Celgene reports double-digit growth in Q1 2014

Celgene has expressed confidence in its long-term prospects following the publication of strong financial results for the first quarter of 2014.

The company's total revenue for the three months increased by 18 percent year on year to $1.73 billion (1.03 billion pounds), while net product sales rose by 19 percent in the same time frame. Income and earnings also saw double-digit improvements.

During the quarter, the firm saw strong sales growth for drugs such as Revlimid and Abraxane, while Pomalyst/Imnovid improved its US market share and enjoyed a successful launch in Europe. This more than offset the impact of generic competition on its product Vidaza.

The approval of Otezla for psoriatic arthritis and the advancement and expansion of its pipeline will help position Celgene well for further success.

Bob Hugin, chairman and chief executive officer of Celgene, said: "The first quarter reflected the continued strength of our product portfolio and our growth has us firmly on track to deliver on our 2014 guidance."

This comes after the company increased its longer-term financial targets for 2015 and 2017 following the better-than-expected results it achieved last year.