UPDATE 2-Celgene beats profit estimates, raises 2017 forecast

* Q2 EPS of $1.82 above estimates of $1.78

* Raises FY EPS forecast to between $7.25 and $7.35

* Sales of blockbuster drug Revlimid grew 19.6 pct (Adds analyst comment, details; updates shares)

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

The company's shares, which touched a two-year high in early trading, were off 2.5 percent at $134.23.

Sales of its blockbuster Revlimid grew 19.6 percent to $2.03 billion on increases in duration of treatment and narrowly beat the consensus estimate of $2.01 billion, compiled by Mizuho Securities.

Celgene has had an "overall clean quarter" and Revlimid's U.S. revenues came in slightly stronger than expected, but was weaker outside the United States, Mizuho's Salim Syed said in a note.

U.S. sales of Revlimid were $1.36 billion, and the drug raked in $676 million outside the country.

Sales of psoriasis drug, Otezla, grew 48.5 pct at $358 million, above the consensus estimate of $345 million.

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.

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.

Earlier this week, Celgene agreed to pay $280 million to settle a civil litigation filed against it for allegedly promoting off-label prescriptions of Revlimid and Thalomid. (Reporting by Manas Mishra in Bengaluru; Editing by Arun Koyyur)