Health and Healthcare
Celgene Earnings Beat and Updated Guidance
Published:
Last Updated:
Celgene Corp. (NASDAQ: CELG) released its second-quarter earnings report Thursday before the markets opened. The major biotech had $1.23 in earnings per share (EPS) on $2.28 billion in revenue, versus Thomson Reuters consensus estimates of $1.20 in EPS on $2.27 billion in revenue. The same period from last year had $0.90 in EPS on $1.87 billion in revenue.
The company issued guidance for the 2015 full year. Celgene expects total net product sales to be in the range of $9.0 billion to $9.5 billion and EPS to be in the range of $4.75 to $4.85, up from the previous range of $4.60 to $4.75.
The company reported net product sales for the quarter in comparison to the same quarter last year:
- Revlimid had sales of $1.44 billion, up 19%.
- Abraxane had sales of $244.2 million, up 13.4%.
- Pomalyst/Imnovid had sales of $234.5 million, up 45.7%.
- Vidaza had sales of $152.1 million, up 0.1%.
- Azacitidine for injection had sales of $22.3, down 8.6%.
- Otezla had sales of $89.7 million.
- Thalomid had sales of $47.9 million, down 11.8%.
- Istodax had sales of $17.9 million, up 4.7%.
- All other products had sales of $1.5 million, down from $2.3 million.
In the second quarter, Celgene purchased approximately 7.9 million of its shares at a total cost of about $902 million. At the end of June 2015, the Celgene had roughly $5.1 billion remaining under its stock repurchase program, including its most recent $4.0 billion share repurchase authorization.
ALSO READ: Is This the End for XOMA?
Bob Hugin, chairman and CEO of Celgene, said:
The Celgene team delivered exceptional results across the portfolio in the second quarter. We continue to invest strategically in the long-term future of Celgene and expect our recently announced transactions with AstraZeneca, Juno and Receptos to accelerate our earnings growth beginning in 2019.
At the end of the quarter, the company had $7.50 billion in cash, cash equivalents and marketable securities, compared to $7.55 billion in same period of the previous year. This quarter also had operating cash flow of $284 million, which included $570 million of upfront payments relating to research and development collaborations.
Shares of Celgene were down 0.5% at $137.53 early Thursday, in a 52-week trading range of $83.16 to $139.12. The stock has a consensus analyst price target of $145.22.
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
