By Ben Fox Rubin
Celgene Corp.'s (CELG) first-quarter profit fell 4.1% as the drug maker saw higher expenses offset stronger revenue from its Revlimid and Vidaza drugs.
The company raised its full-year guidance to a range of $5.55 to $5.65 a share in adjusted earnings from $5.50 to $5.60. It also backed its full-year product sales outlook.
Celgene has continued to post improved revenue, with its flagship blood-cancer treatment Revlimid grabbing more market share and sales of Vidaza, a blood-cancer treatment that lost patent exclusivity in May 2011, continuing to rise in the face of generic competition. The biopharmaceutical company also is expanding its core hematology franchise and building out new product lines in cancer and psoriasis as part of a strategy to achieve $12 billion in product sales by 2017.
Celgene reported a profit of $384.9 million, or 89 cents a share, down from $401.5 million, or 90 cents, a year earlier. Excluding items such as stock-based compensation, per-share earnings rose to $1.37 from $1.08.
Revenue grew 15% to $1.46 billion.
Analysts polled by Thomson Reuters had most recently forecast earnings of $1.35 a share on revenue of $1.47 billion.
Total costs and expenses rose 27%.
Revlimid sales were up 16% to $1 billion while Vidaza sales rose 10% to $204 million.
Shares closed Wednesday at $118.28 and were down 0.2% premarket. The stock has gained 51% so far this year.
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