Celgene reports strong growth in fourth quarter of 2012

Celgene has reported its financial results for the fourth quarter of 2012, during which it generated net product sales of $1.42 billion (900.77 million pounds).

This represented a 14 percent increase on a year-over-year basis, with drugs such as Revlimid, Vidaza and Abraxane all experiencing sales improvements compared to the fourth quarter of 2011.

This contributed to a full-year revenue total of $5.51 billion, which was also up by 14 percent on the year before, while the company was also able to make significant progress on the development of its haematology, oncology and immunology portfolios.

New and updated data on more than ten pivotal phase III trials are expected to be reported by Celgene in 2013.

Bob Hugin, chairman and chief executive officer of Celgene, said: "Our 2012 financial and operational results reflect strong operating momentum and execution worldwide. The achievements of 2012 and our outlook for 2013 position us for our next phase of growth."

This comes after the firm reported positive phase III trial data earlier this week on a new combination of Abraxane plus gemcitabine, which is designed for the treatment of advanced prostate cancer.