Amgen reports strong financial results for 2016

Amgen has announced its financial results for the 2016 business year, during which it generated a revenue total of $23 billion (18.42 billion pounds).

This represented a year-on-year increase of six percent, with product sales up by five percent during the year. In the fourth quarter, total revenues increased by eight percent compared to Q4 2015.

Product sales growth was driven by rising demand for therapies such as Enbrel, Prolia, Repatha and Kyprolis, with several other drugs also seeing year-over-year sales improvements.

In the year ahead, Amgen anticipates several new product development opportunities and launches, with the recent publication of positive Repatha cardiovascular outcomes data also offering encouragement. Total revenues in the range of $22.3 billion to $23.1 billion are expected for 2017.

Robert Bradway, chairman and chief executive officer of Amgen, said: "We finished the year with strong operating performance … We have established a firm foundation for longer-term growth."

The company also announced the appointment of Charles Holley to its board of directors, bringing the total number of board members up to 15.

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