Drug maker Celgene Corp. (CELG: Quote) reported Thursday better-than-expected earnings and revenues for its second quarter benefited by strong volume growth. The company also lifted its fiscal 2012 earnings forecast, while backed revenue view.
Second-quarter net income attributable to the company increased to $367.37 million or $0.82 per share from last year's $279.40 million or $0.59 per share. Adjusted earnings, which excluded certain items, climbed 31 percent to $545 million and earnings per share increased 37 percent to $1.22 from $0.89 last year.
On average, 24 analysts polled by Thomson Reuters expected earnings of $1.18 per share for the quarter. Analysts' estimates typically exclude special items.
Total revenue for the quarter climbed 16 percent to $1.37 billion from prior year's $1.18 billion, while analysts were looking for revenues of $1.35 billion.
Net product sales increased 16 percent, reflecting strong volume growth in the U.S., Europe and Japan. U.S. and international net product sales increased 15 percent and 19 percent, respectively.
Bob Hugin, Chairman and Chief Executive Officer, said, "The second quarter financial results were very strong and provide significant momentum for the second half of the year. The recent positive apremilast phase III data is the first of multiple pivotal trial results and regulatory actions across our portfolio anticipated through early 2013."
Looking ahead, the company now expects fiscal 2012 earnings per share to increase about 31 percent to a range of $3.69 to $3.80, compared to previous range of $3.52 to $3.67 per share. Adjusted earnings is now expected to increase approximately 27 percent year-over-year to a range of $4.80 to $4.85, up from a previous range of $4.70 to $4.80.
Meanwhile, the company continues to expect adjusted total revenue to increase approximately 15 percent to a range of $5.4 billion to $5.6 billion.
Analysts expect earnings of $4.80 per share on revenues of $5.45 billion.
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by RTT Staff Writer
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