Celgene 2Q net income rises on cancer drug sales

SUMMIT, N.J.

Biotech drugmaker Celgene Corp. said Thursday its second-quarter net income jumped 44 percent on higher sales of cancer drugs, prompting a boost in full-year guidance.

The company earned $155.4 million, or 33 cents per share, up from $142.8 million, or 31 cents per share, during the same period a year prior. Revenue rose 36 percent to $852.7 million from $628.7 million.

Excluding charges, the company said it earned 69 cents per share. Analysts polled by Thomson Reuters expected net income of 66 cents per share on $821.1 million in revenue.

Sales of its cancer drug Revlimid rose 48 percent to $587 million, while sales of the cancer drug Vidaza rose 43 percent to $132 million. Sales of Thalomid totaled $98 million.

Looking ahead, the company expects 2010 income between $2.65 and $2.70 per share, up from prior guidance between $2.60 and $2.65 per share. It also boosted revenue guidance to between $3.4 billion and $3.45 billion from prior guidance between $3.3 billion and $3.4 billion. Analysts expect net income of $2.68 per share on $3.36 billion in revenue.

Shares of Celgene rose 43 cents to $53.28 in morning trading. The stock has traded between $48.02 and $65.79 over the last 52 weeks.