By Michael Calia
Celgene Corp. said its second-quarter profit jumped 25% as sales
of its key drug again drove an increase in revenue.
The company's results topped analysts' expectations
Celgene also boosted its adjusted per-share earnings outlook for
the year to a range of $3.60 to $3.65, compared with its earlier
guidance of $3.50 to $3.60 a share.
"Strong second-quarter operating and financial results
demonstrate the significant momentum of our portfolio and support
raising our 2014 guidance," Chairman and Chief Executive Bob Hugin
said.
The company's results of late have depended on the strength of
its leading product, Revlimid, a blood-cancer treatment. That trend
continued in the most-recent quarter, with sales of the drug rising
15% to $1.21 billion.
Celgene ran into a bump in the road earlier this month when it
said that a late-stage trial of its Otezla drug to treat patients
with a form of long-term arthritis failed to meet its primary
endpoint. An independent committee recommended that the company
continue with the trial. However, the drug received Food and Drug
Administration approval earlier this year for another arthritis
treatment.
Celgene posted a profit of $597.8 million, or 72 cents a share,
up from $478.1 million, or 56 cents a share, in the prior-year
quarter. Excluding items such as share-based compensation expenses
and costs related to acquired assets, adjusted earnings rose to 90
cents a share from 76 cents a share.
Revenue rose 17% to $1.87 billion.
Analysts had projected earnings of 76 cents a share and revenue
of $1.85 billion, according to Thomson Reuters.
Costs and expenses rose 7.6% to $1.11 billion.
Write to Michael Calia at michael.calia@wsj.com
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