Celgene second-quarter profit rises on higher drug sales
(Reuters) - Celgene Corp (CELG.O) posted higher second-quarter earnings on Thursday, topping expectations, helped by increased sales of its cancer drugs.
The company also raised its profit forecast for the year but kept its revenue outlook unchanged.
Net earnings rose to $367 million, or 82 cents a share, from $279 million, or 59 cents a share, a year ago.
Excluding one-time items, Celgene reported earnings of $1.22 a share. Analysts on average expected $1.18, according to Thomson Reuters I/B/E/S.
Revenue rose to $1.37 billion from $1.18 billion. Analysts were expecting $1.35 billion.
Global net sales of Revlimid, the company's drug to treat multiple myeloma, rose 17 percent to $934 million.
The company raised its 2012 profit forecast, saying it now expects earnings, excluding one-time items, of $4.80 to $4.85 a share, up from a previous forecast of $4.70 to $4.80. It expects revenue to rise about 15 percent to a range of $5.4 billion to $5.6 billion.
It expects sales of Revlimid in 2012 to rise about 19 percent to a range of $3.75 billion to $3.85 billion.
(Reporting By Toni Clarke; editing by John Wallace)
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