Celgene raises future fiscal targets based on strong 2013 performance

Celgene has published strong preliminary 2013 results and an encouraging financial outlook for 2014 and beyond.

During the last 12 months, the company generated a revenue total of approximately $6.5 billion (3.96 billion pounds), up by around 18 percent year on year, thanks to strong sales of Revlimid, Pomalyst/Imnovid and Abraxane, the latter of which received a new pancreatic cancer approval in the EU earlier this month.

In 2014, the company expects total revenue to come to approximately $7.5 billion, up by a further 15 percent on its 2013 figure. This growth will be driven by the launch of the new inflammation and immunology franchise, plus the achievement of several other key milestones.

Bob Hugin, Celgene's chairman and chief executive officer, said: "Our 2013 accomplishments and confidence in our core business position us for another year of outstanding execution across all financial metrics in 2014."

The company's current momentum and the recent success of its business model has also led to an upgrading of its 2015 and 2017 targets.