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Celgene Reports Second Quarter 2013 Operating And Financial Results

Stocks in this article: CELG

Celgene Corporation (NASDAQ: CELG) reported net product sales of $1,564 million for the second quarter of 2013, a 17 percent increase from the same period in 2012. Adjusted net income for the second quarter of 2013 increased 20 percent to $653 million compared to $545 million in the second quarter of 2012. Second quarter total revenue was $1,599 million compared to $1,367 million in second quarter of 2012. For the same period, adjusted diluted earnings per share (EPS) increased 25 percent to $1.52 from $1.22.

Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported second quarter of 2013 net income of $478 million or $1.11 per diluted share. For the second quarter of 2012, net income was $367 million or $0.82 per diluted share.

“In the second quarter, the Celgene team delivered outstanding results,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “The positive outcome of the MM-020 trial along with other clinical and regulatory milestones met in the quarter represent significant advances for patients worldwide and support our commitment to our long-term growth outlook.”

2013 Adjusted Diluted EPS, Net Product Sales and REVLIMID ® Net Product Sales Guidance Raised

  • Adjusted diluted EPS guidance is raised to a range of $5.80 to $5.90 from the previous range of $5.55 to $5.65, an increase of approximately 19% over 2012 adjusted diluted EPS.
  • GAAP diluted EPS is expected to be in the range of $4.17 to $4.31 which includes upfront payment expense for collaborations.
  • Total Net Product Sales guidance is raised to approximately $6,200 million from $6,000 million, an increase of approximately 15 percent over 2012 Total Net Product Sales.
  • REVLIMID ® Net Product Sales guidance is raised to a range of $4,200 million to $4,300 million, from the previous range of $4,100 million to $4,200 million, an increase of approximately 13 percent over 2012 REVLIMID ® Net Product Sales.

Second Quarter 2013 Financial Highlights

Unless otherwise stated, all comparisons are for the second quarter of 2013 compared to the second quarter of 2012. The adjusted operating expenses presented below exclude share-based employee compensation expense, IPR&D impairments, if any, and upfront collaboration payments. See the attached Reconciliation of GAAP to Adjusted Net Income for further information.

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