Celgene Shares Get a Lift

The company's quarterly results are better than Wall Street expected.
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Celgene's

(CELG) - Get Report

first-quarter revenue jumped nearly 62%, and earnings beat analysts' targets thanks to strong showings from its key drugs Revlimid and Thalomid.

The Summit, N.J., company earned $16 million, or 4 cents a share, for the most recent quarter. Excluding certain charges, Celgene earned 9 cents a share, 2 cents better than the average forecast of analysts surveyed by Thomson First Call.

Revenue of $181.8 million in the quarter easily topped the consensus outlook of $163.2 million. The top line was driven by sales of Thalomid, a leprosy fighter that actually gets most of its use off-label in the treatment of the blood cancer multiple myeloma, and Revlimid, a drug for myelodysplastic syndromes.

Shares of Celgene were advancing $3.90, or 10.3%, to $41.60 following the financial report.

Thalomid sales were up 21.3% to $107.2 million. Sales of Revlimid, which was launched in December, totaled $32.4 million. Sales of Celgene's cancer drug Alkeran more than doubled from last year to $18.3 million.

During the first quarter, Revlimid was granted priority review status from the Food and Drug Administration for the treatment of relapsed or refractory multiple myeloma. The FDA is expected to decide whether to approve the drug by June 30. Celgene also expects an FDA decision on Thalomid for newly diagnosed multiple myeloma patients by May 25.