Celgene's first-quarter sales jump on higher Revlimid revenue

Headline results for the first quarter:

Revenue

$4 billion (in line with forecasts)

+14%

Profit

$1.5 billion

Versus $846 million

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

What the company said:

"In the first quarter, we delivered strong top- and bottom-line growth while advancing our innovative pipeline with multiple regulatory submissions in the US and EU," remarked Celgene CEO Mark Alles, adding "our excellent operating performance continues to generate positive momentum into the expected closing of the Bristol-Myers Squibb transaction during the third quarter of 2019."

Other results:

  • Revlimid: $2.6 billion, up 15 percent, fuelled by increases in treatment duration and market share
  • Pomalyst/Imnovid: $557 million, up 23 percent, driven by increases in treatment duration and market share
  • Otezla: $389 million, up 10 percent, fuelled by increased demand in US and continued expansion in key ex-US markets
  • Abraxane: $286 million, up 9 percent, primarily driven by increases in demand and customer buying patterns
  • Other products including Idhifa, Thalomid, Istodax, Vidaza and an authorised generic of Vidaza: $215 million, versus $229 million in the year-ago quarter

Looking ahead:

Celgene affirmed its prior guidance of full-year earnings in the range of $10.60 per share to $10.80 per share on $17 billion to $17.2 billion in revenue. Analysts have forecast per-share earnings of $10.70 on $17.1 billion in sales.

The drugmaker still expects full-year revenue of $10.8 billion for Revlimid, which would reflect 12-percent growth year-on-year, while sales of Pomalyst/Imnovid and Otezla are projected to jump 18 percent to $2.4 billion and $1.9 billion, respectively.

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