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Amgen back online in Juncos, María deals $67M blow

Amgen back online in Juncos, María deals $67M blow

Pharmaceutical company Amgen, which has a multi-building complex in Juncos, released third quarter results Wednesday, where it confirmed it is back to full operations five weeks after Hurricane María hit Puerto Rico. The company incurred $67 million of pre-tax expenses, or $0.07 earnings per share, in the third quarter related to Hurricane María.

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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.

“The expenses related to Hurricane Maria are included in our GAAP and non-GAAP results. At this time, the company does not expect a significant impact to full-year 2018 results. The above estimates do not include possible insurance recoveries,” the company noted.

In the five weeks since Hurricane Maria hit Puerto Rico, Amgen has been providing support to staff members and the local community while implementing its business continuity plans and restoring manufacturing at its site in Juncos, the company stated.

Its drug substance manufacturing and packaging plants are fully operational and Amgen expect to resume formulation/filling and small molecule commercial production by the end of this month.

“The company continues to provide an uninterrupted supply of medicines for patients around the world,” executives said in the quarterly report.

“Hurricane recovery efforts are well underway at our Puerto Rico manufacturing facility with no expected impact on product supply; expected 2017 EPS impact of $0.15 to $0.18,” the company noted.