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Celgene Third Quarter Profit Jumps

U.S biotech Celgene Corp posted third-quarter profit that more than tripled on a 69 percent rise in revenues. Most of the company´s revenue growth came from its top-selling bone-marrow cancer drug Revlimid. Further Details.
10-24-2008 |  09:00 hs.
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Celgene Corp. said its profit more than tripled in the third quarter, thanks to sharply higher sales of its blood cancer drug Revlimid.

The Summit biotech net income rose to $136.81 million from year-ago $38.83 million. Excluding special-items, the company said it earned $185.87 million. The company has outperformed estimates in the last four quarters by an average 3.8 percent.

Revenues rose 69 percent to $592.47 million from $349.91 million last year (driven by a 72 percent jump in Revlimid sales). Analysts were expecting $588.79 million or 68.3 percent growth in revenues.

 

 

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