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Celgene profit up on Revlimid sales

Celgene has reported a jump in second-quarter profits and has increased its earnings forecast for the full year, due mainly to strong sales of Revlimid

Celgene has reported a jump in second-quarter profits and has increased its earnings forecast for the full year, due mainly to strong sales of Revlimid (lenalidomide), the multiple myeloma drug that is derived from thalidomide.

The biotech company's second-quarter net income came in at $155m, or 33 cents a share, compared to $143m, or 31 cents a share, in the second quarter of last year. Revenue jumped to $853m from $629m for the same period in 2009, led mainly by Revlimid sales that rose to $587m from $397m.

The company raised its full-year earnings estimate to between $2.65 and $2.70 a share, up from an earlier forecast of between $2.60 and $2.65 a share. The new estimate represents a 30 per cent increase over full-year 2009. Celgene said it expects revenue for the year to come in somewhere between $3.40bn and $3.45bn, an increase over its earlier forecast of $3.3bn to $3.4bn.

One key reason for the boost in Revlimid sales was a longer duration  of therapy supported by major clinical trial results released at the American Society of Clinical Oncology meeting and elsewhere this year. Other products, including Focalin (dexmethylphenidate) and the Ritalin (methylphenidate) family of drugs for attention deficit-hyperactivity disorder, also performed robustly.

29th July 2010

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