Celgene's fourth-quarter product sales jumped 17 percent year-over-year to around $3 billion, in line with expectations, boosted by the performance of Revlimid, Pomalyst and Otezla, the company reported Thursday. Net income in the three-month period reached $428.9 million, down from $561 million in the prior-year quarter, mainly due to higher R&D expenses as a result of the acquisition of Acetylon Pharmaceuticals.
CEO Mark J. Alles commented "2016 was an outstanding year of progress strengthening our commercial portfolio and advancing our early-, mid- and late-stage pipeline." Annual sales surged 22 percent to $11.2 billion, with net income reaching $2 billion, versus $1.6 billion in 2015.
For individual therapies, Celgene noted that quarterly sales of Revlimid jumped 16 percent year-over-year to $1.8 billion due to market share gains and increased durations of treatment. Meanwhile, revenue from Pomalyst/Imnovid climbed 29 percent to $378 million, with sales of Otezla surging 67 percent versus the year-ago period to $305 million. Meanwhile, Abraxane amassed $266 million in revenue, down 1 percent over the fourth quarter of 2015.
"We expect our business momentum and significant near-term catalysts to drive high-growth through 2017 and beyond," Alles added. As disclosed earlier this month, Celgene said it expects revenue for 207 in the range of $13 billion to $13.4 billion, with earnings per share between $7.10 and $7.25. Analysts predict annual sales of $13.3 billion with earnings of $7.13 per share.
Separately on Thursday, Celgene announced an agreement to purchase privately held biotech firm Delinia for an upfront payment of $300 million plus as much as $475 million upon achievement of certain development, regulatory and commercial milestones.
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