(CELG) - Get Report

reported Thursday that its fourth-quarter adjusted profit more than doubled, aided by an acquisition and higher sales of its cancer drugs.

The Summit, N.J., drugmaker said adjusted earnings for the quarter totaled $200.9 million, or 43 cents a share, compared with $94.6 million, or 22 cents a share, in the year-ago quarter.

Analysts were looking for adjusted earnings of 42 cents a share, according to Thomson Reuters.

On a GAAP basis, Celgene booked a net loss for the quarter of $149.3 million, or 33 cents a share, wider than the loss of $75.3 million, or 18 cents a share, in the year-ago period.

Total revenue in the fourth quarter rose 50% to $623 million, driven largely by a 49% increase in sales of the cancer drug Revlimid to $369.4 million. Sales of the cancer drugs Thalomid and Vidaza totaled $126.8 million and $69.7 million, respectively.

Celgene reiterated its 2009 financial outlook, first offered in early January. The company expects earnings in the range of $2.05 a share to $2.15 a share, which was below the consensus view of $2.29 a share at that time. The current 2009 consensus adjusted earnings estimate for Celgene is $2.18 a share.

Total revenue for this year is expected to reach $2.6 billion to $2.7 billion, an increase of 20% over 2008. Revlimid sales are expected to be about $1.7 billion, up 28% from last year.

Celgene shares closed Wednesday at $52.20.

At the time of publication, Feuerstein's Biotech Select model portfolio was long Celgene.

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;

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