividend yield and has raised its dividend for 14 consecutive years. Amgen is a component of the Dow Jones Industrial Average and is also included in the Nasdaq-100 Index. InvestingPro analysis suggests the stock is slightly undervalued, with additional insights available in their comprehensive Pro Research Report covering 1,400+ top stocks.
The information provided in this article is based on a press release statement from Amgen.
In other recent news, biopharmaceutical company Amgen has been making significant progress with its obesity treatment, MariTide, which has shown promising results in clinical trials. TD Cowen has reaffirmed its Buy rating for Amgen, highlighting the potential advantages of MariTide's dosing schedule in the competitive obesity market. Leerink Partners, while maintaining a Market Perform rating, has revised its long-term earnings growth projection for Amgen due to anticipated higher investment spending.
Oppenheimer has also expressed optimism regarding MariTide's performance in weight loss and glycemic control among patients with Type 2 diabetes, maintaining its Outperform rating on Amgen. Meanwhile, Morgan Stanley (NYSE:MS) has kept an Equalweight rating on Amgen shares, projecting worldwide unadjusted sales of MariTide to reach approximately $5.9 billion by 2033.
Amgen's Q3 revenue has seen a significant increase of 23%, reaching $8.5 billion. The company has also recently appointed Howard Chang, M.D., Ph.D., as its new Senior Vice President of Research and Chief Scientific Officer. Other firms, including Piper Sandler and Citi, have also reaffirmed their ratings on Amgen, focusing on the potential impact of MariTide. These are recent developments that have been reported by various sources.
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