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. Follow @AdamFeuerstein
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV