Celgene beats earnings estimate but misses on sales

27 April 2017

US biotech Celgene (Nasdaq: CELG) slipped by 0.4% in four hours of trading on Thursday to $124.70 after reporting its first quarter financials, reflecting a mixed bag of results.

Celgene reported net product sales of $2.95 billion for the quarter, an 18% increase from the same period in 2016, but short of the estimates of surveyed analysts which averaged $3.04 billion.

The company’s earnings for the quarter, meanwhile, beat estimates. Adjusted net income for the first quarter of 2017 increased by 28% to $1.36 million compared to $1.06 million in the previous year. Adjusted diluted earnings per share (EPS) were $1.68, ahead of the $1.64 predicted by analysts.

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