Amgen Optimistic About 2020 Despite COVID-19 Impacts
Relatively upbeat during the company’s Q1 call based on Amgen’s product mix, executives expect the biggest coronavirus-related sales impacts in Q2 with stabilization and growth in the second half.
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Overall, the pharma lowered its 2020 revenue guidance by $2.5bn at the midpoint, but also says it will save about $400m on SG&A expenses. Pandemic impacts expected mainly in Q2, normal resumption in Q4.
Big pharma stocks, with few exceptions, saw big declines in valuation in the quarter amid the COVID-19 stock market rollercoaster, but pharma outperformed the S&P 500, showing the industry's resiliency in a global health crisis.