Celgene Corp (CELG.O) on Thursday reported fourth-quarter net earnings fell 36 percent after it took restructuring and acquisition-related charges, but revenue rose on strong sales of its cancer drugs.
The company said it is entering a new period of growth as it prepares to launch new products and seeks regulatory approval to expand its marketing of existing products, including its flagship multiple myeloma drug Revlimid, to patients at different stages of their disease or to new patient populations.
The company expects this year to file for regulatory approval for its experimental drug Apremilast in psoriasis and psoriatic arthritis. It also plans to file for approval for the expanded use of its drug Abraxane, currently approved for breast and lung cancer, to treat pancreatic cancer. And it expects to win approval shortly to sell a new drug, Pomalyst, for patients with multiple myeloma who have failed other therapies.
"In 2013, we're focused on capitalizing on the opportunities produced by the significant results of 2012, on creating new opportunities, and on accelerating our business," Robert Hugin, the company's chief executive, on a conference call with investment analysts.
The company reiterated its previous forecast for 2013 and said that it expects revenue to double in 2017 to $12 billion from an expected $6 billion in 2013.
Net income in the quarter fell to $263.1 million, or 61 cents a share, from $410 million, or 91 cents a share, a year ago. Revenue rose 13.3 percent to $1.45 billion on strong sales of its cancer drugs.
Excluding one-time items, the company earned $1.32 a share. Analysts on average had expected earnings of $1.31 a share, according to Thomson Reuters I/B/E/S. They had expected revenue of $1.46 billion.
Summit, New Jersey-based Celgene reiterated its January 7 forecast for adjusted earnings in 2013 to rise roughly 13 percent to between $5.50 and $5.60 a share. It said it expected 2013 sales to rise about 11 percent to $6 billion.
Sales of Revlimid, the company's drug to treat multiple myeloma, rose 17 percent to $1 billion, driven by increased duration of therapy and strong market share.
Sales of cancer drug Abraxane rose 3 percent to $106 million as a generic competitor that had been in short supply in the United States returned to full supply.
Sales of Vidaza, the company's drug for the blood disorder myelodysplastic syndromes, rose 14 percent to $216 million, driven by strong international sales that were boosted by increased market share.
Celgene's shares slipped 0.22 percent to $98 a share in morning trading on Nasdaq.
(Reporting By Toni Clarke; Editing by Gerald E. McCormick, Nick Zieminski and Alden Bentley)