Celgene Beats and Raises Guidance
Adjusted earnings for the second quarter totaled $323.3 million, or 69 cents a share, topping the consensus estimate by three cents and improving results over the adjusted net income of $216 million, or 46 cents a share, reported in the year-ago quarter.
Adjusted revenue in the second quarter was $850.4 million, up 36% year over year, driven largely by worldwide Revlimid sales of $587.1 million, which rose 48% from the same period in 2009. Both total revenue and Revlimid sales exceeded Wall Street forecasts by a comfortable margin.
Celgene raised guidance for the rest of the year. Total revenue forecast is now expected to increase by 28% to a range of $3.4 billion to $3.45 billion. That's above the current consensus of $3.36 billion.Revlimid sales for year are now forecast to be in the range of $2.3 billion to $2.35 billion, up from the previous range of $2.2 billion to $2.3 billion. Adjusted earnings are expected to grow 30% year over year to a range of $2.65 to $2.70 a share, which brackets current consensus of $2.68 a share. Last month, Celgene announced plans to acquire fellow cancer drug maker Abraxis BioScience for $2.9 billion in cash and stock. -- Reported by Adam Feuerstein in Boston. Follow Adam Feuerstein on Twitter.
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