Drugmaker Celgene (CELG) - Get Report on Tuesday reported second-quarter adjusted earnings and revenue that beat analysts' forecasts and raised its guidance through the remainder of the year amid strong sales of its cancer and other disease-fighting treatments.
Celgene said it earned adjusted net income of $2.1 billion, or $2.86 a share, compared to $1.59 billion, or $2.16 a share, in the second quarter of 2018. Analysts polled by FactSet were expecting earnings of $2.63 a share. Revenue came in at $4.4 billion, above FactSet consensus estimates of $4.2 billion.
"Outstanding operating performance in the second quarter supports raising our full-year financial guidance," CEO Mark Alles said in a statement. "In parallel, we achieved multiple regulatory and clinical milestones expected to generate even more business momentum into the close of our transaction with Bristol-Myers Squibb."
Bristol-Myers (BMY) - Get Report in January announced that it was buying Celgene in a blockbuster $74 billion deal. As part of the deal, and to receive Federal Trade Commission approval, Bristol-Myers said it will sell Celgene's psoriasis treatment, Otezla.
Separately, Bristol-Myers announced on Monday that the European Commission has granted its approval of the Celgene deal. The companies are looking to close the transaction at the end of 2019 or the beginning of 2020.
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Celgene also raised its guidance for the remainder of the year. The company now expects revenue of between $17.2 billion and $17.4 billion, up from its previous guidance of between $17 billion and $17.2 billion that was provided in January.
On a per-share basis, the company now expects to post adjusted earnings of between $10.65 and $10.85 vs. prior guidance of between $10.60 and $10.80.
Celgene shares were down 0.53% at $92.50 in early trading on Tuesday.
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