Amgen Inc. (NASDAQ: AMGN) reported fourth-quarter financial results after markets closed on Thursday. This biotech giant posted $2.89 in earnings per share (EPS) and $5.97 billion in revenue, versus consensus estimates that called for $2.79 in EPS and $5.74 billion in revenue. The same period from last year had $2.61 in EPS and $5.54 billion in revenue.

Just before earnings were released the company announced an update on its Fourier trial evaluating Repatha (evolovomab). Essentially the findings from the trial showed that Repatha reduced the risk of cardiovascular events in patients with clinically evident atherosclerotic cardiovascular disease (ASCVD). The study met its primary composite endpoint (cardiovascular death, non-fatal myocardial infarction (MI), non-fatal stroke, hospitalization for unstable angina or coronary revascularization) and the key secondary composite endpoint (cardiovascular death, non-fatal MI or non-fatal stroke).

In terms of guidance for 2017, the company expects to have EPS in the range of $11.80 to $12.60 and revenues in the range of $22.3 billion to $23.1 billion. The consensus estimates are calling for $12.46 in EPS and $23.31 billion in revenue for the coming year.

During the quarter, the company generated 2.9 billion in free cash flow. At the same time, Amgen repurchased about $1.0 billion of its common stock. On the books, the company ended the quarter with cash and investments totaling $38.1 billion, versus $31.4 billion in the same period from last year.

Robert A. Bradway, Chairman and CEO, commented:

We finished the year with strong operating performance. 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 reported its fourth quarter product sales as:

• Enbrel sales increased 14% to $1.64 billion.
• Neulasta (pegfilgrastim) sales decreased 3% to $1.12 billion.
• Aranesp (darbepoetin alfa) sales increased 5% to $526 million.
• Prolia sales increased 22% to $463 million.
• Sensipar/Mimpara (cinacalcet) sales increased 7% to $411 million.
• Xgeva (denosumab) sales increased 6% to $376 million.
• Epogen sales decreased 8% to $316 million.
• Kyprolis sales increased 24% to $183 million.
• Neupogen (filgrastim) sales decreased 34% to $173 million.
• Nplate (romiplostim) sales increased 9% to $150 million.
• Vectibix (panitumumab) sales increased 6% to $143 million.
• Blincyto (blinatumomab) sales increased 32% to $29 million.

Shares of Amgen closed Thursday at $159.58, with a consensus analyst price target of $182.28 and a 52-week trading range of $133.64 to $176.85. Following the release of the earnings report, the stock was up 3.7% at $165.55 in the after-hours trading session.

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