Celgene Reports Second-Quarter Results, Highlights 'Outstanding' 2016 Performance

Shares of Celgene Corporation (NASDAQ: CELG) were trading higher by 0.43 percent at $108.11 after the company reported its second-quarter results.

Celgene said it earned $1.44 per share in the second quarter on revenue of $2.74 billion. Wall Street analysts were expecting the company to earn $1.39 per share on revenue of $2.7 billion.

Net income for the quarter on a GAAP basis rose to $598 million from $356 million in the same quarter a year ago as the company benefited from a sales growth of 22 percent.

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Celgene also raised its full-year fiscal 2016 guidance and now expects to earn $5.70–$5.76 per share on revenue of approximately $11 billion. The company previously guided its full-year earnings per share to be in a range of $5.60–$5.70 on revenue of $10.75 billion–$11 billion.

"Our first-half 2016 operating results were outstanding and we are pleased with the progress made advancing many key corporate objectives," said Mark J. Alles, Chief Executive Officer of Celgene Corporation. "This strong momentum increases our confidence in our near- and longer-term outlook as we continue to invest in innovative research and the development of transformational therapies for patients worldwide."

Product Sales Performance

Sales of Revlimid rose 18 percent year-over-year to $1.701 billion, driven by new patient market share gains and increased duration.

Sales of Pomalyst/Imnovid rose 35 percent year-over-year to $318 million, driven by increased volume from duration gains.

Sales of Abraxane rose 2 percent year-over-year to $249 million.

Sales of Otezla rose 170 percent year-over-year to $242 million, driven by market share gain and increased prescriber adoption.

Sales of all other products, including Thalomid, Istodax, Vidaza and an authorized generic version of Vidaza fell to $235 million from $242 million a year ago.

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