reported second-quarter profits that matched Wall Street expectations while announcing earlier-than-expected, positive results from a late-stage study of its key cancer drug Revlimid.
The Summit, N.J.-based biopharmaceutical firm reported second-quarter net income of $143 million, or 31 cents a share, compared to net income of $119.8 million, or 26 cents a share, in the year-ago quarter.
On an adjusted basis, Celgene earned 46 cents a share, matching analysts' estimates.
Revenue in the June quarter rose 10% to $629 million, about $5 million higher than consensus. Including in that figure was Revlimid sales of $397 million, up 22% year over year and about $3 million higher than consensus.
Celgene did reduce its 2009 sales guidance for Revlimid by about $50 million to $1.65 billion, but the move was highly anticipated by the Street and largely baked into current expectations.
The company also announced that a large study of Revlimid in first-line multiple myeloma patients was stopped early due to overwhelmingly positive results that favored the drug. Investors were expecting results from this study later this year.
Doctors already prescribe Revlimid to front-line multiple myeloma patients, but the data from this study will allow Celgene to seek formal regulatory approval and market the drug more aggressively.
Celgene shares were up 11.2% to $52.45 in pre-market trading.
Adam Feuerstein writes regularly for TheStreet.com. In keeping with TSC's editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet.com. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback;
to send him an email.