SNY Sanofi

Amgen Inc. said its fourth-quarter earnings rose 39% as revenue benefited from higher prices and strong sales of Enbrel, Kyprolis and the biotechnology company's osteoporosis drugs.

Per-share earnings, excluding certain one-time items, and revenue beat expectations.

The Thousand Oaks, Calif., company also raised its 2016 outlook and now expects per-share earnings of $10.60 to $11 and revenue of $22 billion to $22.5 billion. The company previously expected per-share profit of $10.35 to $10.75 and revenue of $21.7 billion to $22.3 billion.

Last year "was an exceptional year for Amgen with six innovative new launches, strong financial performance, continued pipeline advances and improved operating margins driven by our transformation efforts," said Chairman and Chief Executive Robert A. Bradway in prepared remarks. "We remain on track to meet or exceed our 2018 commitments."

Like other big drugmakers, Amgen is counting on introductions of new therapies and its drug-development pipeline to help offset competition that is looming for some of its aging biotech drugs.

The company's anticholesterol drug Repatha was approved by the U.S. Food and Drug Administration in August. Amgen didn't break out sales figures for the drug in its earnings release for the December quarter, but analysts are likely to be listening for details on the progress of Repatha's U.S. rollout on the conference call.

Repatha belongs to a powerful new drug class that promises help for patients who have struggled to control their cholesterol using older statin medicines and is competing with Praluent, from Sanofi SA and Regeneron Pharmaceuticals Inc.

Overall, Amgen reported a profit of $1.8 billion, or $2.37 a share, up from $1.29 billion, or $1.68 a share, a year earlier. Excluding acquisition- and restructuring-related impacts and other items, per-share earnings rose to $2.61 from $2.16. Revenue increased 3.8% to $5.54 billion.

Analysts polled by Thomson Reuters expected per-share profit of $2.29 and revenue of $5.53 billion.

Sales declined for Neulasta and Neupogen, both of which are used to prevent infections in patients receiving chemotherapy. Neulasta sales decreased 2% to $1.16 billion as lower demand and unfavorable currency rates offset higher prices. Neupogen sales declined 4% to $263 million amid currency impacts and increased competition in the U.S. with the introduction of Novartis AG's Zarxio.

Sales of rheumatoid arthritis and psoriasis drug Enbrel rose 7.8% to $1.44 billion, driven by higher prices.

Amgen's osteoporosis drugs continued to see strong demand, with Xgeva sales increasing 9.5% to $356 million and Prolia sales improving 21% to $380 million.

Sales of Sensipar—a treatment for secondary hyperparathyroidism—rose 21% to $384 million.

Multiple myeloma drug Kyprolis's revenue climbed 63% to $148 million, thanks to increased demand. Amgen gained the drug with its $10.4 billion acquisition of Onyx Pharmaceuticals Inc. in 2013.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

January 28, 2016 16:25 ET (21:25 GMT)

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