Celgene beats expectations, despite profit downturn

US biotech firm Celgene (Nasdaq: CELG) saw its shares fall 3.3% to $140.05 in mid-morning trading after it posted first-quarter 2014 financial results, despite beating analysts’ expectations.

Celgene reported net product sales of $1.71 billion, a 19% increase from the same period in 2013. First quarter total revenue increased 18% to $1.73 billion. Adjusted net income for the first quarter increased 19% to $705 million. Adjusted diluted earnings per share increased 22% to $1.67, just topping by $0.02 analysts’ expectations, according to Thomson Reuters.

Based on US generally accepted accounting principles (GAPP), Celgene reported first quarter of 2014 net income of $280 million or $0.66 per diluted share. For the first quarter of 2013, net income was $385 million or $0.89 per diluted share.