April 27, 2017 / 12:53 PM / 7 months ago

RPT-UPDATE 1-Celgene quarterly profit beats on Revlimid demand

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April 27 (Reuters) - U.S. biotechnology company Celgene Corp reported a better-than-expected profit on Thursday, helped by demand for its flagship multiple myeloma drug Revlimid.

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 million.

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 Shounak Dasgupta)

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