Celgene 3rd-qtr beats expectations; raises earnings guidance

US biotech company Celgene Corp (Nasdaq: CELG) reported third quarter 2013 total revenue of $1.67 billion compared to $1.42 million in the third quarter 2012, just beating expectations of $1.64 billion. Net product sales came in at $1.64 billion, an 18% increase from the same period in 2012.

Adjusted net income for the third quarter increased 19% to $669 million. For the same period, adjusted diluted earnings per share (EPS) increased 21% to $1.56, up from $1.29 and beating analysts’ consensus forecasts of $1.54, according to Thomson Reuters. Notwithstanding, the firm’s shares dipped 1.7% to $157.27 by close of trading yesterday (October 24). "While this was a good quarter and a nice little beat and raise, people expected at least as much, if not a little more," said Cowen & Co's Eric Schmidt. "So everything is great, but high expectations may have the stock down."

Based on US Generally Accepted Accounting Principles (GAAP), Celgene reported third quarter 2013 net income of $372 million or $0.87 per diluted share. For the third quarter of 2012, net income was $424 million, or $0.97 per diluted share.