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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 |
By Lisa Beilfuss
Celgene Corp. said adjusted earnings soared in its latest quarter, driven by sales of the cancer-drug company's blockbuster drug.
The Summit, N.J., company, which earlier this month announced plans to buy autoimmune-drug company Receptos for $7.2 billion, has been trying to diversify beyond its foothold in drugs treating multiple myeloma. About 65% of its $7.6 billion in 2014 total product sales came from just one of these drugs, Revlimid.
In the latest quarter, Revlimid sales grew 19% to $1.44 billion, on higher volume in the U.S. and abroad and because of increased duration of therapy. This year, Celgene expects $5.6 billion to $5.7 billion in Revlimid sales.
Sales of the company's second-biggest drug, small-cell lung cancer treatment Abraxane, rose 13% to $244 million. The rise was driven by increased use in pancreatic cancer patients, the company said.
On Thursday, Chief Executive Bob Hugin said recently announced transactions with AstraZeneca and Juno, in addition to its Receptos buy, would accelerate earnings growth beginning in 2019.
In all for the period, the company booked a profit of $356.2 million, down from $597.8 million a year earlier. On a per-share basis, earnings fell to 43 cents from 90 cents. Stripping out acquisition-related costs and collaboration expenses, but including a 6 cent gain from an investment sale, profit per share increased to $1.23 from 90 cents.
Revenue climbed 22% to $2.28 billion. Celgene, which generates over 40% of sales abroad, said currency headwinds shaved 2% off its top line in the second quarter.
Celgene had guided for $1.23 in adjusted earnings per share, including the aforementioned 6 cent gain, and $2.3 billion in sales.
The company on Thursday backed the full-year view it recently raised, still expecting $4.75 to $4.85 in adjusted earnings per share on $9 billion to $9.5 billion in revenue.
Shares in the company, up about 20% this month, added 0.6% premarket.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
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