SUMMIT (dpa-AFX) - Biopharmaceutical company Celgene Corp. (CELG) reported Thursday a profit for the third quarter that surged from last year, reflecting double-digit product sales boosted by Revlimid sales.
Both adjusted earnings per share and quarterly revenues topped analysts' expectations. The company also raised its earnings and revenue forecast for the full-year 2014.
'We delivered outstanding third quarter results setting up a strong finish to 2014,' Chairman and CEO Bob Hugin said in a statement.
The Summit, New Jersey-based company reported net income of $508.5 million or $0.61 per share for the third quarter, higher than $372.5 million or $0.43 per share in the prior-year quarter.
Excluding items, adjusted net income for the quarter was $805.6 million or $0.97 per share, compared to $669.5 million or $0.78 per share in the year-ago quarter.
On average, 24 analysts polled by Thomson Reuters expected the company to report earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenues for the quarter increased 18 percent to $1.98 billion from $1.67 billion in the same quarter last year, and topped twenty-one Wall Street analysts' consensus estimate of $1.96 billion.
Net product sales grew 19 percent to $1.96 billion from last year. Globally, Revlimid sales grew 19.3 percent to $1.30 billion, Abraxane sales increased 25.1 percent to $212 million and Pomalyst/Imnovid sales doubled to $181 million from last year. Meanwhile, Vidaza sales declined 28.4 percent to $157.8 million from a year ago.
Domestic net product sales for the quarter grew 15.6 percent to $1.13 billion, and international sales increased 24.3 percent to $829.5 million from last year.
Operating income for the quarter grew to $646.6 million from $455.6 million in the prior-year quarter.
Total costs and expenses were $1.34 billion, higher than $1.22 million a year ago as SG&A expenses grew to $498 million from $449 million, and R&D expenses increased to $675 million from $585 million last year, primarily due to higher clinical trial activity in support of the company's early- to mid-stage pipeline.
Looking ahead to fiscal 2014, the company raised its adjusted earnings guidance to a range of $3.65 to $3.70 per share from the prior forecast of $3.60 to $3.65 per share. It now projects total product sales exceeding the prior guidance of about $7.60 billion, with Revlimid sales to slightly exceed $4.95 billion and Abraxane sales to be about $850 million.
Street is currently looking for full-year 2014 earnings of $3.67 per share, on annual revenues of $7.61 billion.
'Upcoming U.S. and European clinical and regulatory milestones and the meaningful progress we are making with our pipeline strengthen our position for future growth and success,' Hugin added.
In Thursday's regular trading session, CELG is currently trading at $96.59, up $1.83 or 1.93% on a volume of 0.69 million shares. In the past 52-week period, the stock has been trading in a range of $66.85 to $96.85.
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