Amgen is one of the world’s largest biopharmaceutical companies. Founded in 1980, it has been a part of the S&P 500 since 1985 and has been a stalwart of the industry for over four decades. Its stock price history has been a rollercoaster ride, starting with its first public offering of $18 per share and climbing to a peak of over $250 in 2019. Today, it trades at around $180 per share. But what has been the history of Amgen’s stock price over the years and what has caused the fluctuations?
Amgen’s Early Years
Amgen was founded in 1980 by William Bowes and George Rathmann, who had both worked at Cetus Corporation. Bowes and Rathmann had a vision of creating a biotechnology company that focused on the development of therapeutic proteins. They secured funding from venture capital firms and the company went public in 1983, offering 3.2 million shares at $18 per share. The company’s stock quickly rose to $35 per share, and by the end of the year, it had a market capitalization of $450 million.
By 1985, Amgen’s stock had reached its peak of $50 per share. This was due to the success of its flagship product, Epogen, which was a recombinant form of erythropoietin (EPO), a hormone used to treat anemia. The product was approved by the FDA in 1989, and the company had a market capitalization of $1.5 billion.
Amgen’s Expansion
In the 1990s, Amgen began to expand its research and development efforts, focusing on the development of new drugs and treatments. The company also increased its production capacity, and its stock began to climb again. By 1995, the stock had reached a peak of $87 per share and the company had a market capitalization of $7 billion. The company also continued its expansion into Europe, Asia, and South America.
In 2000, Amgen’s stock reached its peak of $115 per share and the company had a market capitalization of $45 billion. In the same year, it acquired Immunex, a biotechnology company that specialized in the development of monoclonal antibodies. The acquisition allowed Amgen to expand its product portfolio, and the company’s stock continued to rise.
Amgen’s Decline
In the early 2000s, the stock began to decline due to a variety of factors. The company faced competition from generic drugs, which had begun to enter the market, and its profits began to decline. In 2002, the stock reached its lowest point of $22 per share and the company had a market capitalization of $14 billion. The company also faced a number of lawsuits, which had a negative impact on its stock price.
In 2005, the stock began to recover, and by 2007, it had reached its peak of $80 per share. The company had a market capitalization of $60 billion and had regained its position as one of the leading biopharmaceutical companies in the world. However, the recession of 2008 had a negative impact on the stock, and it began to decline again.
Amgen’s Growth and Development
In the 2010s, Amgen began to focus on developing new drugs and treatments. This allowed it to expand its portfolio and increase its profits. In 2013, the company acquired Onyx Pharmaceuticals for $10 billion, giving it access to a range of cancer treatments. The acquisition allowed the company to expand its product portfolio and the stock began to climb again.
In 2019, Amgen’s stock reached its peak of $250 per share and the company had a market capitalization of $125 billion. The company had become one of the largest biopharmaceutical companies in the world and was one of the most profitable companies in the industry.
Amgen’s Current Stock Price
Today, Amgen’s stock trades at around $180 per share. This is down from its peak of $250 in 2019, but the company is still one of the most profitable biopharmaceutical companies in the world. The company is continuing to focus on the development of new drugs and treatments, and its stock price is expected to remain stable in the coming years.
Conclusion
Amgen’s stock price history has been a rollercoaster ride, ranging from its first public offering of $18 per share to its peak of $250 in 2019. The company has faced a number of challenges over the years but has managed to remain profitable and successful. Today, the stock trades at around $180 per share and the company is continuing to focus on the development of new drugs and treatments, which should ensure its future success.