It was an excellent quarter for the world’s largest biotechnology company, Amgen, Inc. (NASDAQ:AMGN), as it posted a better than expected fourth quarter 2014 and fiscal 2014 financial results. Enbrel® was the primary reason for the growth in sales and revenues of the biotech company along with additional tax credit.
The biotechnology company announced its fourth quarter 2015 financial results with consolidated revenues of $5.33 billion and 6 percent revenue growth against the previous year quarter. At the same time, the GAAP net income of the company grew 27 percent to $1.29 billion against the previous year figure of $1.02 billion. In addition to an excellent fourth quarter, 2014 was an outstanding year for the biotechnology firm as it reported net revenues of $20.06 billion with 7 percent growth year over year.
Robert A. Bradway, CEO of Amgen, Inc. (NASDAQ:AMGN), said,
“2014 was an outstanding year for Amgen. 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.”
Neulasta and Enbrel led the sales of products with overall sales of $1.45 billion and $1.33 billion respectively. The sales of Enbrel rose nearly 11 percent in the quarter making it the most successful product of the company in the U.S. Amgen, Inc had little effect of currency exchange as only 25 percent of its overall sales came from overseas markets.
What is more important is that Amgen, Inc. (NASDAQ:AMGN) maintained its forecast for 2015 with expected revenues of $20.8 billion to $21.3 billion and adjusted earnings per share of $9.05 to $9.40.
In addition to it, the biotechnology company filed an application for earlier use of Kyprolis in the disease, which is likely to boost its sales in future. The shares of Amgen, Inc. (NASDAQ:AMGN) are trading $158.89 and the company has current market cap of $121.50 billion.
This article has been written by Prakash Pandey.