UPDATE 2-Celgene raises 2013 forecast as profit beats estimates
Oct 24 (Reuters) - Celgene Corp raised its earnings forecast for 2013 on Thursday after reporting slightly higher-than-expected quarterly profit on robust sales of its flagship blood cancer drug Revlimid and solid growth in newer cancer treatments.
Still, the company's net profit fell amid higher expenses for product launches and clinical trials.
Celgene shares, which have doubled this year, were flat in premarket trading, after closing Wednesday at $160 on Nasdaq.
"Most people, including my mom in Des Moines, expected Celgene to have another good quarter, so it's possible that stock reaction today is muted despite perfectly good results," ISI Group analyst Mark Schoenebaum wrote in a research note.
The rosy results prompted Celgene to boost its 2013 earnings forecast for a third time this year; it now expects to earn an adjusted $5.90 to $5.95 a share, up from a previous forecast of $5.80 to $5.90 a share.
The company expects total product sales in 2013 to exceed its previous forecast of $6.2 billion, with Revlimid sales to come in at the mid to upper end of a $4.2 billion to $4.3 billion range.
The U.S. biotechnology company said net profit fell to $372 million, or 87 cents a share, from $424 million, or 97 cents per share, a year earlier.
Excluding special items such as collaboration costs, Celgene earned $1.56 per share, beating analysts' average expectations by 2 cents, according to Thomson Reuters I/B/E/S.
Revenue for the quarter rose to $1.67 billion, slightly exceeding Wall Street estimates of $1.64 billion.
Revlimid sales grew 12 percent from a year ago to $1.09 billion, in line with Wall Street estimates, while sales of Abraxane for breast and lung cancer jumped 60 percent to $170 million, above expectations of about $167 million.
Sales of Revlimid were fueled by market share gains and by patients using the drug for longer periods, the company said.
Sales of Pomalyst - Celgene's new multiple myeloma drug for patients who have received treatment with at least two prior therapies - were $90 million, up 35 percent from the second quarter. That included $77 million in the United States, outpacing Amgen Inc's new rival drug Kyprolis, which had sales of $65 million in the third quarter.
Selling, general and administrative costs rose to $405 million from $323 million a year ago, while research and development expenses were $372 million, up from $328 million.