SUMMIT (dpa-AFX) - Celgene Corp. (CELG) reported that its net income for the fourth quarter of 2014 was $614 million and $0.74 per share, up from $214 million and $0.25 per share in the fourth quarter of 2013.
Adjusted net income for the fourth quarter of 2014 increased 29 percent to $840 million compared to $649 million in the fourth quarter of 2013. Adjusted earnings per share increased 33 percent to $1.01 from $0.76, on a stock split-adjusted basis. Analysts polled by Thomson Reuters expected the company to report earnings of $0.99 per share for the quarter. Analysts' estimates typically exclude special items.
Quarterly net product sales were $2.055 billion compared to $1.725 billion from the same period in 2013, an increase of 19 percent. Fourth quarter total revenue increased 19 percent to $2.085 billion compared to $1.756 billion in the fourth quarter of 2013. Wall Street expected revenues of $2.08 billion for the quarter.
For 2015, Adjusted earnings per share is expected to be in the range of $4.60 to $4.75, an increase of approximately 26.0 percent year-over-year based on the mid-point of the range. GAAP earnings per share is expected to be in the range of $3.68 to $3.92. Total net product sales are expected to be $9.000 billion to $9.500 billion, an increase of 22.3 percent year-over-year based on the mid-point of the range and includes a negative impact from foreign exchange approaching $100 million. Wall Street currently is looking for fiscal year 2015 earnings of $4.87 per share on annual revenues of $9.29 billion.
At the 33rd Annual J.P. Morgan Healthcare Conference in January, the Company reaffirmed 2017 financial targets and provided new 2020 financial targets.
For 2017, the company targets Net product sales to be in the range of $13.000 billion to $14.000 billion.
Net product sales are expected to exceed $20.00 billion in 2020.
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