Amgen Inc., the Thousand Oaks biopharmaceutical giant, said its fourth-quarter earnings jumped 27%, beating analysts' estimates, on strong sales of its arthritis drug Enbrel.
The company, which also makes drugs to treat cancer, kidney disease, osteoporosis and anemia, said it earned $1.29 billion, or $1.68 a share, in the last three months of 2014, up from $1.02 billion, or $1.33, a year earlier.
The company's stock, which closed Tuesday at $158.89, down 84 cents, rose about 1% in after-hours trading.
Revenue for the quarter was $5.33 billion, a 6% year-over-year increase.
Amgen, one of the largest employers in Southern California, twice announced job cuts last year as it moved to increase profits and focus on the development of new drugs.
"2014 was an outstanding year for Amgen," Chief Executive Robert A. Bradway said in a statement. "Following tremendous progress in our pipeline, we look forward to embarking on a new product cycle with the launch of important new medicines throughout 2015."