SUMMIT (dpa-AFX) - Integrated biopharmaceutical company Celgene Corp. (CELG) reported Thursday a profit for the first quarter that surged from last year, reflecting lower expenses and double-digit revenue growth amid higher international sales of Revlimid and Vidaza.
Although both adjusted earnings per share and quarterly revenues missed analysts' expectations, the company was still able to reaffirm its earnings and revenue forecast for the full-year 2012.
'We ended the first quarter with positive momentum across our product portfolio despite a slower-than-expected January. The meaningful clinical and regulatory accomplishments during the quarter position us to achieve transformational milestones throughout 2012 that are designed to sustain our industry-leading growth well into the future,' Chairman and CEO Bob Hugin said in a statement.
The Summit, New Jersey-based company reported net income of $401.54 million or $0.90 per share for the first quarter, higher than $255.59 million or $0.54 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter increased to $484.43 million or $1.08 per share from $393.39 million or $0.83 per share in the year-ago quarter.
On average, 25 analysts polled by Thomson Reuters expected the company to report earnings of $1.13 per share for the first quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 15 percent to $1.27 billion from $1.13 billion in the same quarter last year, but missed twenty Wall Street analysts' consensus estimate of $1.32 billion.
Net product sales grew 17 percent to $1.26 billion from last year. Globally, Revlimid sales grew 17 percent to $861 million, and Vidaza sales increased 14 percent to $186 million from last year, while Thalomid declined 9 percent to $78 million fro last year. Meanwhile, Abraxane sales were $104 million, a 41 percent increase from last year.
Operating income for the quarter surged to $482.26 million from $287.31 million in the prior-year quarter.
Total costs and expenses were $791.03 million, down from $837.31 million a year ago as cost of goods sold were down to $72.52 million from $127.27 million, and R&D expenses decreased to $362.04 million from $435.48 million last year.
Looking ahead to fiscal 2012, the company continues to expect adjusted earnings in a range of $4.70 to $4.80 per share, on projected revenues between $5.4 billion and $5.6 billion, with Revlimid sales anticipated between $3.75 billion and $3.85 billion.
Street is currently looking for full-year 2012 earnings of $4.83 per share, on annual revenues of $5.53 billion.
In Thursday's regular trading session, CELG is currently trading at $74.58, down $3.33 or 4.27% on a volume of 1.90 million shares.
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© 2012 AFX News
