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Cancer Drugs Bolster Celgene

Third-quarter revenue tops estimates.

Celgene's (CELG) - Get Celgene Corporation Report revenue exceeded Wall Street's estimates in the third quarter, driven by strong sales of its blood cancer drugs.

Revenue reached $244.8 million in the quarter, up 89.1% and surpassing analysts' estimates of $228.5 million. Product sales were $223.1 million, with $101.3 million in sales of its blood cancer drug Revlimid and $108.4 million in sales of its older drug Thalomid.

Sales of the chemotherapy drug Alkeran fell to $12.2 million in the quarter from $13.9 million in the year-ago period. Revenue from its attention deficit hyperactivity disorder drugs Focalin and Ritalin were up, reaching $17.9 million vs. $10.7 million a year ago.

Overall, the company earned $20.4 million, or 5 cents a share in the quarter, including stock-based compensation expenses, compared with $700,000 in the prior year. Excluding certain charges, the company earned $59.4 million, or 15 cents a share.

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"During the third quarter we continued to make significant progress toward our objective to maximize Revlimid's full commercial and clinical potential worldwide," said Celgene Chief Executive Sol Barer in a prepared statement Thursday. "We continue to build on our strong science capabilities and to invest in our future by advancing promising compounds through our research and development pipeline."

Shares of Celgene were rising $3.38, or 7.7%, to $47.52 after the quarterly report.