Second-Quarter Revenue at Celgene Surpasses Wall Street Targets

By Micah Maidenberg

Celgene Corp. (CELG) beat revenue estimates for the second quarter as it prepares to merge with Bristol-Myers Squibb Co.

The company said Tuesday sales rose 15% from the year earlier to $4.4 billion. Analysts expected $4.24 billion, according to FactSet.

Celgene reported a profit of $1.57 billion, or $2.16 a share, up from $1.05 billion, or $1.43 a share, a year earlier. The company's adjusted earnings of $2.86 a share after adjustments surpassed the $2.63 a share analysts were looking for.

Second-quarter sales of the blood cancer drug Revlimid, a major product for Celgene, rose 11% from the year earlier.

Bristol-Myers and Celgene anticipate the Bristol-Myers will complete its acquisition of Celgene by the end of this year or in early 2020.

Celgene also said it now expects revenue between $17.2 billion and $17.4 billion for 2019. That's up from a previous forecast that predicted no more than $17.2 billion in revenue. It said adjusted earnings for the year will range from $10.60 to $10.85 a share, up from $10.60 to $10.80 a share.

Celgene reaffirmed its previous revenue and adjusted-profit outlook for 2020. It also said that due to the pending transaction with Bristol-Myers it didn't anticipate updating that forecast.

Write to Micah Maidenberg at [e-mail]

(END) Dow Jones Newswires

July 30, 2019 08:28 ET (12:28 GMT)

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