Celgene reports strong performance in Q3 2013

Celgene has announced its financial results for the third quarter of 2013, during which it generated a revenue total of $1.67 billion (1.04 billion pounds).

This was up from $1.42 billion in the corresponding quarter of 2012, with net product sales rising by 18 percent year on year, while adjusted net income went up by 19 percent and earnings per share increased by 21 percent.

The company described its third-quarter performance as "exceptional", with continued operating momentum across its global businesses and strong growth for key products such as Revlimid, while the firm was also able to gain regulatory approvals for newer drugs Imnovid and Abraxane.

Net product sales for the year are now expected to exceed $6.2 billion, while further clinical data on pipeline products will be shared at forthcoming medical conferences.

Bob Hugin, chairman and chief executive officer of Celgene, said: "In the fourth quarter we will present new data on apremilast in psoriatic arthritis at ACR and on Revlimid in newly diagnosed multiple myeloma at ASH."

The ACR (American College of Rheumatology) annual meeting is taking place in San Diego this week and provides Celgene with an opportunity to discuss its latest phase III trial results for apremilast.