Celgene Beats Estimates, Raises Earnings Outlook

Celgene shares jumped as the biotech company posted top-and bottom-line beats and raised its earnings forecast for the year.
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Celgene (CELG) - Get Report shares jumped as the biotech company posted top-and bottom-line beats and raised its earnings forecast for the year. Earnings of $1.44 a share were six cents better than expected. Revenue of $2.75 billion also beat estimates. The company relies heavily on its blood cancer drug Revlimid for the majority of its revenue. During the second-quarter the drug sales increased 18 percent from the same period last year. Celgene expects full-year earnings in the range of $5.70 to $5.75 a share on revenue of $11 billion.