Amgen Inc. reported fourth-quarter 2016 GAAP net income of $1.94 billion, or $2.59 per share, up 8% from $1.80 billion, or $2.37 per share, in the fourth quarter of 2015.

On a non-GAAP basis, net income was $2.16 billion, or $2.89 per share, an increase of 9%, from $1.99 billion, or $2.61 per share, in the prior-year period. The increase in the EPS was driven by higher revenues and higher operating margins.

The S&P Capital IQ normalized EPS consensus estimate for the quarter was $2.79

Amgen reported revenues of $5.97 billion, up by 8% from $5.54 billion in the fourth quarter of 2015. The 6% growth in product sales for Enbrel, Prolia, Repatha and KYPROLIS primarily contributed to the increased revenues for the period.

Total product sales for the period were $5.66 billion, versus $5.33 billion in the year-ago quarter.

For the full year of 2016, GAAP net income was $7.72 billion, or $10.24 per share, compared with $6.94 billion, or $9.06 per share, in 2015. On a non-GAAP basis, net income rose to $8.79 billion, or $11.65 per share, from $7.95 billion, or $10.38 per share, in 2015.

The S&P Capital IQ normalized EPS consensus estimate for 2016 was $11.55.

Amgen expects 2017 revenues to be between $22.3 billion to $23.1 billion, with GAAP EPS in the range of $10.45 to $11.31 and non-GAAP EPS in the range of $11.80 to $12.60. Capital expenditures are expected to be about $700 million. The S&P Capital IQ consensus normalized EPS estimate for 2017 is $12.30.