Celgene Profit Swells on Cancer Drug Sales

Celgene's (CELG) third-quarter profit rose 251% on gains made through an acquisition and higher sales of its cancer drugs.

The Summit, N.J.-based drugmaker on Thursday reported profits of $136.8 million, or 29 cents a share in the third quarter, compared to net income of $38.8 million, or 9 cents a share, in the year-ago period.

Third-quarter revenue rose 69% to $592 million from $350 million one year ago.

On an adjusted basis, Celgene earned 40 cents a share in the third quarter, topping the consensus estimate of 39 cents a share, according to Thomson Reuters.

Higher sales of Celgene's cancer drugs bolstered the company's earnings performance. Sales of Revlimid totaled $343 million in the quarter, an increase of 72% compared to the prior-year period. Revlimid sales for the quarter fell a bit short of analyst expectations of around $348 million.

Vidaza sales rose 50% to $64 million in the quarter. Vidaza sales are accelerating after Celgene relaunched the drug following the completion of the Pharmion acquisition and the release of negative survival data for Dacogen, a competing drug marketed by Japanese drug maker Eisai.

Sales of Thalomid were $132 million, which includes sales in Europe previously booked by Pharmion.

Celgene shares closed Wednesday at $53.29.

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