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Celgene Reports Second Quarter 2012 Operating And Financial Results

Stocks in this article: CELG

Net Product Sales Performance

Net product sales increased 16% to $1,337 million and reflect strong volume growth in the U.S., Europe and Japan. U.S. and international net product sales of $772 million and $565 million increased 15 percent and 19 percent, respectively.

  • REVLIMID sales for the second quarter increased 17 percent to $934 million and were driven by overall market share gains, increased duration of therapy and geographic expansion. U.S. sales of $537 million and international sales of $397 million increased 17 percent and 18 percent, respectively.
  • ABRAXANE sales for the second quarter were $110 million, a 16 percent increase. U.S. sales of $87 million and international sales of $23 million increased 20 percent and 3 percent, respectively.
  • VIDAZA ® second quarter sales increased 24 percent to $201 million. U.S. sales increased 12 percent to $82 million. International sales increased 35 percent to $119 million, driven by underlying patient demand in Europe and Japan.
  • THALOMID ® sales were $76 million in the second quarter, representing a 13 percent decrease.

Research and Development (R&D)

Non-GAAP R&D expenses were $349 million for the second quarter compared to $306 million for the second quarter of 2011. The change is primarily due to increased clinical costs associated with advancing the mid- to late-stage pipeline and the absorption of the Avila Therapeutics acquisition which closed in March 2012. On a GAAP basis, R&D expenses were $447 million for the second quarter of 2012 and $372 million for the same period in 2011.

Selling, General, and Administrative (SG&A)

Non-GAAP SG&A expenses were $296 million for the second quarter of 2012 compared to $274 million for the second quarter of 2011. The change was primarily due to increased ABRAXANE and REVLIMID marketing, in addition to pomalidomide prelaunch activities. On a GAAP basis, SG&A expenses were $323 million for the second quarter of 2012 compared to $306 million for the same period in 2011.

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