Celgene's ( CELG) third-quarter profit rose 251% on gains made through an acquisition and higher sales of its cancer drugs.

The Summit, N.J.-based drugmaker on Thursday reported profits of $136.8 million, or 29 cents a share in the third quarter, compared to net income of $38.8 million, or 9 cents a share, in the year-ago period.

Third-quarter revenue rose 69% to $592 million from $350 million one year ago.

On an adjusted basis, Celgene earned 40 cents a share in the third quarter, topping the consensus estimate of 39 cents a share, according to Thomson Reuters.

Higher sales of Celgene's cancer drugs bolstered the company's earnings performance. Sales of Revlimid totaled $343 million in the quarter, an increase of 72% compared to the prior-year period. Revlimid sales for the quarter fell a bit short of analyst expectations of around $348 million.

Vidaza sales rose 50% to $64 million in the quarter. Vidaza sales are accelerating after Celgene relaunched the drug following the completion of the Pharmion acquisition and the release of negative survival data for Dacogen, a competing drug marketed by Japanese drug maker Eisai.

Sales of Thalomid were $132 million, which includes sales in Europe previously booked by Pharmion.

Celgene shares closed Wednesday at $53.29.

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; click here to send him an email.

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