Celgene Corp. (NASDAQ: CELG) reported its second-quarter financial results before the markets opened on Thursday. This company has an outstanding partnered pipeline, which most think is low risk and has the potential to yield several blockbuster drugs. Overall investors were content after this earnings report with wins on both the top and bottom lines.

The company said that it had $1.44 in earnings per share (EPS) on $2.75 billion in revenue. The Thomson Reuters consensus estimates had called for $1.39 in EPS on revenue of $2.70 billion. In the same period of last year, Celgene posted EPS of $1.23 and $2.28 billion in revenue.

During the second quarter, Celgene purchased roughly 3.4 million of its shares at a total cost of $343 million. The share repurchase authorization was increased by $3 billion, adding to the remaining authorization of $5.1 billion.

Celgene offered its outlook for the 2016 full year. The company expects to have EPS in the range of $5.70 to $5.75, which is up from the previous $5.60 to $5.70. Also revenue guidance increased to approximately $11.0 billion, up from the previous range of $10.75 billion to $11.0 billion. The consensus estimates are $5.70 in EPS on $11.01 billion in revenue for the full year.

In terms of product revenue, Celgene reported:

• Revlimid sales for the second quarter increased 18% year-over-year to $1,701 million and were driven by new patient market share gains and increased duration. U.S. sales of $1,080 million and international sales of $621 million increased 24 percent and 9% year-over-year, respectively.
• Pomalyst/Imnovid sales for the second quarter were $318 million, an increase of 35% year-over-year. U.S. sales were $185 million and international sales were $133 million, an increase of 29% and 46% year-over-year, respectively. Pomalyst/Imnovid sales grew due to increased volume from duration gains.
• Abraxane sales for the second quarter were $249 million, a 2% increase year-over-year. U.S. sales of $175 million increased 3% year-over-year. International sales were $74 million.
• Otezla sales for the second quarter were $242 million, a 170% increase year-over-year. U.S. sales were $217 million and international sales were $25 million. Sales were driven by market share gains and increased prescriber adoption.
• In the second quarter, all other product sales, which include Thalomid, Istodax, Vidaza and an authorized generic version of Vidaza drug product in the U.S., were $235 million compared to $242 million in the second quarter of 2015.

Mark J. Alles, CEO of Celgene, commented on earnings:

Our first-half 2016 operating results were outstanding and we are pleased with the progress made advancing many key corporate objectives. 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.

Operating cash flow was $936 million in the second quarter. On the books, Celgene’s cash, cash equivalents and marketable securities totaled $6.4 billion at the end of the quarter.

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Shares of Celgene closed Wednesday up 1.8% at $108.11, with a consensus analyst price target of $134.90 and a 52-week trading range of $92.98 to $133.59. Following the release of the earnings report, the stock was up over 1% at $109.35 in early trading indications Thursday.

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