Celgene Beats Targets, Guides In Line

Celgene (CELG Quote) reported an all-around earnings beat Thursday and raised full-year guidance, but to levels in-line with the current Street consensus estimate.

Shares of the Summit, N.J.-based biopharmaceutical company, up 53% for the year, rose $1.37, or 1.9%, to $71.82 in recent early trading Thursday.

On a GAAP basis, Celgene reported net income of $119.9 million, or 26 cents a share, vs. $54.8 million, or 13 cents a share, in the prior-year period.

The company reported adjusted profit of $172.7 million, or 37 cents a share, on revenue that rose 63% to $566.6 million ($571.5 million on a GAAP basis).

Results surpassed the expectations of analysts surveyed by Thomson Financial who'd predicted earnings of 35 cents a share on revenue of $537.8 million.

Celgene also beat consensus estimates in the first quarter, both EPS (36 cents vs. the consensus estimate of 34 cents) and revenue ($462.5 million vs. $444 million consensus).

In the recent quarter, increased revenue was supported by sales of its multiple myeloma drug Revlimid, which increased 80% to $325.8 million, beating the Wall Street consensus target of $310 million.

Sales of Thalomid came in at $131.6 million, edging past a $127 million expectation, and sales of myelodysplastic syndromes (MDS) drug Vidaza totaled $59.7 million, vs. a $54 million consensus.

Celgene upped its R&D spending to $133.2 million in the second quarter, compared to $87.4 million the year prior, both on a non-GAAP basis, to support clinical development and advance regulatory filings.