Celgene sales and earnings beat expectations

27 July 2017

US biotech major (Nasdaq: CELG) Celgene saw its shares rise 1.6% in pre-market trading, but were down nearly 1% at $136.40 late morning, despite reporting second quarter 2017 sales and earnings that beat consensus expectations.

The company reported total revenue of $3.27 billion for the quarter, a 19% increase year-on-year, above the FactSet consensus of $3.23 billion. Product sales were also 19% higher at $2.26 billion

Based on US generally accepted accounting principles (GAAP), Celgene reported net income of $1.06 billion and diluted earnings per share (EPS) of $1.31 for the second quarter of 2017. For the second quarter of 2016, GAAP net income was $598 million and diluted EPS was $0.75.

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