Amgen beats analyst estimates for fourth quarter revenue
Thousand Oaks-based biotech giant Amgen reported revenue of $6 billion in the fourth quarter of 2016, besting analyst estimates of $5.74 billion and increasing 8 percent from the fourth quarter of 2015.
The world’s largest biotech drug maker posted total revenues of $23 billion on the year, up 6 percent from 2015. Revenue gains were driven by a 6 percent boost in product sales led by Enbrel, Prolia, Repatha and Kyprolis, Amgen said.
“We finished the year with strong operating performance,” Amgen Chairman and CEO Robert Bradway said in a news release. “We anticipate several new product development opportunities and launches in 2017, and are excited about the Repatha cardiovascular outcomes data we released today. We have established a firm foundation for longer-term growth.”
Earnings per share increased 13 percent in 2016 to $10.24, stemming from higher revenues and operating margins, the company said.
Operating income increased 16 percent in 2016 to $9.8 billion and the company generated $9.6 billion of free cash flow, up from $9.1 billion in 2015.
The company expects revenues between $22.3 billion and $23.1 billion in 2017.
Amgen shares decreased 9 cents to $159.58 on Feb. 2.
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