Celgene beats sales forecasts with strong third-quarter results

US biotech company Celgene (Nasdaq; CELG) reported total revenue of $1.42 billion for the third quarter of 2012, a 14% increase from the same period in 2011. Adjusted (Non-GAAP) net income increased 20% to $561 million and adjusted diluted earnings per share increased 26% to $1.29 from $1.02.

Based on US GAAP (Generally Accepted Accounting Principles), Celgene reported third quarter 2012 net income of $424 million or $0.97 per diluted share. For the third quarter of 2011, net income was $373 million or $0.81 per diluted share. Celgene fell short of the mean analyst estimate of $1.16 per share, but beat the average revenue estimate of $1.35 billion.

“During the third quarter we generated excellent financial results and advanced major initiatives across our businesses that will serve as the foundation for future growth,” said Bob Hugin, chairman and chief executive of Celgene, adding: “Positive results from late-stage studies for Abraxane, apremilast and pomalidomide create a solid path toward significant expansion of our portfolio and vital new options for patients in the future.”