Celgene third-quarter results beat estimates; ups guidance

US biotech major Celgene (Nasdaq: CELG) today reported better-than-expected financial results, with net product sales of $1.96 billion for the third quarter of 2014 rising 19% over the like period in 2013. The company’s shares moved up 2.8% to $9.46 in early trading.

Third quarter total revenue increased 18% to $1.98 billion compared to $1.67 billion in the third quarter of 2013, just beating Wall Street estimates of $1.96 billion. Adjusted net income for the third quarter of 2014 increased 20% to $806 million. For the same period, adjusted diluted earnings per share increased 24% to $0.97 from $0.78, on a stock split-adjusted basis, exceeding the average analyst estimate by $0.02, according to Thomson Reuters.

Based on US GAAP (generally accepted accounting principles), Celgene reported third quarter of 2014 net income of $508 million or $0.61 per diluted share, up 36.5%.