Celgene reports double-digit growth in Q3 2012

Celgene has expressed satisfaction with its financial performance in the third quarter of 2012, during which it saw a double-digit rise in sales.

The pharmaceutical company's total revenues for the quarter came to $1.42 billion (883.52 million pounds), up by 14 percent year on year, while income rose by 20 percent and earnings per share increased by 26 percent.

Positive trends observed during the period included rising demand for drugs such as Revlimid, Abraxane and Thalomid, while positive results from late-stage trials of a number of important new therapies were also announced.

Based on its performance during the first nine months of 2012, the firm has raised its 2012 earnings outlook, while narrowing its revenue guidance.

Bob Hugin, chairman and chief executive officer of Celgene, said: "During the third quarter we generated excellent financial results and advanced major initiatives across our businesses that will serve as the foundation for future growth."

Last week, the company reported new data from a clinical study of Abraxane that demonstrated the benefits it can offer to advanced melanoma patients when compared to standard chemotherapy.