THOUSAND OAKS, Calif., Jan. 27, 2015 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the fourth quarter and full year of 2014. Key results include:
- For the fourth quarter, total revenues increased 6 percent to $5,331 million, with product sales growing at 8 percent. Adjusted EPS grew 19 percent to $2.16.
- For the full year, total revenues increased 7 percent to $20,063 million, with 6 percent product sales growth driven by strong performance across the portfolio. Adjusted operating income grew 22 percent to $8,475 million. Adjusted EPS grew 14 percent to $8.70, driven by higher operating income offset partially by a higher tax rate in 2014.
- 2014 adjusted operating margin improved by 6 percentage points to 44 percent.
- GAAP EPS were $1.68 in the fourth quarter compared to $1.33 a year ago and $6.70 for the full year compared to $6.64 in 2013.
- Free cash flow for the full year was $7.8 billion compared to $5.6 billion in 2013 driven by higher revenues, higher operating income and improved working capital.
"2014 was an outstanding year for Amgen," said Robert A. Bradway, chairman and chief executive officer. "Following tremendous progress in our pipeline, we look forward to embarking on a new product cycle with the launch of important new medicines throughout 2015."
Year-over-Year | Year-over-Year | |||||||||||
$Millions, except EPS and percentages | Q4 '14 | Q4 '13 | YOY | FY '14 | FY '13 | YOY | ||||||
Total Revenues | $ 5,331 | $ 5,011 | 6% | $ 20,063 | $ 18,676 | 7% | ||||||
Adjusted Operating Income | $ 2,033 | $ 1,767 | 15% | $ 8,475 | $ 6,972 | 22% | ||||||
Adjusted Net Income | $ 1,670 | $ 1,391 | 20% | $ 6,700 | $ 5,814 | 15% | ||||||
Adjusted EPS | $ 2.16 | $ 1.82 | 19% | $ 8.70 | $ 7.60 | 14% | ||||||
GAAP Operating Income | $ 1,459 | $ 1,187 | 23% | $ 6,191 | $ 5,867 | 6% | ||||||
GAAP Net Income | $ 1,294 | $ 1,021 | 27% | $ 5,158 | $ 5,081 | 2% | ||||||
GAAP EPS | $ 1.68 | $ 1.33 | 26% | $ 6.70 | $ 6.64 | 1% | ||||||
References in this release to "adjusted" measures, measures presented "on an adjusted basis" or to free cash flow refer to non-GAAP financial measures. These adjustments and other items are presented on the attached reconciliations. |
- Total product sales increased 8 percent for the fourth quarter of 2014 versus the fourth quarter of 2013. The increase was driven primarily by Enbrel®(etanercept), Neulasta® (pegfilgrastim), Prolia® (denosumab), XGEVA® (denosumab) and Vectibix® (panitumumab). Growth for the quarter was due primarily to higher unit demand, and to a lesser extent, price. Product sales increased 6 percent for the full year driven by strong performance across the portfolio.
- Enbrel sales increased 11 percent year-over-year for the fourth quarter and 3 percent for the full year driven by price, and to a lesser extent, higher unit demand.
- Neulasta sales increased 7 percent year-over-year for the fourth quarter and 5 percent for the full year driven mainly by price. NEUPOGEN® (filgrastim) sales decreased 11 percent year-over-year for the fourth quarter driven by the impact of competition in the United States (U.S.) and unfavorable changes in inventory levels and foreign exchange rates, offset partially by the benefit from the acquisition of commercial rights in new markets. NEUPOGEN sales declined 17 percent for the full year due primarily to an unfavorable comparison to 2013 as a result of the $155 million order from the U.S. government in 2013.
- Prolia sales increased 33 percent year-over-year for the fourth quarter and 38 percent for the full year, driven by higher unit demand from share growth.
- XGEVA sales increased 14 percent year-over-year for the fourth quarter and 20 percent for the full year driven by higher unit demand.
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