Celgene's 2nd-qtr results and forecasts beat expectations

Shares of US biotech Celgene (Nasdaq: CELG) rose 1.6% in pre-market trading this morning (July 25), as the company revealed that second-quarter 2013 total revenue rose 17% to $1.60 billion, and net product sales the same percentage to $1.56 billion, beating projections of analysts polled by Thomson Reuters expectations of $1.54 billion.

Adjusted net income for the second quarter increased 20% to $653 million, equal to earnings per share of $1.52, beating consensus expectations of $1.44.  Based on US Generally Accepted Accounting Principles (GAAP), Celgene reported second quarter net income of $478 million, up a whopping 30.2%, or $1.11 per diluted share.

“In the second quarter, the Celgene team delivered outstanding results,” said Bob Hugin, chairman and chief executive of Celgene, noting that “the positive outcome of the MM-020 trial along with other clinical and regulatory milestones met in the quarter represent significant advances for patients worldwide and support our commitment to our long-term growth outlook.”