Categories Earnings, Health Care, LATEST

Celgene (CELG) Q3 profit jumps 56% beats estimates

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.

Celgene (CELG) Q3 2019 Earnings Review

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).

Read: Cigna Q3 earnings snapshot

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.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

IPO Alert: Here’s what to look for when CaliberCos goes public

The massive slowdown in the IPO market continued in the second half as the challenges posed by high inflation and interest rate hikes weighed on investor confidence. Meanwhile, there is

CarMax (KMX) Stock: Does the current dip offer a buying opportunity?

The automotive sector is one of the worst affected by the combination of high inflation and rising interest rates. Consumers have become more cautious and are prioritizing their purchases with

Ultimax Digital gears up for $10mln IPO. Here’s all you need to know

The IPO market has witnessed muted activity this year, and things don’t seem to have improved in the second half. The upcoming public listing of video game technology firm Ultimax

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top