Amgen beat on its fourth-quarter earnings, helped by increased sales of its blockbuster rheumatoid arthritis drug Enbrel and lower costs.
The biopharmaceutical giant reported adjusted earnings per share of $2.61 on $5.54 billion in revenue. Analysts had expected Amgen to post earnings of about $2.29 a share on $5.53 billion in revenue, according to a consensus estimate from Thomson Reuters.
"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 Bradway, Amgen's CEO, in a press release.
The company also raised its full-year guidance, with a new EPS range of $10.60 to $11 and $22 billion to $22.5 billion in revenue. It had previously forecast adjusted earnings of $10.35 to $10.75 and $21.7 billion to $22.33 billion in revenue. Amgen's raised guidance reflects U.S. congressional approval of the research and development tax credit and delays in competition from biosimilar versions of some of its products.