Fourth-quarter revenue for Amgen (AMGN 0.73%) slipped 1% year over year to $6.2 billion as the company faced competition from biosimilar and generic competition for its older medications. Adjusted earnings per share increased 6% year over year, boosted by the company's repurchase of 40.2 million shares for $7.6 billion during 2019.
Sales of Parsabiv, which helps patients on hemodialysis, jumped 49% year over year. Cholesterol-lowering Repatha saw sales increase 26% year over year as Amgen parlayed data from an outcomes study showing the drug reduces cardiovascular events. Sales of osteoporosis treatment Prolia and immune thrombocytopenia treatment Nplate both increased 15% year over year. Psoriasis and psoriatic arthritis treatment Otezla, which Amgen acquired to facilitate Bristol-Myers Squibb's (BMY 0.56%) closing of its deal with Celgene, added $178 million in revenue during the five weeks or so that Amgen owned the drug during the quarter.
While Amgen fights biosimilars to its branded drugs, it's also launching biosimilars of its own, including Avsola, a biosimilar to Johnson & Johnson's (JNJ -0.78%) Remicade that gained Food and Drug Administration approval in December. The drugmaker also has a biosimilar to Biogen's (BIIB 2.25%) and Roche's (RHHBY -0.75%) Rituxan that was submitted to the FDA in December.
Management guided for 2020 revenue of $25.0 billion to $25.6 billion, up 8.2% at the midpoint. Adjusted earnings per share are expected to fall in the $14.85 to $15.60 range, higher than the $14.82 Amgen recorded last year, but up just 2.7% at the midpoint, suggesting that the company plans to increase spending faster than revenue this year.