UPDATE 1-Celgene beats profit estimates, raises 2017 forecast

(Adds details, shares)

July 27 (Reuters) - Celgene Corp's profit beat Wall Street estimates on Thursday, driven by strong demand for its flagship multiple myeloma drug, Revlimid, and the drugmaker raised its 2017 earnings forecast.

Shares of the company rose nearly 2 percent to $140.50 in premarket trading.

The company lifted its expectations for full-year adjusted profit to a range of $7.25 per share to $7.35 per share, from the previous forecast of $7.15 per share to $7.30 per share.

Sales of its blockbuster Revlimid grew 19.6 percent to $2.03 billion, just ahead of consensus estimates of $2.01 billion, compiled by Mizuho Securities.

Celgene's net income rose to $1.06 billion, or $1.31 per share, in the second quarter ended June 30, from $598 million, or 75 cents per share, a year earlier

Excluding items, Celgene earned $1.82 per share in the quarter, beating the average analysts' estimate of $1.78 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 18.7 percent to $3.27 billion, above average analysts estimate of $3.23 billion.

(Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur)