Celgene Corporation (NASDAQ:CELG) reported operational results for the fourth quarter and full year of 2013. For the fourth quarter of 2013, total revenue was $1,756 million compared to $1,447 million in the fourth quarter of 2012, an increase of 21 percent. Net product sales were $1,725 million compared to $1,416 million from the same period in 2012, an increase of 22 percent. Adjusted net income for the fourth quarter of 2013 increased 13 percent to $649 million compared to $572 million in the fourth quarter of 2012. For the same period, adjusted diluted earnings per share (EPS) increased 14 percent to $1.51 from $1.32.
Total revenue for the full year of 2013 was $6,494 million compared to $5,507 million for the full year of 2012. Net product sales were $6,362 million compared to $5,386 million for the previous period. Adjusted net income increased 19 percent to $2,563 million. Adjusted diluted EPS increased 21 percent to $5.96 from $4.91 including a $0.13 per share negative impact from collaboration-related payments to partners.
Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported fourth quarter of 2013 net income of $214 million and diluted EPS was $0.50. For the fourth quarter of 2012, net income was $263 million and diluted EPS was $0.61. Full year GAAP net income for 2013 was $1,450 million and diluted EPS was $3.37. Full year GAAP net income for 2012 was $1,456 million and diluted EPS was $3.30.
“Celgene delivered outstanding operating and financial results in 2013. Our operating momentum and data from key clinical trials support strong growth in 2014 and beyond,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “The breadth and depth of our 2014 milestones reflect the exciting potential of our products and pipeline.”
Fourth Quarter and Full Year 2013 Financial Highlights
Unless otherwise stated, all comparisons are for the fourth quarter and full year of 2013 compared to the fourth quarter and full year of 2012. The adjusted operating expense categories presented below exclude share-based employee compensation expense, IPR&D impairments, if any, and upfront collaboration payments. Please see the attached Reconciliation of GAAP to Adjusted Net Income for further information.