Celgene Revenue Rises on Cancer Drug Sales

By Michael Calia 

Celgene Corp. said its revenue rose in the most recent period, driven by sales growth of its key cancer treatment, particularly in the U.S.

The pharmaceutical company's top line beat analysts' expectations, while its profit was in line with them.

The Summit, N.J., company expects it to be an important year for Revlimid, a blockbuster blood-cancer drug, which will be tested in trials for treatment of a kind of lymphoma. The Food and Drug Administration, meanwhile, is expected to decide whether the drug can be used to treat newly diagnosed multiple myeloma.

The company said Thursday that it expects regulators in the U.S. and the European Union to make key decisions on the drug during the first quarter.

Revlimid sales rose 16% to $1.32 billion in the most recent quarter, as market share increased along with the duration of therapy. U.S. sales of the drug increased 20% while international sales rose 11%. Celgene warned earlier in January that a stronger dollar will weigh on sales gains related to the drug.

Overall, the company posted earnings of $613.9 million, or 74 cents a share, up from $214.4 million, or 25 cents a share, a year ago. Excluding certain items, per-share earnings were $1.01.

Revenue rose 19% to $2.09 billion.

The company said earlier this month that it was expecting to post quarterly earnings of $1.01 a share and sales of $2.05 billion.

Research and development costs declined 20% to $584.9 million.

Write to Michael Calia at [e-mail]

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