Celgene 3rd-qtr 2011 beats forecasts, boosted by Abraxis

US biotech firm Celgene (Nasdaq: CELG) has reported non- generally accepted accounting principles (GAAP) net product sales of $1.22 billion for the third quarter of 2011, a 38% increase from the same period in 2010. GAAP net income increased 34% to $469 million. Non-GAAP diluted earnings per share increased 36% to $1.02 from $0.75, topping analysts' average adjusted earnings estimate of $0.95 a share.

Based on US GAAP, Celgene reported third quarter net product sales of $1.22 billion and net income of $373 million or $0.81 per diluted share. For the quarter, net product sales were $886 million and net income was $281 million or $0.60 per diluted share. The boost was aided by the $2.9 billion acquisition of Abraxis BioScience last year (The Pharma Letter July 1, 2010).

“The third quarter results demonstrate continued strong operational momentum throughout our global businesses. Our revenue is diversifying as we expand our global reach,” said Bob Hugin, chief executive of Celgene, adding: “Our investments in over 25 late-stage clinical trials are designed to support multiple regulatory submissions over the next 18 months to sustain long-term growth.”