Celgene's 25% profit spike driven by multiple myeloma, cancer drugs
- Celegene’s second quarter revenues were up 17% to $1.87 billion, with net income of $597.8 million.
- Expanded use of Abraxane (nab-paclitaxel) to include treatment of advanced pancreatic cancer, in addition to breast and lung cancers, boosted the drug's sales. Abraxane revenues increased 39% to $215 million.
- Based on second quarter performance, full-year revenue forecasts stand at $7.60 billion -- an increase of $60 million from previous forecasts.
Although sales increased for Revlimid (lenalidomide), Abraxane and Pomalyst/Imnvoid (pomalidomide), sales of Vidaza (azacitadine), which is approved for the treatment of myelodysplastic syndromes (MDS) and acute myeloid leukemia fell 28% to $152 million.
Vidaza went off patent in the US in 2011 but faced no serious generic competition until last year. Nonetheless, Celgene is poised to have a strong year overall despite the drop in Vidaza's sales.
- Pharma Times Celgene profits jump 25% on multiple myeloma drugs