Celgene's profit, revenue beat estimates in Q3 with Otezla sales soaring 40 percent

Headline results for the third quarter:

Revenue

$3.89 billion (forecasts of $3.85 billion)

+18%

Net Income

$1.1 billion

Versus $988 million

Note: All changes are versus the prior-year period unless otherwise stated

What the company said:

Chief executive Mark Alles said "excellent top- and bottom-line momentum in the third quarter supports raising our 2018 financial guidance."

Other results:

  • Revlimid: $2.45 billion (forecasts of $2.47 billion), up 18 percent, boosted by growth in market share and longer treatment duration
  • Pomalyst/Imnovid: $513 million, up 23 percent, missing estimates; driven by increases in market share and treatment duration
  • Otezla: $432 million (forecasts of $383.3 million), up 40 percent, fuelled by increased demand due to expanded market access
  • Abraxane: $288 million, up 15 percent, topping estimates; bolstered by increases in demand and customer buying patterns
  • Other products including Idhifa, Thalomid, Istodax, Vidaza and an authorised generic of Vidaza: $208 million, versus $226 million in the year-ago quarter

Looking ahead:

Celgene projects full-year earnings in the range of $8.75 per share to $8.80 per share, up from prior guidance of between $8.70 per share and $8.75 per share. The company also now expects revenue this year to be $15.2 billion, versus an earlier outlook of about $15 billion, reflecting higher projected Otezla sales of roughly $1.6 billion, from $1.5 billion previously.

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