Amgen's strong financials and guidance beat forecasts

Reporting fourth-quarter financial results late on Thursday, US biotech major Amgen (Nasdaq: AMGN) pleased investors, with its shares rising as much as 3.7% $165.55 in after-hours trading.

The company reported non- generally accepted accounting principles (GAAP) earnings per share of $2.89, a year on year rise of 11% in earnings per share (EPS) versus consensus estimates of $2.79. Non-GAAP operating income increased 2%1 in the fourth quarter to $2.9 billion. Total revenue for the quarter rose 8%coming in at $5.97 billion in revenue, versus consensus estimates and $5.54 billion.

For the full year, total revenues increased 6 to $23.0 billion, with 5 product sales growth. Non-GAAP EPS increased 12% to $11.65, driven by higher revenues and higher operating margins. Non-GAAP operating income increased 14% for the full year to $11.4 billion.