Sales Surge Not Enough for Celgene

Celgene (CELG Quote - Cramer on CELG - Stock Picks) said its first-quarter revenue surged 61% from a year ago but the biotech company's shares fell after sales of the cancer drug Revlimid came in just shy of expectations.

Total revenue jumped to $293.4 million from $181.8 million last year, but was about $1 million short of Wall Street's estimates. Sales of Celgene's top product Revlimid more than quadrupled to $146 million. However, according to Reuters, which cited a research report, analysts generally wanted to see around $150 million.

Celgene's other big medication, Thalomid, had sales of $106 million. Both Thalomid and Revlimid are used in treating the blood disease multiple myeloma.

Meanwhile, the New Jersey-based company's adjusted profit of 20 cents a share for the first quarter met the Thomson Financial consensus. The company earned $57.4 million, or 14 cents a share, when all items were factored in, up from $16 million, or 4 cents a share, in the year-ago quarter.

Celgene also reaffirmed its financial guidance for 2007, saying revenue will likely be around $1.3 billion with earnings of roughly $1 a share. On average, analysts are looking for a top line of $1.36 billion and earnings of $1.03 a share.

Shares of Celgene were off their session lows but were still down $1.54, or 2.5%, to $61.32 Thursday.