Celgene lifts annual earnings guidance, as first-quarter sales increase 18 percent

Celgene announced Thursday that first-quarter sales rose 18 percent year-over-year to just under $3 billion, with revenue from Revlimid surging 20 percent to $1.9 billion. Meanwhile, net income in the three-month period reached $941 million, up from $801 million in the year-earlier quarter. 

Sales of Pomalyst/Imnovid climbed 33 percent in the quarter to $364 million, while Otezla's revenue reached $242 million, reflecting growth of 24 percent. The company said Abraxane sales increased by 5 percent year-over-year to $236 million. Quarterly revenue from all other products, which include Thalomid, Istodax and Vidaza, as well as an authorised generic version of Vidaza in the US, totalled $224 million, compared with $226 million in the year-ago period. 

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CEO Mark Alles remarked "our significant first-quarter operational, financial and strategic progress strengthen our confidence and outlook for 2017." He added that the company's "momentum is increasing as we continue to generate meaningful catalysts and long-term value drivers." 

The drugmaker indicated that it now expects full-year earnings per share to be in the range of $7.15 to $7.30, revised upwards from a prior forecast of between $7.10 per share and $7.25 per share, with analysts forecasting earnings of $7.23 per share. The full-year sales outlook remains unchanged at between $13 billion and $13.4 billion, Celgene said.

 

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