Celgene beats estimates as earnings leap more than 30%

Third-quarter 2019 sales for US biotech Celgene (Nasdaq: CELG) came in at $4.52 billion, up 16% year-on-year and beating consensus forecasts of $4.41 billion, said the company, which is soon to become part of Bristol-Myers Squibb (NYSE: BMY) in a $74 billion acquisition announced earlier this year.

Adjusted net income for the third quarter of 2019 increased 33% to $2.18 billion. For the same period, adjusted diluted earnings per share (EPS) increased 31% to $2.99 from $2.29, ahead of the $2.70 FactSet consensus. Celgene’s shares dipped 0.18% to $107.84 in after-hours trading, when the results were released.

“Across functions and around the world, our teams delivered outstanding third quarter results,” said Mark Alles, chairman and chief executive of Celgene, adding: “We are continuing to advance multiple high-potential medicines toward regulatory approvals and look forward to closing the Bristol-Myers Squibb transaction by the end of the year.”