The double-digit increase in the sales of the multiple myeloma drug Revlimid of Celgene Corp. contributed to its 37% leap in quarterly profits. Celgene, a biotechnology company based in the U.S. said that it is confident that its recently acquired treatment for Crohn’s disease will help maintain its profitability.
According to the RBC Capital Markets analyst Michael Yee, the data on the quarterly profits of Celgene is ‘strikingly positive’. He also said that the comments made by the company gave investors more confidence about the Celgene Corp’s Crohn’s disease drug.
The full-year earnings forecast of Celgene was raised by the company by 5% and it is expecting that its share will range from $3.65 to $3.70 apiece. It is eyeing that its 2014 revenue will exceed its $7.60 billion forecast.
As for Revlimid, its sales increase by 19% or $1.3 billion with reports saying that the patients are using the medicine for a longer period of time. By the looks of it, the sales for this particular medicine will be at $1.26 billion according to analysts.
The net profit of Celgene rose to $508 million which puts the per share price of $0.97 cents. This is 37% higher from that of last year’s net profit of $372 billion or $0.43 per share.
One-time items excluded, the company earned $0.97 per share for the quarter which exceeds the estimates of analysts by 2%.