Celgene Beats and Raises Guidance

Celgene posts strong second quarter earnings and raises guidance for remainder of the year.
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(CELG) - Get Report

topped earnings and revenue estimates for the second quarter on strong sales of the cancer drug Revlimid and raised guidance for the remainder of the year.

Adjusted earnings for the second quarter totaled $323.3 million, or 69 cents a share, topping the consensus estimate by three cents and improving results over the adjusted net income of $216 million, or 46 cents a share, reported in the year-ago quarter.

Adjusted revenue in the second quarter was $850.4 million, up 36% year over year, driven largely by worldwide Revlimid sales of $587.1 million, which rose 48% from the same period in 2009. Both total revenue and Revlimid sales exceeded Wall Street forecasts by a comfortable margin.

Celgene raised guidance for the rest of the year. Total revenue forecast is now expected to increase by 28% to a range of $3.4 billion to $3.45 billion. That's above the current consensus of $3.36 billion.

Revlimid sales for year are now forecast to be in the range of $2.3 billion to $2.35 billion, up from the previous range of $2.2 billion to $2.3 billion.

Adjusted earnings are expected to grow 30% year over year to a range of $2.65 to $2.70 a share, which brackets current consensus of $2.68 a share.

Last month,

Celgene announced plans to acquire fellow cancer drug maker Abraxis BioScience

for $2.9 billion in cash and stock.

-- Reported by Adam Feuerstein in Boston.

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