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.