THOUSAND OAKS, Calif., Jan. 28, 2016 /PRNewswire/ -- Amgen (NASDAQ:AMGN) today announced financial results for the fourth quarter and full year of 2015. Key results include:
- For the fourth quarter, total revenues increased 4 percent to $5,536 million, with 3 percent product sales growth driven by Enbrel® (etanercept), Sensipar® (cinacalcet), Prolia® (denosumab), Kyprolis® (carfilzomib) and XGEVA® (denosumab). Adjusted operating income grew 16 percent to $2,366 million and adjusted EPS grew 21 percent to $2.61.
- For the full year, total revenues increased 8 percent to $21,662 million, with 8 percent product sales growth. Adjusted operating income grew 19 percent to $10,052 million and adjusted EPS grew 19 percent to $10.38.
- 2015 adjusted operating margin improved by 4 percentage points to 48 percent.
- GAAP EPS were $2.37 in the fourth quarter compared to $1.68 a year ago and $9.06 for the full year compared to $6.70 in 2014. GAAP operating income was $2,033 million in the fourth quarter compared to $1,459 million a year ago and $8,470 million for the full year compared to $6,191 million in 2014. 2014 was negatively impacted by charges for the restructuring plan announced in the third quarter of 2014.
- Free cash flow for the full year was $8.5 billion compared to $7.8 billion in 2014 driven by higher revenues and higher operating income.
“2015 was an exceptional year for Amgen with six innovative new launches, strong financial performance, continued pipeline advances and improved operating margins driven by our transformation efforts,” said Robert A. Bradway, chairman and chief executive officer. “We remain on track to meet or exceed our 2018 commitments and deliver value for patients and shareholders.”
$Millions, except EPS and percentages | Q4 ’15 | Q4 ’14 | YOY | FY ’15 | FY ’14 | YOY | ||||||
Total Revenues | $ 5,536 | $ 5,331 | 4% | $ 21,662 | $ 20,063 | 8% | ||||||
Adjusted Operating Income | $ 2,366 | $ 2,033 | 16% | $ 10,052 | $ 8,475 | 19% | ||||||
Adjusted Net Income | $ 1,985 | $ 1,670 | 19% | $ 7,954 | $ 6,700 | 19% | ||||||
Adjusted EPS | $ 2.61 | $ 2.16 | 21% | $ 10.38 | $ 8.70 | 19% | ||||||
GAAP Operating Income | $ 2,033 | $ 1,459 | 39% | $ 8,470 | $ 6,191 | 37% | ||||||
GAAP Net Income | $ 1,800 | $ 1,294 | 39% | $ 6,939 | $ 5,158 | 35% | ||||||
GAAP EPS | $ 2.37 | $ 1.68 | 41% | $ 9.06 | $ 6.70 | 35% | ||||||
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. |
Product Sales Performance
- Total product sales increased 3 percent for the fourth quarter of 2015 versus the fourth quarter of 2014. The increase was driven primarily by ENBREL, Sensipar, Prolia, Kyprolis and XGEVA. Product sales increased 8 percent for the full year.
- ENBREL sales increased 8 percent year-over-year for the fourth quarter driven by net selling price, offset partially by the impact from inventory changes and competition. Sales increased 14 percent for the full year driven by net selling price, offset partially by the impact from competition.
- Neulasta® (pegfilgrastim) sales decreased 2 percent year-over-year for the fourth quarter driven by lower unit demand and unfavorable changes in foreign exchange rates, offset partially by net selling price. Sales increased 3 percent for the full year driven by net selling price, offset partially by unfavorable changes in foreign exchange rates.
Aranesp® (darbepoetin alfa) sales increased 4 percent year-over-year for the fourth quarter and 1 percent for the full year.
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