April 24 Celgene Corp on Thursday
reported lower first quarter profit on higher research and
development costs and increased expenses for launching new
medicines, although the company maintained its full year
forecasts as sales also increased.
The U.S. biotechnology company posted a net profit of $280
million, or 66 cents per share, compared with a profit of $385
million, or 89 cents per share, a year earlier.
Excluding special items, Celgene had adjusted earnings of
$1.67 per share. Analysts on average expected $1.65, according
to Thomson Reuters I/B/E/S.
Sales of Celgene's flagship multiple myeloma treatment
Revlimid rose 14 percent to $1.14 billion for the quarter, which
was about in line with Wall Street estimates.
The company said it has filed for U.S. and European approval
to use the medicine as a first line treatment for multiple
myeloma, a label expansion that is widely viewed as the next big
sales catalyst for the drug.
(Reporting by Bill Berkrot, Editing by Franklin Paul)