Celgene 1st-qtr results beat Wall Street expectations

5 May 2018

Shares of US biotech Celgene (Nasdaq: CELG) rose as much as 4% on Friday, after the company reported stronger-than-expected first quarter 2018 results as profit and sales of several drugs exceeded Wall Street forecasts.

The company also said it would re-apply for approval of an important multiple sclerosis treatment ozanimod, in early 2019, sooner than some expected. The drug received an embarrassing rejection from the US Food and Drug Administration in February, when the agency refused to accept Celgene’s New Drug Application. The stock closed Friday up just 1.74% at $86.89.

Revenue for the first quarter increased 19.4% to $3.54 billion, topping analysts’ consensus estimates of $3.46 billion.

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