Celgene Corp. (NASDAQ:CELG) has posted first-quarter results that were ahead of analyst expectations and has updated its full-year guidance to reflect the acquisition of Juno Therapeutics Inc.
Celgene said its net income in the period fell 9%, to US$846mln, or US$1.10 a share, from US$932mln, or US$1.15 a share, in the first quarter of 2017. However, the biopharmaceutical company said adjusted net income rose 16%, to US$1.57bn from US$1.355bn, and adjusted earnings per share increased even more, climbing 23% to US$2.05 from US$1.67, because of fewer shares outstanding this year.
Yahoo Finance put the average earnings estimate of 26 analysts at US$1.96 a share.
Revenue at Celgene was up 19%, to US$3.54bn from US$2.96bn. Yahoo Finance put the average revenue estimate of 26 analysts at US$3.46bn.
"Strong global demand and excellent commercial execution drove our exceptional first-quarter results, leading to improvement in our 2018 financial guidance," Mark J. Alles, Celgene chairman and CEO, said. "With multiple catalysts for growth expected over the next 12 to 18 months, we are reaffirming our 2020 outlook."
Celgene also updated its full-year guidance.
It is forecasting 2018 revenue of US$14.8bn, which represented the high end of its previous range of guidance. It also is forecasting 2018 diluted earnings per share of US$8.95 without the dilution of the Juno acquisition and $US8.45 with the dilution of Juno results.
Yahoo Finance put the average full-year revenue estimate of 28 analysts at US$14.8bn and the average full-year EPS estimate of 29 analysts at US$8.46.
In mid-morning trading, shares of Celgene were up slightly to US$85.97.