Celgene Beats, Raises Guidance

Celgene tops third-quarter earnings estimates on strong sales of the cancer drug Revlimid.
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SUMMIT, N.J. (

TheStreet

) --

Celgene

(CELG) - Get Report

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

Adjusted earnings for the third quarter totaled $349.9 million, or 75 cents a share, topping the consensus estimate by four cents and improving results over the adjusted net income of $259.8 million, or 56 cents a share, reported in the year-ago quarter.

Adjusted revenue in the third quarter was $908 million, up 31% year over year, driven largely by worldwide Revlimid sales of $641 million, which rose 43% 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. The company expects adjusted earnings in the range of $2.78 to $2.80 a share compared to the current consensus estimate of $2.72 a share.

Total revenue forecast is now expected to increase by 34% to $3.6 billion, including Revlimid sales of $2.45 billion.

Celgene shares closed Wednesday at $59.40.

--Written by Adam Feuerstein in Boston.

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