Myeloma drug Revlimid pushes Celgene sales growth

US biotech major Celgene (Nasdaq: CELG) today reported a strong set of fourth-quarter and full-year 2016 financial results but missing analysts' expectations on revenues, despite strong growth for its flagship myelomas drug Revlimid (lenalidomide). Celgene’s shares dipped 0.86% to $113.10 in mid-morning trading.

For the fourth quarter, net product sales were $2.98 billion, an increase of 17%, year-over-year. Net product sales growth includes a 0.3% negative impact from currency exchange effects. Fourth quarter total revenue increased 16% to $2.98 billion, less than the $3.01 billion expected by eight analysts surveyed by Zacks Investment Research.

Net product sales for the full-year of 2016 were $11.185 billion, an increase of 22% year-over-year. Total revenue for the full-year of 2016 was $11.23 billion, an increase of 21%.