SUMMIT (dpa-AFX) - Drug maker Celgene Corp. (CELG) reported first-quarter net income of $279.7 million or $0.66 per share, down from $384.9 million or $0.89 per share in the prior-year quarter.
Adjusted net income for the quarter was $704.9 million or $1.67 per share, compared to $591.7 million or $1.37 per share in the year-ago quarter.
On average, 27 analysts polled by Thomson Reuters expected the company to report earnings of $1.65 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter grew 18 percent to $1.73 billion from $1.47 billion in the same quarter last year. Twenty-four Wall Street analysts had a consensus revenue estimate of $1.77 billion for the quarter.
Net product sales grew 19 percent to $1.71 billion from last year.
Looking ahead to fiscal 2014, Celgene continues to expect adjusted earnings in the range of $7.00 to $7.20 per share, on projected total revenues of about $7.5 billion and product sales between $7.3 billion and $7.4 billion, with Revlimid sales of $4.9 billion to $5 billion.
Street is currently looking for full-year 2014 earnings of $7.29 per share on annual revenues of $7.59 billion.
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