Celgene

(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.

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