Celgene Corporation (NASDAQ: CELG) reported a 56% jump in earnings for the third quarter of 2019 helped by higher revenue as well as lower costs and expenses. The results exceeded analysts’ expectations.
Net income soared by 56% to $1.69 billion or $2.32 per share. Adjusted earnings climbed by 31% to $2.99 per share. Total revenue increased 16% to $4.52 billion. The results were benefited by increases in treatment duration and market share for multiple myeloma.
Looking ahead into the full year 2019, the company still expects adjusted earnings in the range of $10.65 to $10.85 per share. However, Celgene lowered its earnings forecast to the range of $8.39 to $9.10 per share from the previous range of $8.71 to $9.44 per share.
For the third quarter, Revlimid sales increased 13% driven primarily by the adoption of triplet therapy for myeloma resulting in increases in treatment duration and market share. Pomalyst/Imnovid sales jumped 29% on the adoption of triplet therapy for myeloma resulting in increases in treatment duration and market share.
Otezla sales climbed 27% on the increase in US demand and continued uptake in key international markets. Abraxane sales increased by 10% on increased demand due to immuno-oncology combinations in non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC).
The pending merger between Bristol-Myers Squibb (NYSE: BMY) and Celgene is expected to close by the end of 2019. Due to the pending transaction, Celgene is not hosting a conference call in conjunction with its Q3 2019 earnings release and does not expect to do so for future quarters.