(Update 9:45 a.m.): Updated with conference call information and stock price.
Celgene reported a year-over-year increase in net profit to $597.8 million, or 72 cents a share, from $478.1 million, or 56 cents a share. Profit excluding items was 90 cents a share, which edged the consensus estimate of 89 cents a share by a penny. Total revenue rose 17% to $1.87 billion from $1.599 billion in the same period one year earlier.
Sales of Celgene's signature cancer drug, Revlimid, drove a 25% increase in quarterly profit. Sales of Revlimid, which treats multiple myeloma, rose 15% to $1.21 billion. Celgene said on its conference call that growth in the multiple myeloma treatment market aided Revlimid's sales growth.
Abraxane sales rose 39% to $215 million, while Otezla, a psoriatic arthritis drug Celgene launched in April, totaled $5 million in sales for the quarter. More than 1,000 physicians have already prescribed Otezla, according to Celgene's conference call.
Sales of Pomalyst/Imnovid rose 143% to $161 million, which included a 21% increase internationally. Celgene said on its conference call this growth came almost exclusively from Europe. Vidaza sales decreased 28% to $152 million.
Celgene increased its full-year EPS guidance to a range of $3.60 to $3.65 from a range of $3.50 to $3.60, though this is still short of the consensus estimate of $3.67. The biotech company now expects full-year revenue of $7.6 billion, compared to its previous forecast of $7.5 billion. Analysts expect $7.54 billion.
"Strong second quarter operating and financial results demonstrate the significant momentum of our portfolio and support raising our 2014 guidance," said Chairman and CEO Bob Hugin, in a statement. "We look forward to multiple milestones in the second half of the year, including the expansion of OTEZLA® into psoriasis and the further advancement of our pipeline."
Separately, TheStreet Ratings team rates CELGENE CORP as a "buy" with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CELGENE CORP (CELG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, good cash flow from operations, expanding profit margins and solid stock price performance. We feel these strengths outweigh the fact that the company has had sub par growth in net income."
You can view the full analysis from the report here: CELG Ratings Report
Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.