Celgene posts higher Q3 results, with sales topping forecasts

Headline results for the third quarter:

Revenue

$4.5 billion (forecasts of $4.4 billion)

+16%

Profit

$1.7 billion

Versus $1.1 billion

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

What the company said:

"Across functions and around the world, our teams delivered outstanding third-quarter results," commented CEO Mark Alles, adding "we…look forward to closing the Bristol-Myers Squibb transaction by the end of the year." The companies have obtained unconditional approval from the European Commission for their planned merger, with closure now hinging on acceptance by the US Federal Trade Commission.

Other results:

  • Revlimid: $2.8 billion, up 13%, with growth driven mainly by the adoption of triplet therapy, resulting in increases in treatment duration and market share
  • Pomalyst/Imnovid: $664 million, up 29%, with triplet regimens expected to boost share and duration
  • Otezla: $547 million, up 27%, the psoriasis treatment will be acquired by Amgen following closure of the merger agreement between Celgene and Bristol-Myers Squibb
  • Abraxane: $318 million, up 10%, led by higher demand due to immuno-oncology combinations in NSCLC and triple-negative breast cancer
  • Other products including Idhifa, Thalomid, Istodax, Vidaza and an authorised generic of Vidaza: $219 million, versus $208 million in the prior year

Looking ahead:

Celgene reaffirmed that it expects full-year earnings per share in the range of $10.65 to $10.85, although it noted that  its projection does not include the effect of costs associated with the planned Bristol-Myers Squibb merger.  

To read more Top Story articles, click here.