Celgene ( CELG) beat per-share estimates but missed on revenue and sales of its lead product, Revlimid, in the third quarter. It also lowered full-year revenue guidance. The Summit, N.J., biopharmaceutical company said it earned $38.8 million, or 9 cents a share, compared to $20.4 million, or 5 cents a share, in the year-ago period on the same basis. On an adjusted basis, the company earned $124.1 million, or 29 cents a share, vs. $59.4 million, or 15 cents a share, in 2006. The Thomson Financial consensus target was 28 cents a share on revenue of $368 million. Revenue increased 43% year over year to $349.9 million, driven by Revlimid net sales, which increased 97% to $199.3 million. However, Wall Street was looking for $215 million from Revlimid, which is indicated as a second-line combination therapy for multiple myeloma patients. However, net sales of first-line multiple myeloma treatment Thalomid reached $110.7 million, above the consensus of $106 million. Chemotherapy drug Alkeran net sales were $18.9 million compared to $12.2 million in the 2006 quarter, a 55% hike. Revenue from Focalin and the Ritalin family of drugs amassed to $15.8 million vs. $17.9 million over the same period last year. Looking ahead, the company predicts adjusted earnings of $1.05 a share on revenue of $1.375 billion for the year. The company's prior forecast was for between $1 and $1.05 a share on revenue of $1.4 billion. Analysts surveyed by Thomson Financial are looking for $1.06 a share on revenue of $1.415 billion. Shares fell $5.42, or 7.7%, to $64.78.
Stocks soar as the gross domestic product rises at an annualized rate of 3.5% in the third quarter and continuing jobless claims fall. Gregg Greenberg recaps the action in The Real Story video (above).