Biopharmaceutical juggernaut Celgene (CELG) reported its fourth-quarter earnings results before the opening bell today, highlighting double-digit gains in both revenue and EPS growth.
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.
