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Amgen profits hit $5B, beat expectations

By   /   Tuesday, January 28th, 2014  /   Comments Off

The biotech company recorded earnings per share of $7.60, well above the $7.46 expected by a survey of 27 analysts by Thomson Reuters.

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Thousand Oaks-based biotech giant Amgen is the region's largest private employer and only blue-chip stock. (Amgen courtesy photo)

Thousand Oaks-based biotech giant Amgen is the region’s largest private employer and only blue-chip stock. (Amgen courtesy photo)

Thousand Oaks-based Amgen beat Wall Street expectations with profits of $5 billion for 2013, a 17 percent increase from the year before.

The biotech company recorded earnings per share of $7.60, well above the $7.46 expected by a survey of 27 analysts by Thomson Financial Network.

After the close of trading Jan. 28, Amgen reported fourth-quarter revenues of $5 billion, a 13 percent increase year over year, with product sales growing at 11 percent. Full-year revenues jumped 8 percent to $18.7 billion, with strong performance across the portfolio driving up product sales growth 9 percent. Net income in the fourth quarter hiked up 29 percent to $1 billion.

“Amgen delivered financially and strategically in 2013,” Chairman and Chief Executive Robert Bradway said in a statement. “We now have ten innovative development programs with registration-enabling data expected by 2016, six biosimilars in development and expanded presence in more than 75 countries. We are excited about our prospects for long-term growth.”

Adjusted earnings per share for the fourth quarter grew 30 percent to $1.82, with higher revenues, the end of the Enbrel profit share and a lower tax rate partially offset by increased research and development investment. Enbrel treats autoimmune diseases such as rheumatoid arthritis and plaque psoriasis.

For the full year, adjusted EPS ticked up 17 percent to $7.60, with higher revenues and a lower tax rate partly offset by increased research and development investment.

The fourth-quarter figures include results for Onyx Pharmaceuticals, which was acquired Oct. 1 in a $9.7 billion deal. Onyx’s most prized asset is the blood cancer drug Kyprolis. Sales of the drug hit $73 million in the fourth quarter, a 12 percent increase from the third quarter. Analysts have said it could be a $3-billion-a-year drug.

Shares were trading up 1.84 percent to $120.70 on the New York Stock Exchange at end of day Tuesday.

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