Celgene 3rd-qtr sales and earnings beats expectations

US biotech major Celgene (Nasdaq: AMGN) today posted third-quarter 2018 financials, showing that total revenues leapt 18.4% to $3.89 billion, so beating analysts’ estimates of $3.85 billion.

Net income for the quarter was up 9.5% to $1.08 billion, or $1.50 per share. Excluding one-time items, Celgene earned $2.29 per share in the quarter, up 20% and well above Wall Street expectations of $2.22 per share. Celgene’s shares were up 1.78% at $76.04 mid-morning.

“Excellent top- and bottom-line momentum in the third quarter supports raising our 2018 financial guidance,” said Mark Alles, chairman and chief executive of Celgene, adding: “We are focused on shaping Celgene’s future by rapidly advancing our late-stage pipeline, accelerating promising early research programs, and strengthening the organization.”