Celgene Corp. reported a year-over-year increase in its fourth quarter and full-year 2016 adjusted net income.

The company booked $1.29 billion, or $1.61 per share, in fourth-quarter 2016 adjusted net income, which compares to $961 million, or $1.18 per share, in the same quarter of 2015.

The result beats analysts' normalized EPS expectations by 1 cent per share, according to S&P Capital IQ data.

Full-year 2016 adjusted net income was up over 20% year over year to $4.77 billion, or $5.94 per share, and also beat the S&P Capital IQ normalized EPS consensus estimate of $5.93.

Fourth-quarter GAAP net income of $428.9 million, or 53 cents per share, was down from $561 million, or 69 cents per share, in the corresponding quarter of 2015.

Full-year GAAP net earnings totaled $2.0 billion, or $2.49 per share, compared to $1.60 billion, or $1.94 per share, in 2015.

GAAP earnings were down despite an increase in sales revenue. The company's fourth-quarter 2016 sales were up 16% year over year to $2.98 billion while net sales for the full year surged 21% to $11.23 billion.

Celgene said GAAP results were weighed down by an increase in research and development expenses as a result of the acquisition of Acetylon Pharmaceuticals Inc.

The company will target $7.10 to $7.25 in adjusted EPS during 2017 and $5.85 to $6.21 in GAAP EPS during the year.