Amgen to expand US drug production with $650M investment

Core Viewpoint - Amgen plans to invest $650 million to enhance drug production at its Juncos, Puerto Rico facility, as part of a broader strategy to expand its U.S. manufacturing network [1][4]. Investment and Job Creation - The investment is projected to create nearly 750 jobs, including construction and highly-skilled manufacturing positions, while also supporting advanced technology upgrades at the Juncos facility [2][3]. Expansion Strategy - Amgen's expansion aligns with its commitment to U.S. innovation and manufacturing, having previously invested $900 million in its New Albany, Ohio facility and $1 billion for a new factory in Holly Springs, North Carolina [4]. Financial Performance - In 2023, Amgen generated $33.4 billion in revenue, a 19% increase from the previous year, but net income in 2024 fell to $4.1 billion, a nearly 40% decline due to higher operating expenses and acquisition costs [6]. Industry Context - Other biopharmaceutical companies are also increasing investments in U.S. manufacturing, with GSK committing $30 billion and Eli Lilly planning multibillion-dollar factories in Texas and Virginia [8].