Celgene earnings beat Wall Street’s first-quarter expectations late Thursday as the biotech reaffirmed a third-quarter close date for its acquisition by Bristol-Myers Squibb (BMY). In after-hours trading on the stock market today, shares of Celgene (CELG) dipped a fraction.
For the first quarter, Celgene earnings of $2.55 per share, minus certain items, grew 24% year over year, Celgene said in a news release. That beat analyst forecasts for Celgene earnings of $2.43 a share. Revenue grew 14% to $4.03 billion and topped expectations for $4.01 billion.
“In the first quarter, we delivered strong top- and bottom-line growth while advancing our innovative pipeline with multiple regulatory submissions in the U.S. and EU,” Chief Executive Mark Alles said in a written statement.
Revlimid Sales Up 15%
Celgene’s biggest moneymaker, a cancer treatment called Revlimid, brought in $2.58 billion during the quarter ended March 31. Sales from Revlimid increased 15% year over year. The strongest growth stemmed from international efforts.
Fellow cancer drugs Pomalyst and Abraxane generated $557 million and $286 million, respectively. Pomalyst sales popped 23% and Abraxane sales jumped 9%. Importantly, key psoriasis medicine Otezla saw sales rise 10% to $389 million.
For the year, Celgene guided to $17 billion to $17.2 billion in revenue. That was in line with the Street estimate for $17.11 billion. Celgene also expects to earn $10.60-$10.80 per share, meeting analyst views for Celgene earnings of $10.70 a share.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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