Amgen Inc. (NASDAQ: AMGN) reported fourth-quarter financial results after the markets closed Thursday. The company had $2.61 in earnings per share (EPS) on $5.54 billion in revenue, compared to consensus estimates from Thomson Reuters that called for $2.29 in EPS on $5.53 billion in revenue. The same period from the previous year had $2.16 in EPS on $5.33 billion in revenue.

Total revenues increased 4% in the fourth quarter, with 3% product sales growth driven by Enbrel (etanercept), Sensipar (cinacalcet), Prolia (denosumab), Kyprolis (carfilzomib) and XGEVA (denosumab).

During the fourth quarter, the company repurchased 1.2 million shares of common stock at a total cost of $184 million. Amgen has $4.9 billion remaining under its stock repurchase authorization.

In terms of guidance, the company expects EPS in the range of $10.60 to $11.00 and revenues in the range of $22.0 billion to $22.5 billion in 2016. Previously, Amgen expected to have EPS in the range of $10.35 to $10.75 and revenues in the range of $21.7 billion to $22.3 billion. There are consensus estimates that call for $10.67 in EPS on $22.33 billion in revenue for the full year.

Robert A. Bradway, chairman and CEO of Amgen, commented on earnings:

2015 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. We remain on track to meet or exceed our 2018 commitments and deliver value for patients and shareholders.

The company had $1.9 billion of free cash flow in the fourth quarter of 2015 versus $2.2 billion in the fourth quarter of 2014. For the full year, free cash flow was $8.5 billion compared to $7.8 billion in 2014 driven by higher revenues and higher operating income. On the books the company had $31.38 billion in cash, equivalents, and marketable securities, versus $27.03 billion last year.

Shares of Amgen closed Thursday at $148.35, with a consensus analyst price target of $185.79 and a 52-week trading range of $130.09 to $181.81. Following the release of the earnings report, the stock was up initially 3.8% at $153.99 in the after-hours trading session.

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