GO
Loading...

Enter multiple symbols separated by commas

Celgene Shares Fall as Sales of Key Cancer Drug Disappoint

Celgene said quarterly earnings more than tripled but sales of its most important product, cancer drug Revlimid, were smaller than expected.

Net income rose to $57.4 million, or 14 cents a share, from $16 million, or 4 cents a share, a year ago.

Excluding one-time items, the company earned 20 cents a share. Analysts had on average expected earnings of 20 cents a share, according to Thomson Financial.

Revenue rose 61.4 percent to $293.4 million, driven by sales of Revlimid, which came in at $146.2 million. Analysts, however, had on average expected Revlimid sales of $150 million, according to a report by Leerink Swann & Co.

The company reiterated its outlook for 2007 of earnings of $1.00 a share on revenue of about $1.3 billion. Analysts on average expect earnings of $1.04 a share.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

U.S. Video

  • 10-year close to breaking out: O'Leary

    Dissecting the day of trading, with "Shark Tank" Investor Kevin O'Leary; Charlie Bobrinksoy, Ariel Investments; FM trader Guy Adami and CNBC's Sara Eisen.

  • Fundamentals of economy strong: Pro

    Robert Fross of Fross and Fross Wealth Management, and Tina Lindstrom, Blueshift Capital, track the market's action into the close.

  • FB pops on insta-ads

    Facebook shares are higher on news of more ads being placed on Instagram. Ronald Josey, JMP Securities, discusses the move.