Biopharmaceutical juggernaut Amgen (NASDAQ:AMGN) demonstrated to investors that its years of middling growth could be in the rearview mirror with the release of its fourth-quarter earnings results after the closing bell.
For the quarter, Amgen saw total revenue increase 13% to $5.01 billion as product sales jumped 11% to $4.8 billion and profit increased 30% to $1.82 per share from $1.40 in the year-ago period.
With the exception of Neupogen, whose sales fell 1%, and anemia drug Aranesp which saw a 4% sales decline, every other drug in Amgen's product portfolio delivered positive growth. Most notably, Neulasta saw total revenue rose by 10% to $1.1 billion while rheumatoid arthritis drug Enbrel, its top-selling drug, witnessed a 3% increase in revenue to $1.2 billion thanks to higher pricing and the end of a collaborative pact with Pfizer (NYSE: PFE) that had previously resulted in a profit share between the two companies.
Other highlights include osteoporosis combo Xgeva and Prolia, which saw combined sales rise 41% to $522 million, and multiple myeloma drug Kyprolis, which it acquired when it purchased Onyx Pharmaceuticals. Kyrpolis sales totaled $73 million during the quarter.
Costs did shoot higher during the quarter, but this was largely to be expected with the addition of Onyx Pharmaceuticals' pipeline to Amgen's portfolio. Research and development expenses rose 27% to $1.17 billion, primarily to support its late-stage clinical programs, as selling and administrative expenses declined modestly.
Looking ahead, Amgen is forecasting 2014 full-year revenue of $19.2 billion to $19.6 billion -- representing sales growth of 4% year over year at the midpoint -- and EPS of $7.90 to $8.20, which would represent 21% year-on-year growth at the midpoint.
Shares of Amgen were down fractionally in after-hours trading.