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UPDATE 1-Celgene posts net loss on Pharmion acquisition

Thu May 8, 2008 8:14am EDT

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NEW YORK, May 8 (Reuters) - Celgene Corp (CELG.O) on Thursday posted a large net loss because of a charge from its $2.9 billion acquisition of Pharmion Corp but said sales of its cancer drug Revlimid soared.

The Summit, New Jersey-based biotechnology company posted a net loss of $1.64 billion, or $3.98 per share. That compared with net income of $57.4 million, or 14 cents per share, a year ago.

Excluding items, the company earned 36 cents per share, 2 cents ahead of the average estimate of analysts, according to Reuters Estimates.

Revenue jumped 58 percent to $462.6 million.

Revlimid net sales nearly doubled to $286.8 million. Revlimid is the successor to Celgene's multiple myeloma drug Thalomid.

Celgene forecast full-year earnings of about $1.45 per share, excluding items. Analysts had looked for $1.51.

Celgene in March closed its Pharmion acquisition, which boosts the company's push into oncology. (Reporting by Lewis Krauskopf, editing by Dave Zimmerman)

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