October 25, 2018 / 11:54 AM / 9 months ago

Celgene's third-quarter results beat as Otezla sales soar

(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

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