Celgene reports double-digit growth in preliminary 2017 results

Celgene has announced its preliminary unaudited financial results for 2017, during which the company generated an estimated $13 billion (GBP 9.44 billion) in total revenues.

This represents a year-on-year increase of 16 percent, and follows a fourth quarter in which the company generated $3.5 billion in revenues, up by 17 percent on Q4 2016.

During 2017, Celgene was able to achieve top and bottom-line growth, having achieved critical milestones across its haematology, oncology, inflammation and immunology franchises.

The firm achieved double-digit product sales increases for key brands such as Revlimid, Pomalyst/Imnovid and Otezla, which helped to compensate for a more subdued performance for Abraxane.

In 2018, total revenue is expected to be between $14.4 billion and $14.8 billion, which would represent a 12 percent increase year-over-year, based on the midpoint of the range.

Mark Alles, chief executive officer of Celgene, said: "We are executing on a strategy to achieve our 2020 targets, accelerate portfolio diversification and expand our pipeline of innovative therapies."

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