THOUSAND OAKS, Calif., Feb. 2, 2017 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the fourth quarter and full year of 2016. Key results include:
- For the fourth quarter, total revenues increased 8 percent versus the fourth quarter of 2015 to $6.0 billion.
- Product sales grew 6 percent driven by Enbrel® (etanercept), Prolia® (denosumab), Repatha® (evolocumab) and KYPROLIS® (carfilzomib).
- For the full year, total revenues increased 6 percent to $23.0 billion, with 5 percent product sales growth.
- GAAP earnings per share (EPS) increased 9 percent in the fourth quarter to $2.59 and 13 percent for the full year to $10.24, driven by higher revenues and higher operating margins.
- GAAP operating income increased 22 percent in the fourth quarter to $2.5 billion and 16 percent for the full year to $9.8 billion.
- Non-GAAP EPS increased 11 percent in the fourth quarter to $2.89 and 12 percent for the full year to $11.65, driven by higher revenues and higher operating margins.
- Non-GAAP operating income increased 21 percent in the fourth quarter to $2.9 billion and 14 percent for the full year to $11.4 billion.
- 2017 total revenues guidance of $22.3-$23.1 billion; EPS guidance of $10.45-$11.31 on a GAAP basis and $11.80-$12.60 on a non-GAAP basis.
- The Company generated $9.6 billion of free cash flow for the full year versus $9.1 billion in 2015 driven by higher net income.
“We finished the year with strong operating performance,” said Robert A. Bradway, chairman and chief executive officer. “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.”
$Millions, except EPS and percentages | Q4'16 | Q4'15 | YOY | FY ’16 | FY ’15 | YOY | ||||||
Total Revenues | $ 5,965 | $ 5,536 | 8% | $ 22,991 | $ 21,662 | 6% | ||||||
GAAP Operating Income | $ 2,485 | $ 2,033 | 22% | $ 9,794 | $ 8,470 | 16% | ||||||
GAAP Net Income | $ 1,935 | $ 1,800 | 8% | $ 7,722 | $ 6,939 | 11% | ||||||
GAAP EPS | $ 2.59 | $ 2.37 | 9% | $ 10.24 | $ 9.06 | 13% | ||||||
Non-GAAP Operating Income | $ 2,859 | $ 2,366 | 21% | $ 11,446 | $ 10,052 | 14% | ||||||
Non-GAAP Net Income | $ 2,160 | $ 1,985 | 9% | $ 8,785 | $ 7,954 | 10% | ||||||
Non-GAAP EPS | $ 2.89 | $ 2.61 | 11% | $ 11.65 | $ 10.38 | 12% |
References in this release to “non-GAAP” measures, measures presented “on a non-GAAP basis” and to “free cash flow” (computed by subtracting capital expenditures from operating cash flow) refer to non-GAAP financial measures. Adjustments to the most directly comparable GAAP financial measures and other items are presented on the attached reconciliations. |
Product Sales Performance
- Total product sales increased 6 percent for the fourth quarter of 2016 versus the fourth quarter of 2015. The increase was driven primarily by ENBREL, Prolia, Repatha and KYPROLIS. Product sales increased 5 percent for the full year.
- ENBREL sales increased 14 percent for the fourth quarter driven by net selling price and favorable changes in inventory levels, offset partially by the impact of competition. Sales increased 11 percent for the full year driven by net selling price, offset partially by the impact of competition.
- Neulasta® (pegfilgrastim) sales decreased 3 percent for the fourth quarter and 1 percent for the full year driven by lower unit demand.
- Aranesp® (darbepoetin alfa) sales increased 5 percent for the fourth quarter and 7 percent for the full year driven by higher unit demand due to a shift by some U.S. dialysis customers from EPOGEN® (epoetin alfa) to Aranesp, offset partially by unfavorable changes in net selling price.
- Prolia sales increased 22 percent for the fourth quarter and 25 percent for the full year driven by higher unit demand.
- Sensipar/Mimpara® (cinacalcet) sales increased 7 percent for the fourth quarter driven by net selling price. Sales increased 12 percent for the full year driven by net selling price and higher unit demand.
- XGEVA® (denosumab) sales increased 6 percent for the fourth quarter and 9 percent for the full year driven by higher unit demand.
- EPOGEN sales decreased 8 percent for the fourth quarter and 31 percent for the full year driven by the impact of competition and a shift by some U.S. dialysis customers to Aranesp.
- KYPROLIS sales increased 24 percent for the fourth quarter and 35 percent for the full year driven by higher unit demand.
- NEUPOGEN® (filgrastim) sales decreased 34 percent for the fourth quarter and 27 percent for the full year driven primarily by the impact of competition in the U.S.
- Nplate® (romiplostim) sales increased 9 percent for the fourth quarter and 11 percent for the full year driven by higher unit demand.
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