Celgene Corporation (NASDAQ: CELG) reported a 50% jump in earnings for the second quarter of 2019 helped by higher revenue as well as lower costs and expenses. The results exceeded analysts’ expectations. Further, the pharma giant lifted its adjusted earnings and revenue outlook for fiscal 2019.
Net income soared by 50% to $1.57 billion or $2.16 per share. Adjusted earnings climbed by 32% to $2.86 per share. Total revenue increased 15% to $4.4 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 raised its total revenue outlook to the range of $17.2 billion to $17.4 billion from the previous range of $17 billion to $17.2 billion, and its adjusted earnings guidance to the range of $10.65 to $10.85 per share from the prior range of $10.60 to $10.80 per share. However, Celgene lowered its earnings forecast to the range of $8.71 to $9.44 per share from the previous range of $8.90 to $9.63 per share.
The company expects Revlimid product sales to be about $10.8 billion, Pomalyst/Imnovid product sales of about $2.5 billion, Otezla product sales of about $1.9 billion, and Abraxane product sales of about $1.2 billion. Operating margin is now predicted to be about 48% and the adjusted operating margin is projected to be about 58%.
For the full year 2020, Celgene predicts total revenue in the range of $19 billion to $20 billion and adjusted earnings of greater than $12.50 per share on a standalone basis. Due to pending Bristol-Myers Squibb (NYSE: BMY) transaction, Celgene does not anticipate providing any additional updates on its 2020 outlook going forward.
For the second quarter, Revlimid sales increased 11% driven primarily by the adoption of triplet therapy for myeloma resulting in increases in treatment duration and market share. Pomalyst/Imnovid sales jumped 22% on the adoption of triplet therapy for myeloma resulting in increases in treatment duration and market share.
Also read: Eli Lilly Q2 earnings
Otezla sales climbed 31% on increase in demand and customer buying patterns. Abraxane sales jumped by 30% on increased demand due to immuno-oncology combinations in non-small cell lung cancer (NSCLC) and triple-negative breast cancer (TNBC).
On July 29, Bristol-Myers Squibb said that the EC has granted unconditional approval of its pending acquisition of Celgene. Bristol-Myers Squibb and Celgene plan to close the pending transaction at the earliest possible date, which the parties currently expect to be at the end of 2019 or the beginning of 2020.
Shares of Celgene ended Monday’s regular session up 0.25% at $92.99 on the Nasdaq. Following the earnings release, the stock rose 0.55% in the premarket session.
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