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April 27 U.S. biotechnology company Celgene Corp
reported a better-than-expected profit on Thursday,
helped by demand for its flagship multiple myeloma drug
The company's net income rose to $941 million, or $1.16 per
share, in the first quarter ended March 31, from $801 million,
or 99 cents per share, a year earlier.
Excluding items, Celgene earned $1.68 per share in the
quarter, beating the average analysts' estimate by 5 cents,
according to Thomson Reuters I/B/E/S.
Revlimid sales increased 19.7 percent to $1.88 billion in
the quarter, driven by new patient use and longer duration of
use, and came in just above consensus estimate of $1.87 billion
according to Barclays.
Total revenue rose about 17.8 percent to $2.96 billion in
the quarter, but was below estimates of $3.03 billion partly due
to lower-than-expected sales of its psoriasis drug.
The company's cancer treatment Abraxane generated sales of
$236 million and its psoriasis drug Otezla brought in $242
Wall Street expected Abraxane sales of $243 million and
Otezla sales of $338 million, according to Barclays.
(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by