Amgen’s 4th-qtr 2014 earnings and sales beat expectations

US biotech major Amgen (Nasdaq: AMGN) reported financial results after markets closed yesterday, revealing that fourth-quarter 2014 revenues had increased 6% to $5.33 billion beating analysts’ consensus forecasts of $5.2 billion.

Excluding one-time items, adjusted profit was $1.67 billion, or $2.16 per share, up 19% and well exceeding the average projections of analysts surveyed by FactSet of $2.05. Net income was $1.29 billion, or $1.68 a share, up 27% on the like 2013 quarter, helped by a $109 million R&D tax credit that was booked in the three-month period. Amgen shares, which have gained 34% in the last 12 months, edged up 0.2% to $158.89 in after-hours trading yesterday.

For the full year, total revenues increased 7% to $20.06 billion, with 6% product sales growth driven by strong performance across the portfolio. Adjusted operating income grew 22% to $8.48 billion. Adjusted earnings per share (EPS) grew 14%% to $8.70, driven by higher operating income offset partially by a higher tax rate in 2014.