For the quarter, Celgene delivered a 21% increase in revenue to $1.756 billion as product sales increased 22% to $1.725 billion from the year-ago period. Adjusted net income rose 13% to $649 million with adjusted EPS edging higher by 14% to $1.51.
The big story, as always with Celgene, was the growth of anemia drug Revlimid which accounted for roughly 65% of Celgene's total revenue. Sales of its blockbuster drug increased 13% worldwide to $1.14 billion with U.S. and international revenue growth coming in at 15% and 11%, respectively.
Strong gains were also seen from cancer drug Abraxane, which benefited from an expanded approval to treat late-stage pancreatic cancer in 2013 and non-small cell lung cancer in 2012 in the U.S. Abraxane sales rose 90% for the quarter to $202 million with U.S. and international sales up 89% and 92%, respectively.
If there was one disappointing drug to point out, it'd have to be anemia treatment Vidaza, which saw sales slump 22%, primarily because of the introduction of a generic competitor in the U.S., where sales dipped 70% to just $27 million. Overall, Vidaza sales for the quarter came in at $168 million.
Another story worth noting is Celgene's beefed up research and development expenses which, due to increased collaborative pacts, rose 45% to $460 million.
Looking toward fiscal 2014, Celgene reaffirmed its previous guidance calling for revenue of approximately $7.5 billion, representing a 15% year-over-year increase, and EPS to be in the range of $7.00 to $7.20, a gain of roughly 19% over fiscal 2013.
Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.
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