Celgene (CELG) - Get Report posted second-quarter earnings which exceeded analyst consensus expectations by a small margin but enough to raise guidance for the remainder of the year.

On an adjusted basis, Celgene earned $1.44 per share in the second quarter, 5 cents per share better than expected.

Total revenue in the second quarter was $2.75 billion, essentially in line with the $2.71 billion forecast by analysts. On a percentage basis, Celgene revenue increased 21% compared to the same period last year.

Celgene continues to rely heavily on its blood cancer drug Revlimid for the majority of its revenue. In the second quarter, Revlimid sales increased 18% year over year to $1.7 billion, in line with estimates.

The company's updated 2016 guidance now has adjusted earnings in the range of $5.70 to $5.76 per share, up from $5.60 to $5.70 per share. The new forecast for net product sales is "approximately" $11 billion, or the high end of the previous $10.75 billion to $11 billion range.

In the second quarter, Celgene repurchased 3.4 million of its share at a total cost of approximately $343 million. This factors into the updated guidance as well, as Celgene now expects to end the year with 806 million diluted shares in circulation, down from previous guidance of 811 million shares.

Celgene will be announcing top-line results from an endoscopy study of its Crohn's disease drug GED-0301 during the second half of this year, the company said. 

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.