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Amgen reports increased revenue for Q4, 2016

Amgen recently announced in a press release its financial results for the fourth quarter and full year of 2016.

Total revenues for the fourth quarter of 2016 increased 8 percent compared with the fourth quarter of 2016 to nearly $6 billion, according to the release. The company reported product sales growth of 6 percent for the quarter, driven by Enbrel (etanercept), which increased by 14% in the fourth quarter, Prolia (denosumab), Repatha (evolocumab) and Kryprolis (carfizomib).

Total revenues for the full year increased 6 percent to nearly $23 billion, and there was a 5 percent product sales growth, according to the release.

“We finished the year with strong operating performance,” Robert A. Bradway, chairman and CEO, stated in the release. “We anticipate several new development opportunities and launches in 2017.”

Higher revenues and higher operating margins drove GAAP earnings per share to increase 9 percent in the fourth quarter to $2.59 and 13 percent for the full year of 2016 to $10.24, according to the release.