Celgene reports ‘outstanding’ second quarter results

Celgene has predicted continued long-term growth after posting record financial results for the second quarter of the year.

The company’s revenue total for the quarter rose by 36 per cent year-on-year to $850 million (538.3 million pounds), while income and earnings both increased by 50 per cent or more.

Rising global sales of drugs such as Revlimid, Vidaza and Thalomid contributed to this trend, while the company was also able to launch several clinical trials and agree a deal to purchase Abraxis BioScience.

The Abraxis deal is intended to strengthen Celgene’s position in the oncology market, allowing it to add products such as Abraxane to its portfolio.

Celgene now hopes to achieve a revenue increase of 28 per cent for the whole year, as well as planning to initiate more than 20 further phase III clinical studies.

Robert Hugin, chief executive officer of Celgene, said: “These outstanding results reflect the effectiveness of our operating strategies and the exceptional execution of our global team.”