Amgen Reports Strong Quarter

Amgen Inc. reported financial results that beat analyst expectations for the fourth quarter. The Thousand Oaks biotech reported adjusted net income of $2.1 billion on revenue of $6 billion during the quarter ended Dec. 31. The company had earnings of $2.89 a share, compared to $2.61 for the same quarter last year. Analysts who cover Amgen on average estimated earnings of $2.79 a share on revenue of $5.7 billion, according to Thomson Financial. Robert Bradway, Amgen’s chief executive, said fiscal 2016 ended positively and that 2017 has many exciting projects on the horizon. “We finished the year with strong operating performance,” Bradway said in a statement. “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.” The company finished the year with $23 billion in revenue, which is up 6 percent from 2015. In addition, Amgen released data showing a relationship between its cholesterol reducing drug Repatha and the reduction in cardiovascular risks such as heart attacks. Amgen (AMGN) announced results after the market closed Thursday. Shares closed down 9 cents, or less than a percent, to $159.58 on the Nasdaq.