Celgene's fourth-quarter sales increase 16 percent

Headline results for the fourth quarter:

Revenue

$4 billion (in line with forecasts)

+16%

Profit

$1.1 billion

Loss of $81 million

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

What the company said:

Chief executive Mark Alles remarked "2018 was another year of excellent operating results," adding "we are very optimistic about our potential for long-term growth as part of the new Bristol-Myers Squibb." Celgene recently agreed to be acquired by Bristol-Myers Squibb for around $74 billion, with the transaction set to close in the third quarter.

Other results:

  • Revlimid: $2.5 billion, up 16 percent, in line with forecasts, with growth driven by increases in treatment duration and market share
  • Pomalyst/Imnovid: $567 million, up 28 percent, as US sales climbed 39 percent to $393 million, mainly due to increases in treatment duration and market share
  • Otezla: $448 million, up 21 percent, benefiting from increased demand in the US and launch uptake in other key markets, including Japan
  • Abraxane: $269 million, up 7 percent
  • Other products including Idhifa, Thalomid, Istodax, Vidaza and an authorised generic of Vidaza: $203 million, versus $227 million in the prior year
  • Full-year revenue: $15.3 billion, up 18 percent
  • Full-year profit: $4 billion, versus $2.9 billion in the prior year

Looking ahead:

Celgene expects full-year sales of between $17 billion and $17.2 billion, representing growth of around 12 percent over 2018, with earnings per share projected to rise by 21 percent to a range of $10.60 to $10.80. Analysts anticipate revenue of $16.9 billion on earnings of $10.50 per share.

The company indicated that sales of Revlimid will be about $10.8 billion this year, an increase of 12 percent over 2018, with Pomalyst/Imnovid and Otezla rising 18 percent to about $2.4 billion and $1.9 billion, respectively.

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