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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Celgene Corporation | NASDAQ:CELG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 108.24 | 109.30 | 109.44 | 0 | 01:00:00 |
Celgene Corporation (NASDAQ: CELG) reported second quarter 2019 total revenue of $4,400 million, a 15 percent increase compared to $3,814 million in the second quarter of 2018.
Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported net income of $1,571 million and diluted earnings per share (EPS) of $2.16 for the second quarter of 2019. For the second quarter of 2018, GAAP net income was $1,045 million and diluted EPS was $1.43.
Adjusted net income for the second quarter of 2019 increased 31 percent to $2,079 million compared to $1,585 million in the second quarter of 2018. For the same period, adjusted diluted EPS increased 32 percent to $2.86 from $2.16.
“Outstanding operating performance in the second quarter supports raising our full-year financial guidance,” said Mark J. Alles, Chairman and Chief Executive Officer of Celgene Corporation. “In parallel, we achieved multiple regulatory and clinical milestones expected to generate even more business momentum into the close of our transaction with Bristol-Myers Squibb.”
Second Quarter 2019 Financial Highlights
Unless otherwise stated, all comparisons are for the second quarter of 2019 compared to the second quarter of 2018. The adjusted operating expense categories presented below exclude share-based employee compensation expense and collaboration-related upfront expense. Please see the attached Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Adjusted Net Income for further information relevant to the interpretation of adjusted financial measures and reconciliations of these adjusted financial measures to the most comparable GAAP measures, respectively.
Net Product Sales Performance
Research and Development (R&D)
On a GAAP basis, R&D expenses were $1,100 million for the second quarter of 2019 compared to $1,251 million for the same period in 2018. Adjusted R&D expenses were $935 million for the second quarter of 2019 compared to $948 million for the second quarter of 2018. The decrease was driven by a reduction in expenses related to certain collaboration arrangements and regulatory submission-related work on multiple programs almost fully offset by increased investments in ongoing late-stage pipeline programs. Additional R&D expenses (only included on a GAAP basis) decreased in 2019, as outlined in the attached Reconciliation of GAAP to Adjusted Net Income.
Selling, General and Administrative (SG&A)
On a GAAP basis, SG&A expenses were $793 million for the second quarter of 2019 compared to $790 million for the same period in 2018. Adjusted SG&A expenses were $693 million for the second quarter of 2019 compared to $672 million for the second quarter of 2018. The increase was driven primarily by increased pre-launch marketing related expenses partially offset by a decrease in expense related to technology investments completed in 2018. Additional SG&A expense (only included on a GAAP basis) decreased in 2019, as outlined in the attached Reconciliation of GAAP to Adjusted Net Income.
Cash, Cash Equivalents, Marketable Debt Securities and Publicly-Traded Equity Securities
Operating cash flow was $2.2 billion in the second quarter of 2019, compared to $1.2 billion for the second quarter of 2018. Celgene ended the quarter with approximately $9.3 billion in cash, cash equivalents, marketable debt securities and publicly-traded equity securities.
2019 Total Revenue Guidance Raised; Reaffirming 2020 Outlook*
January 2019 Guidance
July 2019 Guidance
Total Revenue
$17.0B - $17.2B
$17.2B - $17.4B
REVLIMID® Net Product Sales
~ $10.8B
Unchanged
POMALYST®/IMNOVID® Net Product Sales
~ $2.4B
~ $2.5B
OTEZLA® Net Product Sales
~ $1.9B
Unchanged
ABRAXANE® Net Product Sales
~ $1.1B
~ $1.2B
GAAP Operating Margin
~ 49.0%
~48.0%
Adjusted Operating Margin
~57.5%
~58.0%
Adjusted Tax Rate
~17.0%
~16.75%
GAAP Diluted EPS
$8.90 - $9.63
$8.71 - $9.44
Adjusted Diluted EPS
$10.60 - $10.80
$10.65 - $10.85
Weighted average diluted shares
~715M
~730M
* Company reaffirms 2020 outlook: Total revenue of $19.0-$20.0 billion and adjusted diluted EPS of >$12.50 on a standalone basis. Due to pending Bristol-Myers Squibb transaction, Celgene does not anticipate providing any additional updates on our 2020 outlook going forward.
Portfolio Updates
Transaction Update
On July 29, 2019, Bristol-Myers Squibb Company (NYSE: BMY) announced that the EC has granted unconditional approval of Bristol-Myers Squibb’s pending acquisition of Celgene. In June, Bristol-Myers Squibb announced the planned divestiture of OTEZLA® (apremilast) in light of concerns raised by the U.S. Federal Trade Commission (“FTC”). The divestiture would be conditioned upon the closing of the pending transaction between Bristol-Myers Squibb and Celgene. Subject to the satisfaction of customary closing conditions and receipt of regulatory approvals, Bristol-Myers Squibb and Celgene intend to close the pending transaction at the earliest possible date, which the parties currently expect to be at the end of 2019 or the beginning of 2020.
Second Quarter 2019 Earnings Information
Due to the pending transaction with Bristol-Myers Squibb, Celgene is not hosting a conference call in conjunction with its second-quarter 2019 earnings release and does not expect to do so for future quarters. Please direct any questions regarding this press release to Celgene Investor Relations or Celgene Communications.
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through next-generation solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. For more information, please visit www.celgene.com. Follow Celgene on Social Media: @Celgene, Pinterest, LinkedIn, Facebook and YouTube.
About REVLIMID®
In the U.S., REVLIMID® (lenalidomide) in combination with dexamethasone is indicated for the treatment of adult patients with multiple myeloma. REVLIMID® as a single agent is also indicated as a maintenance therapy in adult patients with multiple myeloma following autologous hematopoietic stem cell transplant. REVLIMID® is indicated for patients with transfusion-dependent anemia due to low- or intermediate-1-risk myelodysplastic syndromes associated with a deletion 5q cytogenetic abnormality with or without additional cytogenetic abnormalities. REVLIMID® is approved in the U.S. for the treatment of patients with mantle cell lymphoma (MCL) whose disease has relapsed or progressed after two prior therapies, one of which included bortezomib. REVLIMID® is approved in the U.S. in combination with a rituximab product for the treatment of adult patients with previously treated follicular lymphoma or marginal zone lymphoma. Limitations of Use: REVLIMID® is not indicated and is not recommended for the treatment of chronic lymphocytic leukemia (CLL) outside of controlled clinical trials.
About ABRAXANE®
In the U.S., ABRAXANE® for Injectable Suspension (paclitaxel protein-bound particles for injectable suspension) (albumin-bound) is indicated for the treatment of metastatic breast cancer after failure of combination chemotherapy for metastatic disease or relapse within six months of adjuvant chemotherapy. Prior therapy should have included an anthracycline unless clinically contraindicated. ABRAXANE® is indicated for the first-line treatment of locally advanced or metastatic non-small cell lung cancer, in combination with carboplatin, in patients who are not candidates for curative surgery or radiation therapy. ABRAXANE® is also indicated for the first-line treatment of metastatic adenocarcinoma of the pancreas in combination with gemcitabine.
About POMALYST®
In the U.S., POMALYST® (pomalidomide) is indicated, in combination with dexamethasone, for patients with multiple myeloma who have received at least two prior therapies including lenalidomide and a proteasome inhibitor and have demonstrated disease progression on or within 60 days of completion of the last therapy.
About OTEZLA®
In the U.S., OTEZLA® (apremilast) is indicated for the treatment of adult patients with active psoriatic arthritis. OTEZLA® is indicated in the U.S. for the treatment of patients with moderate to severe plaque psoriasis who are candidates for phototherapy or systemic therapy. OTEZLA® is indicated in the U.S. for the treatment of adult patients with oral ulcers associated with Behçet’s Disease.
Forward-Looking Statement
This press release contains forward-looking statements, which are generally statements that are not historical facts. Forward-looking statements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similar expressions. Forward-looking statements are based on management’s current plans, estimates, assumptions and projections, and speak only as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information or future events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report on Form 10-K and our other reports filed with the Securities and Exchange Commission, including factors related to the proposed transaction between Bristol-Myers Squibb and Celgene, such as, but not limited to, the risks that: management’s time and attention is diverted on transaction related issues, including the planned divestiture of OTEZLA®; disruption from the proposed transaction makes it more difficult to maintain business, contractual and operational relationships; legal proceedings are instituted against Bristol-Myers Squibb, Celgene or the combined company; and Bristol-Myers Squibb, Celgene or the combined company is unable to retain key personnel.
Hyperlinks are provided as a convenience and for informational purposes only. Celgene bears no responsibility for the security or content of external websites.
Use of Non-GAAP Financial Measures
In addition to financial information prepared in accordance with U.S. GAAP, this document also contains certain non-GAAP financial measures based on management’s view of performance including:
Management uses such measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. When preparing these supplemental non-GAAP financial measures we typically exclude certain GAAP items that management does not consider to be normal, recurring cash operating expenses but that may not meet the definition of unusual or non-recurring items. Other companies may define these measures in different ways. The following categories of items are excluded from adjusted financial results:
Acquisition/Integration and Divestiture Related Costs: We exclude the impact of certain amounts recorded in connection with business combinations and divestitures from our adjusted financial results that are either non-cash or not normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. These amounts may include non-cash items such as the amortization of acquired intangible assets, amortization of purchase accounting adjustments to inventories, intangible asset impairment charges and expense or income related to changes in the estimated fair value measurement of contingent consideration and success payments. We also exclude transaction and certain other cash costs associated with business acquisitions and divestitures that are not normal, recurring operating expenses, including severance costs which are not part of a formal restructuring program as well as integration preparation costs associated with our merger with Bristol-Myers Squibb.
Share-Based Compensation Expense: We exclude share-based compensation from our adjusted financial results because share-based compensation expense, which is non-cash, fluctuates from period to period based on factors that are not within our control, such as our stock price on the dates share-based grants are issued.
Collaboration-Related Upfront Expenses: We exclude collaboration-related upfront expenses from our adjusted financial results because we do not consider them to be normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Upfront payments to collaboration partners are made at the commencement of a relationship anticipated to continue for a multi-year period and provide us with intellectual property rights, option rights and other rights with respect to particular programs. The variability of amounts and lack of predictability of collaboration-related upfront expenses makes the identification of trends in our ongoing research and development activities more difficult. We believe the presentation of adjusted research and development, which does not include collaboration-related upfront expenses, provides useful and meaningful information about our ongoing research and development activities by enhancing investors’ understanding of our normal, recurring operating research and development expenses and facilitates comparisons between periods and with respect to projected performance. All expenses incurred subsequent to the initiation of the collaboration arrangement, such as research and development cost-sharing expenses/reimbursements and milestone payments up to the point of regulatory approval are considered to be normal, recurring operating expenses and are included in our adjusted financial results.
Research and Development Asset Acquisition Expense: We exclude costs associated with acquiring rights to pre-commercial compounds because we do not consider such costs to be normal, recurring operating expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing. Research and development asset acquisition expenses includes expenses to acquire rights to pre-commercial compounds from a collaboration partner when there will be no further participation from the collaboration partner or other parties. The variability of amounts and lack of predictability of research and development asset acquisition expenses makes the identification of trends in our ongoing research and development activities more difficult. We believe the presentation of adjusted research and development, which does not include research and development asset acquisition expenses, provides useful and meaningful information about our ongoing research and development activities by enhancing investors’ understanding of our normal, recurring operating research and development expenses and facilitates comparisons between periods and with respect to projected performance.
Restructuring Costs: We exclude costs associated with restructuring initiatives from our adjusted financial results. These costs include amounts associated with facilities to be closed, employee separation costs and costs to move operations from one location to another. We do not frequently undertake restructuring initiatives and therefore do not consider such costs to be normal, recurring operating expenses.
Certain Other Items: We exclude certain other significant items that may occur occasionally and are not normal, recurring cash operating expenses from our adjusted financial results. Such items are evaluated on an individual basis based on both the quantitative and the qualitative aspect of their nature and generally represent items that, either as a result of their nature or magnitude, we would not anticipate occurring as part of our normal business on a regular basis. While not all-inclusive, examples of certain other significant items excluded from adjusted financial results would be: significant litigation-related loss contingency accruals and expenses to settle other disputed matters and, effective for fiscal year 2018, changes in the fair value of our equity securities upon the adoption of ASU 2016-01 (Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities).
Estimated Tax Impact From Above Adjustments: We exclude the net income tax impact of the non-tax adjustments described above from our adjusted financial results. The net income tax impact of the non-tax adjustments includes the impact on both current and deferred income taxes and is based on the taxability of the adjustment under local tax law and the statutory tax rate in the tax jurisdiction where the adjustment was incurred.
Non-Operating Tax Adjustments: We exclude the net income tax impact of certain other significant income tax items, which are not associated with our normal, recurring operations (“Non-Operating Tax Items”), from our adjusted financial results. Non-Operating Tax Items include items which may occur occasionally and are not normal, recurring operating expenses (or benefits), including adjustments related to acquisitions, divestitures, collaborations, certain adjustments to the amount of unrecognized tax benefits related to prior year tax positions, the impact of tax reform legislation commonly referred to as the Tax Cuts and Jobs Act (2017 Tax Act), and other similar items. We also exclude excess tax benefits and tax deficiencies that arise upon vesting or exercise of share-based payments recognized as income tax benefits or expenses due to their nature, variability of amounts, and lack of predictability as to occurrence and/or timing.
Long Term Targets
A reconciliation of long-term adjusted financial targets to the most comparable GAAP measures cannot be provided because we are unable to forecast with reasonable certainty many of the items necessary to calculate such comparable GAAP measures, including share-based compensation expense, collaboration-related upfront expense, research and development asset acquisition expense, acquisition-related expenses, fair value adjustments to contingent consideration, the ultimate outcome of legal proceedings and unusual gains and losses, as well as unforeseen events, risks and developments. These items are uncertain, depend on various factors, and could be material to our results computed in accordance with GAAP. We believe the inherent uncertainties in reconciling our long-term non-GAAP measures to the most comparable GAAP measures would make the forecasted comparable GAAP measures nearly impossible to predict with reasonable certainty and therefore inherently unreliable.
See the attached Reconciliations of GAAP to Adjusted Net Income for explanations of the amounts excluded and included to arrive at the adjusted measures for the three- and six-month periods ended June 30, 2019 and 2018, and for the projected amounts for the twelve-month period ending December 31, 2019.
Celgene Corporation and Subsidiaries Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share data) Three-Month Periods Ended Six-Month Periods Ended June 30, June 30,
2019
2018
2019
2018
Net product sales$ 4,399
$ 3,808
$ 8,423
$ 7,339
Other revenue1
6
2
13
Total revenue4,400
3,814
8,425
7,352
Cost of goods sold (excluding amortization of acquired intangible assets)151
126
291
261
Research and development1,100
1,251
2,316
3,454
Selling, general and administrative793
790
1,566
1,654
Amortization of acquired intangible assets109
127
218
214
Acquisition/integration related charges and restructuring, net136
34
213
65
Total costs and expenses2,289
2,328
4,604
5,648
Operating income2,111
1,486
3,821
1,704
Interest and investment income, net38
9
72
22
Interest (expense)(192)
(192)
(384)
(358)
Other (expense) income, net(136)
4
126
969
Income before income taxes1,821
1,307
3,635
2,337
Income tax provision250
262
519
446
Net income$ 1,571
$ 1,045
$ 3,116
$ 1,891
Net income per common share: Basic$ 2.22
$ 1.46
$ 4.42
$ 2.58
Diluted$ 2.16
$ 1.43
$ 4.31
$ 2.52
Weighted average shares: Basic706.7
716.1
704.6
732.1
Diluted726.7
732.6
723.7
750.6
June 30, December 31,2019
2018
Balance sheet items: Cash, cash equivalents, debt securities available-for-sale and equity investments with readily determinable fair values$ 9,323
$ 6,042
Total assets39,183
35,480
Long-term debt, including current portion19,790
20,270
Total stockholders' equity10,051
6,161
Celgene Corporation and Subsidiaries Reconciliation of GAAP to Adjusted Net Income (In millions, except per share data) Three-Month Periods Ended Six-Month Periods Ended June 30, June 30,2019
2018
2019
2018
Net income - GAAP$ 1,571
$ 1,045
$ 3,116
$ 1,891
Before tax adjustments: Cost of goods sold (excluding amortization of acquired intangible assets): Share-based compensation expense(1)
13
9
25
18
Research and development: Share-based compensation expense(1)
112
157
238
356
Collaboration-related upfront expense(2)
53
146
269
391
Research and development asset acquisition expense(3)
-
-
-
1,125
Adjustment related to clinical trial and development activity wind-down costs(4)
-
-
-
(60)
Selling, general and administrative: Share-based compensation expense(1)
100
118
219
311
Amortization of acquired intangible assets(5)
109
127
218
214
Acquisition/integration related (gains) charges and restructuring, net: Change in fair value of contingent consideration and success payments(6)
(46)
7
(16)
(23)
Juno acquisition related charges(7)
-
27
-
88
Bristol-Myers Squibb acquisition/integration related charges(8)
182
-
229
-
Other (expense) income, net: Change in fair value of equity investments(9)
147
6
(122)
(953)
Income tax provision: Estimated tax impact from above adjustments(10)
(141)
(52)
(226)
(185)
Non-operating tax adjustments(11)
(21)
(5)
(37)
(16)
Net income - Adjusted$ 2,079
$ 1,585
$ 3,913
$ 3,157
Net income per common share - Adjusted Basic$ 2.94
$ 2.21
$ 5.55
$ 4.31
Diluted$ 2.86
$ 2.16
$ 5.41
$ 4.21
Explanation of adjustments:(1)
Exclude share-based compensation expense totaling $225 and $284 for the three-month periods ended June 30, 2019 and 2018, respectively. Exclude share-based compensation expense totaling $482 and $685 for the six-month periods ended June 30, 2019 and 2018, respectively.(2)
Exclude upfront payment expense for research and development collaboration arrangements.(3)
Exclude research and development asset acquisition expenses.(4)
Exclude adjustment of clinical trial and development activity wind-down costs associated with the discontinuance of GED-0301 clinical trials in Crohn's disease.(5)
Exclude amortization of intangible assets acquired in the acquisitions of Pharmion Corp., Gloucester Pharmaceuticals, Inc. (Gloucester), Abraxis BioScience, Inc. (Abraxis), Quanticel Pharmaceuticals, Inc. (Quanticel) and Juno Therapeutics, Inc. (Juno).(6)
Exclude changes in the fair value of contingent consideration related to the acquisitions of Gloucester, Abraxis, Celgene Avilomics Research, Inc., Quanticel and Juno (including success payments).(7)
Exclude acquisition costs related to the Juno acquisition.(8)
Exclude acquisition and integration preparation costs related to the pending Bristol-Myers Squibb merger.(9)
Exclude changes in the fair value of equity investments upon the adoption of ASU 2016-01 (Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities).(10)
Exclude the estimated tax impact of the above adjustments.(11)
Exclude other non-operating tax expense items. The adjustments for the three-month period ended June 30, 2019 are to exclude excess tax benefits recorded in the Income Tax Provision as per ASU 2016-09 (Compensation-Stock Compensation) of $11 and a tax benefit related to our equity investments of $10. The adjustments for the six-month period ended June 30, 2019 are to exclude excess tax benefits recorded in the Income Tax Provision per ASU 2016-09 (Compensation-Stock Compensation) of $27 and a tax benefit related to our equity investments of $10. The adjustments for the three- and six-month periods ended June 30, 2018 are to exclude excess tax benefits recorded in the Income Tax Provision as per ASU 2016-09 (Compensation-Stock Compensation). Celgene Corporation and Subsidiaries Reconciliation of Full-Year 2019 Projected GAAP to Adjusted Net Income (In millions, except per share data)Range
Low
High
Projected net income - GAAP(1)
$ 6,361
$ 6,890
Before tax adjustments: Cost of goods sold (excluding amortization of acquired intangible assets): Share-based compensation expense40
34
Research and development: Share-based compensation expense409
353
Collaboration-related upfront expense320
320
Selling, general and administrative: Share-based compensation expense387
334
Amortization of acquired intangible assets459
424
Acquisition/integration related charges and restructuring, net: Change in fair value of contingent consideration and success payments22
(22)
Bristol-Myers Squibb acquisition/integration related charges231
231
Other (expense) income, net: Change in fair value of equity investments(164)
(164)
Income tax provision: Estimated tax impact from above adjustments(253)
(442)
Non-operating tax adjustments(37)
(37)
Projected net income - Adjusted$ 7,775
$ 7,921
Projected net income per diluted common share - GAAP$ 8.71
$ 9.44
Projected net income per diluted common share - Adjusted$ 10.65
$ 10.85
Projected weighted average diluted shares730.0
730.0
(1)
Our projected 2019 earnings do not include the effect of any business combinations, collaboration agreements, asset acquisitions, asset impairments, litigation-related loss contingency accruals, changes in the fair value of our CVRs issued as part of the acquisition of Abraxis, changes in the fair value of equity investments upon the adoption of ASU 2016-01 (Financial Instruments-Overall: Recognition and Measurement of Financial Assets and Financial Liabilities) or non-operating tax adjustments that may occur after the day prior to the date of this press release. In addition, our projected 2019 financial measures do not include the effect of costs associated with the Bristol-Myers Squibb and Celgene transaction that may occur after the day prior to the date of this press release. Celgene Corporation and Subsidiaries Net Product Sales (In millions)Three-Month Periods
Ended June 30,
% Change
2019
2018
Reported
Operational(1)
Currency(2)
REVLIMID® U.S.$ 1,810
$ 1,586
14.1%
14.1%
0.0%
International922
867
6.3%
10.0%
(3.7)%
Worldwide2,732
2,453
11.4%
12.7%
(1.3)%
POMALYST®/IMNOVID® U.S.447
341
31.1%
31.1%
0.0%
International172
166
3.6%
7.2%
(3.6)%
Worldwide619
507
22.1%
23.3%
(1.2)%
OTEZLA® U.S.399
291
37.1%
37.1%
0.0%
International94
84
11.9%
14.9%
(3.0)%
Worldwide493
375
31.5%
32.2%
(0.7)%
ABRAXANE® U.S.207
152
36.2%
36.2%
0.0%
International109
91
19.8%
22.9%
(3.1)%
Worldwide316
243
30.0%
31.2%
(1.2)%
IDHIFA® U.S.25
16
56.3%
56.3%
0.0%
International3
1
200.0%
217.7%
(17.7)%
Worldwide28
17
64.7%
65.9%
(1.2)%
VIDAZA® U.S.2
3
(33.3)%
(33.3)%
0.0%
International162
159
1.9%
5.6%
(3.7)%
Worldwide164
162
1.2%
4.8%
(3.6)%
azacitidine for injection U.S.6
5
20.0%
20.0%
0.0%
International2
-
N/A
N/A
N/A
Worldwide8
5
60.0%
60.3%
(0.3)%
THALOMID® U.S.16
17
(5.9)%
(5.9)%
0.0%
International8
11
(27.3)%
(23.3)%
(4.0)%
Worldwide24
28
(14.3)%
(12.8)%
(1.5)%
ISTODAX® U.S.8
14
(42.9)%
(42.9)%
0.0%
International5
3
66.7%
69.3%
(2.6)%
Worldwide13
17
(23.5)%
(23.0)%
(0.5)%
All Other U.S.-
-
N/A
N/A
N/A
International2
1
N/A
N/A
N/A
Worldwide2
1
N/A
N/A
N/A
Total Net Product Sales U.S.2,920
2,425
20.4%
20.4%
0.0%
International1,479
1,383
6.9%
10.5%
(3.6)%
Worldwide$ 4,399
$ 3,808
15.5%
16.8%
(1.3)%
(1)
Operational includes the impact from both fluctuations in volume and net selling price changes.(2)
Currency includes the impact from both fluctuations in foreign exchange rates and hedging activities. Celgene Corporation and Subsidiaries Net Product Sales (In millions)Six-Month Periods
Ended June 30,
% Change
2019
2018
Reported
Operational(1)
Currency(2) REVLIMID® U.S.$ 3,496
$ 3,073
13.8%
13.8%
0.0%
International1,813
1,614
12.3%
16.4%
(4.1)%
Worldwide5,309
4,687
13.3%
14.7%
(1.4)%
POMALYST®/IMNOVID® U.S.837
641
30.6%
30.6%
0.0%
International339
319
6.3%
9.6%
(3.3)%
Worldwide1,176
960
22.5%
23.6%
(1.1)%
OTEZLA® U.S.700
567
23.5%
23.5%
0.0%
International182
161
13.0%
15.2%
(2.2)%
Worldwide882
728
21.2%
21.7%
(0.5)%
ABRAXANE® U.S.403
311
29.6%
29.6%
0.0%
International199
194
2.6%
5.9%
(3.3)%
Worldwide602
505
19.2%
20.5%
(1.3)%
IDHIFA® U.S.44
30
46.7%
46.7%
0.0%
International6
1
500.0%
524.3%
(24.3)%
Worldwide50
31
61.3%
62.4%
(1.1)%
VIDAZA® U.S.5
5
0.0%
0.0%
0.0%
International310
314
(1.3)%
1.8%
(3.1)%
Worldwide315
319
(1.3)%
1.7%
(3.0)%
azacitidine for injection U.S.11
11
0.0%
0.0%
0.0%
International4
1
300.0%
301.0%
(1.0)%
Worldwide15
12
25.0%
25.1%
(0.1)%
THALOMID® U.S.31
36
(13.9)%
(13.9)%
0.0%
International17
23
(26.1)%
(22.7)%
(3.4)%
Worldwide48
59
(18.6)%
(17.3)%
(1.3)%
ISTODAX® U.S.14
30
(53.3)%
(53.3)%
0.0%
International9
6
50.0%
51.6%
(1.6)%
Worldwide23
36
(36.1)%
(35.8)%
(0.3)%
All Other U.S.-
-
N/A
N/A
N/A
International3
2
N/A
N/A
N/A
Worldwide3
2
N/A
N/A
N/A
Total Net Product Sales U.S.5,541
4,704
17.8%
17.8%
0.0%
International2,882
2,635
9.4%
13.1%
(3.7)%
Worldwide$ 8,423
$ 7,339
14.8%
16.1%
(1.3)%
(1)
Operational includes the impact from both fluctuations in volume and net selling price changes.(2)
Currency includes the impact from both fluctuations in foreign exchange rates and hedging activities.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190730005554/en/
Celgene Investors: 908-673-9628 ir@celgene.com or Media: 908-673-2275 media@celgene.com
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