Celgene delivers record-breaking performance in Q1 2011

Celgene has reported a record-breaking financial performance in the first quarter of 2011, during which the firm's revenue rose by 40 percent year on year.

The company generated a benchmark Q1 revenue total of $1.11 billion (673 million pounds), thanks in part to double-digit sales increases for products such as Revlimid and Vidaza.

Key developments occurring during the quarter included the positive opinion adopted by the National Institute for Health and Clinical Excellence on the use of Vidaza in the NHS, as well as the initiation of a phase III clinical trial for the myeloma drug pomalidomide.

Bob Hugin, chief executive officer of Celgene, said: "The results for the quarter were outstanding and they reflect the ongoing momentum that Celgene is creating as we leverage our business model and position our company for long-term success."

This builds on the strong growth experienced by the company in 2010, during which it saw a year-on-year sales increase of 34 percent to achieve a $3.6 billion total.