* Celgene non-GAAP EPS 75 cents vs 71 cents/shr view
* Celgene Q3 revenue $910.1 mln vs $880.8 mln view
* Revlimid sales rose 43 pct to $641.3 mln
* Raises 2010 earnings, sales forecast
* Shares up more than 3 percent in morning trading
(Adds comments from CEO, analyst, updates share price)
By Toni Clarke
BOSTON, Oct 28 Celgene Corp (CELG.O) said on
Thursday its third-quarter earnings rose 30 percent, topping
expectations, on higher sales of its multiple myeloma drug
Revlimid, sending its shares up more than 3 percent.
Celgene is the fastest-growing of all the big biotechnology
companies, fueled by sales of Revlimid -- a successor to its
drug Thalomid -- and Vidaza, its drug to treat a group of rare
blood disorders known as myelodysplastic syndromes.
Revlimid now holds 42 percent of the U.S. multiple myeloma
market as physicians increasingly use the drug to treat
patients for longer durations. The company is also testing the
drug in other types of cancer, and is expanding into other
"We have significant growth opportunities in myeloma in
different regions and also in other indications," said Robert
Hugin, Celgene's chief executive, on a conference call with
analysts. "We're not nearly at the end of the Revlimid growth
Net profit rose to $281.2 million, or 60 cents a share,
from $217 million, or 46 cents a share a year ago.
Excluding one-time items, the company earned 75 cents a
share. Analysts on average had expected the company to earn 71
cents a share, according to Thomson Reuters I/B/E/S.
Revenue rose to $910.1 million from $695 million a year
ago. Analysts had expected revenue of about $880.8 million.
Sales of Revlimid rose 43 percent to $641.3 million while
sales of Vidaza rose 37 percent to $141.4 million.
"In our view, third-quarter results were stronger than even
the most bullish expectations, particularly on Revlimid," said
Geoff Meacham, an analyst at J.P. Morgan.
Celgene increased its financial forecast for the year,
saying it expects revenue to rise 34 percent to about $3.60
billion, up from a prior range of $3.40 billion to $3.45
The company said it expects earnings excluding one-time
items to range between $2.78 and $2.80 a share, up from a
previous range of $2.65 to $2.70 a share.
It expects Revlimid sales to rise about 44 percent to $2.45
billion, up from a previous range of $2.30 billion to $2.35
Analysts on average expect the company to earn $2.73 a
share for the full year, on revenue of $3.48 billion.
"The results bode well for the company's continued strong
performance and suggest that consensus estimates, and in
particular the allowances for incremental revenue based on
maintenance use of Revlimid, are likely to increase further,"
said Geoffrey Porges, an analyst at Sanford Bernstein.
Celgene's forecast includes the impact of its acquisition
earlier this year of Abraxis BioScience Inc for $2.9 billion.
The acquisition was designed to expand Celgene's cancer
drug franchise from blood cancers to solid tumors. Abraxis
makes Abraxane, a drug approved for breast cancer that combines
a chemotherapy agent with albumin, a human protein that wraps
around the drug and allows it to be given in higher doses.
Investors are watching for late-stage clinical data of the
drug's ability to extend progression-free survival in lung
cancer patients, expected in mid to late December. Some
analysts have argued that investors will judge whether the
acquisition was a good one based on the outcome of the lung
Celgene's shares rose 3.2 percent to $61.31 in mid-morning
trading on Nasdaq.
(Reporting by Toni Clarke, Editing by Maureen Bavdek, Dave