Celgene Corporation (NASDAQ:CELG) reported second-quarter earnings before the bell today, posting an adjusted diluted EPS of $0.90 on a split-adjusted basis, narrowly beating the Street's expectations by $0.01. The company generated $1.873 billion in revenue during the quarter, topping consensus estimates by $23 million.
The company's flagship cancer drug Revlimid generated worldwide sales of $1.214 billion for the quarter, an increase of 15% year-over-year. Based on these strong results, Celgene increased the upper bound of its 2014 sales guidance for Revlimid to $5.0 billion, from $4.95 billion.
Abraxane sales also saw a nice uptick for the quarter, rising by 39% to $215 million, compared to the same period a year ago. This dramatic increase was due mainly to the drug's recent label expansion as a treatment for advanced pancreatic cancer.
Pomalyst sales continued to show promise in the second quarter, increasing by 143% to $161 million, reflecting the company's substantial marketing efforts for the drug.
Vidaza sales, by contrast, nosedived in the quarter by 28.1% to $152 million, compared to a year ago, as a result of generic azacitidine being introduced into the U.S. market.
Although Celgene posted a healthy 17% increase in revenue year-over-year for the quarter, shares are falling today following this earnings release. My view is that investors were expecting a wider beat based on the company's recent history of posting stellar quarterly results.
George Budwell has no position in any stocks mentioned. The Motley Fool recommends Celgene. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.