Celgene achieves record financial performance in 2011

Celgene has published its financial report for 2011, a period marked by record-breaking success for the pharmaceutical company.

The firm's non-GAAP net product sales total for the full year came to $4.67 billion (2.98 billion pounds), driven by a record $1.24 billion fourth-quarter total that was up by 21 percent compared to Q4 2010.

Products which saw double-digit sales improvements during the final three months of the year include Revlimid and Vidaza, while progress was made in the further clinical development of drugs such as Abraxane, apremilast and pomalidomide.

Bob Hugin, chairman and chief executive officer of Celgene, said this was indicative of the strength of the company's forward momentum in a challenging business environment.

He added: "The accomplishments of 2011 have strategically positioned us to capitalise on multiple transformational milestones for Celgene in 2012."

This comes in the same month that Celgene announced an agreement to acquire Avila Therapeutics, a specialist developer of targeted covalent drugs.