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Celgene profit lower; raises full-year forecast

Thursday, 24 Oct 2013 | 7:49 AM ET

Oct 24 (Reuters) - Celgene Corp on Thursday reported lower third-quarter profit on higher costs, but sales of its flagship blood cancer drug Revlimid and of Abraxane for breast and lung cancer grew and the company raised its 2013 earnings forecast.

The U.S. biotechnology company said net profit fell to $372 million, or 87 cents per share, from $424 million, or 97 cents per share, a year before.

Excluding special items, Celgene earned $1.56 per share. Analysts on average had expected $1.54 per share, according to Thomson Reuters I/B/E/S.

Celgene said it now expects adjusted full-year earnings of $5.90 per share to $5.95 per share, up from its prior view of $5.80 to $5.90 and marking the third time this year that the company has boosted its 2013 forecast.

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