Biopharmaceutical company Celgene Corp. (CELG), Thursday reported an increase in net income, beating consensus estimate, for its third-quarter ended September 30, 2009, helped by revenue growth as sales of key products rose.
The Summit, New Jersey-based company posted quarterly net income of $216.8 million, or $0.46 per share higher than net income of $136.8 million or $0.29 per share reported in the same period a year-ago. Excluding items, quarterly profit soared 40% to $259.8 million or $0.56 per share from $185.9 million or $0.40 per share in third quarter 2008. On average, twenty-four analysts polled by Thomson Reuters expected the company to report earnings of $0.54 per share for the quarter. Analysts' estimates typically exclude special items.
In the immediately preceding quarter, the company posted net profit of $142.8 million or $0.31 per share on revenues of $628.66 million, driven by market share and durations gains achieved by Revlimid and Vidaza.
Celgene's quarterly total revenues surged to $695.14 million, surpassing Street View of $671.89 million, from $592.47 million in the earlier year, driven by global market share gains, reimbursement approvals, increased duration of therapy of Revlimid and the global growth of Vidaza. Revenue from product sales alone rose to $667.96 million from $567.01 million.
During the latest third-quarter, revenues from Revlimid sales rose 31% to $449.6 million, Thalonid net sales was $110.0 million, Vidaza net sales hiked 62% $103.1 million and revenue from Focalin and the Ritalin family of drugs totaled $25.8 million, higher than $23.8 million over the same period last year. The company also noted that Revlimid's U.S. total share increased to nearly 34% and demonstrated strong share gains in second and third lines of therapy in Europe.
For the third quarter of 2009, selling, general and administrative expenses were $192.5 million versus $168.6 million a year ago, due primarily to unrestricted donations to non-profit organizations for co-pay assistance. As the company increased R&D investments in multiple international clinical programs, quarterly R&D expenses had risen to $193.4 million from $160.9 million for the same period in 2008.
The group added that first interim analysis of MM-015 Phase III Study would be presented at American Society of Hematology annual meeting.
On a year-to-date basis, the company reported net income of $522.5 million or $1.12 per share versus a net loss of $1.38 billion or $3.17 per share last year. For the first nine months of 2009, total revenue was $1.929 billion, higher than $1.626 billion in the prior year.
CEGL is currently trading up 5.02% at $57.32 on the Nasdaq.
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