Celgene (CELG) Stock Falls After Mixed Second-Quarter Earnings

(Update 9:45 a.m.): Updated with conference call information and stock price.

NEW YORK (TheStreet) -- Celgene  (CELG) fell 2.01% to $87.33 in early morning trading on Thursday after the biotechnology company reported mixed second-quarter results.

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.

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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.

If you liked this article you might like

How I've Prepared for Hurricane Irma -- and a Market Pullback

How I'm Prepared for Irma -- and a Pullback

Juno, bluebird In Focus as Targets Following Gilead-Kite Aquisition

Apple Is the Tom Brady of Stocks: Cramer's 'Mad Money' Recap (Thursday 8/31/17)

Cramer: Fantasy Shmantasy -- Let's Get Real With These Stock Picks