Amgen, Inc. (NASDAQ: AMGN) stock lost over 6% on January 30th, 2019 (as of 11:10 am GMT-5; Source: Google finance) on concerns of competition for older medicines growing and the drug maker forecast 2019 earnings below Wall Street estimates. The company posted a net profit of US$1.93 billion, compared with a net loss of US$4.26 billion, a year ago, when it took a large charge related to changes in U.S. corporate tax laws.
AMGN has generated double-digit volume-driven growth, which was a key focus of the strategy from innovative medicines that address serious unmet needs, including Repatha in cardiovascular disease; Prolia in osteoporosis; Kyprolis in cancer; and Aimovig in migraine. Further, the company has achieved several important milestones with our biosimilars portfolio last year, including our first two launches.
Moreover, 2018 free cash flow was 10.6 billion versus 10.5 billion in 2017. Debt outstanding at year-end totaled 33.9 billion and carries a weighted average interest rate of 4% and an average maturity of 11.5 years. In 2018, AMGN has returned a total of over 21 billion to shareholders including deployment of 17.9 billion to repurchase 94.5 million shares at an average of $189.00 per share. Additionally, for 2018, the company has increased the dividend per share by 15% to $1.32 per quarter with dividend payments totaling 3.5 billion.
AMGN in the fourth quarter of FY 18 has reported the adjusted earnings per share of $3.42, while adjusted revenue growth of 7 percent to $6.23 billion in the fourth quarter of FY 18. The rise in sales was due to increased demand for medicines such as cancer drug Kyprolis, cholesterol fighter Repatha and osteoporosis treatment Prolia. Q4 non-GAAP operating income is at 2.7 billion, that increased 6% from prior year. Non-GAAP operating margin was 45.3% for the fourth quarter.
Amgen expects for 2019 revenue to be in the range of $21.8 billion and $22.9 billion, and adjusted earnings per share to be in the range of $13.10 and $14.30 for the year. The analysts surveyed by FactSet expect 2019 revenue around $22.9 billion and adjusted earnings per share of $14.57.