Celgene 1st-qtr revenues leap 15% but profit falls 4%

US biotech firm Celgene (Nasdaq: CELG) last week posted first-quarter 2013 financial results, showing that profit fell 4.1% year-on-year to $385 million, , or $0.89 per diluted share, as increased expenses offset higher revenues for its leading drugs. Overall sales jumped 15% to $1.4 billion, falling in line with analyst estimates, with Revlimid posting revenue of $1 billion, up 16%.

“The first quarter delivered remarkable achievements as the result of our clinical, regulatory and commercial efforts,” said Bob Hugin, chairman and chief executive of Celgene, adding: “With the momentum from these milestones and the opportunities in the rest of the year, we are well-positioned to achieve our goals for 2013 and accelerate our next phase of growth.”

Guidance for full year 2013