Celgene Corp. (CELG) reported first-quarter of net income of $385 million or $0.89 per share, compared to $402 million or $0.90 per share last year. Adjusted net income increased 22 percent to $592 million from $484 million prior year. Adjusted profit per share increased to $1.37 from $1.08.
Net product sales were $1.43 billion, a 15 percent increase from the same period in 2012. Total revenue was $1.47 billion, compared to $1.27 billion prior year.
Adjusted R&D expenses were $330 million compared to $315 million last year. The increase is primarily due to milestone payments for existing research collaborations, the company said. On a GAAP basis, R&D expenses were $452 million compared to $362 million last year. GAAP R&D expenses increased primarily due to upfront payments for new collaborations entered into during the quarter.
On average, 29 analysts polled by Thomson Reuters expected the company to report profit of $1.35 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $1.47 billion for the quarter.
The company expects its fiscal 2013 total net product sales to increase approximately 11 percent year-over-year to $6 billion. The company raised its fiscal 2013 adjusted profit per share guidance to a range of $5.55 to $5.65 from a range of $5.50 to $5.60. GAAP profit per share is expected to be in the range of $4.32 to $4.47. Analysts expect the company to report fiscal 2013 profit per share of $5.70 on revenue of $6.13 billion.
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