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Celgene Reports Strong Third Quarter 2013 Operating And Financial Results

Celgene Corporation (NASDAQ:CELG) reported third quarter 2013 total revenue of $1,674 million compared to $1,419 million in the third quarter 2012. Net product sales were $1,644 million, an 18 percent increase from the same period in 2012. Adjusted net income for the third quarter of 2013 increased 19 percent to $669 million compared to $561 million in the third quarter of 2012. For the same period, adjusted diluted earnings per share (EPS) increased 21 percent to $1.56 from $1.29.

Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported third quarter 2013 net income of $372 million or $0.87 per diluted share. For the third quarter of 2012, net income was $424 million, or $0.97 per diluted share.

“Celgene had an exceptional third quarter with continued operating momentum across our global businesses highlighted by approvals for IMNOVID ® for relapsed and refractory multiple myeloma in Europe and ABRAXANE ® for pancreatic cancer in the U.S.,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “In the fourth quarter we will present new data on apremilast in psoriatic arthritis at ACR and on REVLIMID ® in newly diagnosed multiple myeloma at ASH.”

2013 Guidance Updated
  • Total Net Product Sales are now expected to exceed $6,200 million
  • REVLIMID ® Net Product Sales are expected to be in the mid-to-upper end of the range of $4,200 million to $4,300 million
  • Adjusted diluted EPS guidance is raised to a range of $5.90 to $5.95 from the previous range of $5.80 to $5.90
  • GAAP diluted EPS is expected to be in the range of $3.77 to $3.90

Third Quarter 2013 Financial Highlights

Unless otherwise stated, all comparisons are for the third quarter of 2013 compared to the third quarter of 2012. The adjusted operating expense categories 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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