(Reuters) - Celgene Corp (CELG.O) on Thursday reported a better-than-expected third-quarter profit as sales of psoriasis drug Otezla and its flagship cancer medicine Revlimid surged, and the biotech company raised its full-year revenue forecast.
Sales of Otezla rose 40.3 percent to $432 million in the third quarter, well above of the average analyst estimate of $383.31 million, according to Refinitiv data.
Sales of Celgene’s blockbuster Revlimid, which treats the blood cancer multiple myeloma, rose nearly 18 percent to $2.45 billion, but slightly below analysts’ estimates of $2.47 billion.
Celgene raised its 2018 forecast for revenue to $15.2 billion from $15 billion.
Excluding one-time items, Celgene earned $2.29 per share in the quarter, above Wall Street expectations of $2.22 per share.
The U.S. biotech company said net income rose 9.5 percent to $1.08 billion, or $1.50 per share, in the quarter ended Sept. 30.
Total revenue jumped 18.4 percent to $3.89 billion, beating estimates of $3.85 billion.
Reporting by Tamara Mathias and Aakash Jagadeesh Babu in Bengaluru; Editing by Maju Samuel