Celgene net profit down on charge from Pharmion acquisition

Source: Healthcare Exec

Date :08/05/2008 03:54:52

Biopharmaceutical company Celgene Corp posts large net loss Thursday following a charge from its $2.9 billion acquisition of Pharmion Corp.

The Summit, New Jersey-based company posted a net loss of $1.64 billion, or $3.98 per share. That compared with net income of $57.4 million, or 14 cents per share, a year ago.

Excluding items, the company earned 36 cents per share.

Revlimid

Total revenue for the quarter ended March 31, 2008 rose 57 percent to $461.0 million.

This was driven by strong sales of its cancer drug Revlimid.

Sales of the drug rose 96 percent over the same period in 2007 to $286.8 million.

Profitable

Despite the net loss, first-quarter adjusted income rose to $159.3 million, or 36 cents a share from $69.1 million, or 16 cents a share a year earlier. Analysts forecast 34 cents a share.

For 2008, Celege expects revenue to increase nearly 60 percent year-over-year to about $2.1 billion. Analysts, on average, are forecasting 2008 revenue of $2.15 billion.

Shares closed Wednesday at $63.30.

May 08, 2008