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Celgene Q2 Earnings: Beat And Raise

SUMMIT, NJ ( TheStreet) -- Celgene (CELG - Get Report) posted strong cancer drug sales for the second quarter, topping Wall Street expectations. The company raised earnings guidance for the remainder of the year.

Total revenue in the June quarter was $1.59 billion, an increase of 17 percent from the prior year. Celgene's generates most of its sales from the multiple myeloma drug Revlimid. The drug turned in a strong second-quarter performance with sales of $1.05 billion just beating consensus expectations of $1.04 billion.

Two other Celgene cancer drugs -- Abraxane and the newly launched Pomalyst -- recorded second-quarter sales of $155 million and $66 million, respectively.

The robust top-line performance helped Celgene beat profit expectations for the quarter. Adjusted net income increased 20 percent to $653 million over the prior year, translating into earnings of $1.52 per share, or 8 cents per share better than consensus expectations.

Celgene increased earnings and revenue guidance for the rest of the year. Adjusted earnings are now expected to be in the range of $5.80 to $5.90 per share compared to current consensus of $5.74 per share.

Total net product sales guidance was raised to $6.2 billion from $6 billion, while Revlimid sales for 2013 are now expected to total $4.2 billion to $4.3 billion.

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.

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