Celgene reports double-digit first quarter growth for 2012

Celgene has reported strong growth for the first quarter of 2012, with product sales for the period coming to $1.25 billion (768.35 million pounds).

This represents a 17 percent year-on-year increase, with positive momentum seen across the company's product portfolio despite business in January being slower than expected.

Among the drugs to see double-digit sales increases during the quarter were Revlimid, Abraxane and Vidaza, while other business highlights included the formation of a new strategic partnership with Epizyme.

The company has reaffirmed its guidance for 2012, with revenue for the full year expected to rise by 15 percent to between $5.4 and $5.6 billion.

Bob Hugin, chairman and chief executive officer of Celgene, said: "The meaningful clinical and regulatory accomplishments during the quarter position us to achieve transformational milestones throughout 2012 that are designed to sustain our industry-leading growth well into the future."

Last month, the company was also able to complete its $350 million takeover of Avila Therapeutics.