Celgene swings back to profit in 1st qtr

US drugmaker Celgene reported profit of $162.9 million in first-quarter 2009 versus a net loss of $1.64 billion in the comparable period last  year, which was impacted by an after-tax in-process R&D charge of $1.74  billion associated with its $2.9-billion takeover of Pharmion  (Marketletter August 13, 2007), and a share-based employee compensation  expense of $17.5 million.

Non-GAAP revenue rose 30% to $601.1 million, thanks to global market  share gains, increased number of patients and duration of use of  Revlimid (lenalidomide). Sales of the multiple myeloma drug jumped 26%  to $362.5 million.

Earnings from older MM drug Thalomid (thalidomide) totaled $114.0  million, while myelodysplastic syndrome drug Vidaza (azacitidine for  injection) generated $75.4 million. Income from MM drug Alkeran  (melphalan and melphalan HCl) reached $19.9 million from $15.1 million.  From the start of April, Celgene no longer sells the agent, after  licensing full rights to GlaxoSmithKline. Revenue from  attention-deficit hyperactivity disorder drugs Focalin  (dexmethyphenidate) and Ritalin (methylphenidate) grew 3.5% to $26.8  million.