When Celgene Corp. (NASDAQ: CELG) released its most recent quarterly results before the markets opened on Thursday, the biotech giant said that it had $2.16 in earnings per share (EPS) and $3.81 billion in revenue. The consensus estimates from Thomson Reuters had called for $2.11 in EPS on $3.7 billion in revenue. In the second quarter of last year, Celgene posted EPS of $1.82 and $3.27 billion in revenue.
During the latest quarter, Revlimid sales increased 21% to $2.45 billion. The company noted that Revlimid sales continue to grow, driven by increases in market share and extended treatment duration.
Otezla sales for the second quarter totaled $375 million, a 5% increase year over year. Sales in the United States were driven primarily by increasing demand with continued access pull-through in contracted health plans that was offset by lower customer inventory levels at the end of the quarter.
Abraxane sales for the second quarter were $243 million, a 4% decrease year over year.
Looking ahead to the 2018 full year, the company now expects to see EPS in the range of $8.70 to $8.75 and revenue of roughly $15 billion. The consensus estimates are $8.52 in EPS and $14.93 billion in revenue.
Mark J. Alles, board chair and chief executive of Celgene, commented:
We continued to deliver strong operating performance in the second quarter, leading us to update our 2018 financial guidance. Our next innovation cycle is underway. We are meaningfully advancing our pipeline, while strengthening the organization to maximize future growth opportunities.
Shares of Celgene were last seen up only by a penny to $87.68, with a consensus analyst price target of $112.65 and a 52-week range of $74.13 to $147.17.