GO
Loading...

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

    › Learn More

Don't Miss

U.S. Video

  • Mad Money's Jim Cramer breaks down the theme of stealth technology stocks. Cramer says companies that are using proprietary technology to invent entirely new markets and then dominate those markets, fall under that category.

  • Mad Money host Jim Cramer knows it can be difficult to stick with a stock that is going lower but says if you've done the homework, and the story isn't wildly off the rails, then stay long.

  • Mad Money host Jim Cramer, outlines the most common emotionally driven investor mistakes and expresses why it is important to not let skepticism run away with you.