Celgene 2nd-qtr 2011 boosted by Revlimid and Vidaza

US biotech firm Celgene (NasdaqGS: CELG) has presented strong second-quarter 2011 results, with adjusted revenues climbed 38% to $1.18 billion, beating consensus estimates of $1.10 billion, and earnings (excluding special items but including stock-based compensation expense) reaching $0.78 per share compared with $0.17 in the like year ago period. On a reported basis (including special items), the company’s earnings increased 78% to $0.59. Higher revenues boosted earnings in the quarter.

Revenues were boosted by the impressive performance of Celgene’s cancer products Revlimid (lenalidomide) and Vidaza (azacitidine). Turnover of Revlimid, for the treatment of multiple myeloma, leapt 35% to $795 million, and Vidaza continued to perform impressively, with net sales of the drug for the quarter coming in at $162 million, an increase of 23% over the second quarter of 2010.

However, Thalomid (thalidomide), used for multiple melanoma, continued to decline due to the availability of better alternatives, commented analysts at Zacks Equity Research. Thalomid sales were down 10% at $88 million. Net sales of Abraxane (protein-bound paclitaxel), added to the portfolio with the October 2010 acquisition of Abraxis BioScience, were $95 million in the reported quarter.