Celgene forecasts 2012 growth based on strong performance

Celgene has outlined its forecasts for positive growth over the next 12 months after achieving a record-breaking financial performance during 2011.

The pharmaceutical company has issued guidance which targets revenue growth of around 15 percent during 2012, to a total of between $5.4 and $5.6 billion (3.49 to 3.61 billion pounds).

This comes after the firm reported year-on-year growth of 34 percent during 2011, reaching a total of $4.8 billion, thanks to strong double-digit sales increases for drugs such as Revlimid and Vidaza.

Revlimid sales are expected to continue to expand during 2012, while notable progress has been made in the last year across all three of Celgene's therapeutic areas of inflammation and immunology, haematology and oncology.

Bob Hugin, Celgene's chairman and chief executive officer, said: "The 2012 guidance reflects our confidence in the continued operational momentum in executing our business plan by our global teams."

Earlier this month, the company improved its UK and Ireland corporate infrastructure through the appointment of Dr David Gillen as medical director.