Celgene 4th-qtr profit hit by charges, revenue rises
Celgene Corp 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
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