Increased sales of multiple myeloma drug Revlimid boost Celgene's profits

Shares in US biotech firm Celgene (Nasdaq: CELG) rose more than 2.5% after the company reported a 22% increase in revenue for the second quarter of 2016.

Total revenue was $2.75 billion, compared $2.3 billion during the same period last year. This was ahead of analyst $2.7 billion predictions.

Sales of the company’s biggest, best-selling product, multiple myeloma drug Revlimid (lenalidomide), accounted for 61.8% of the total revenue with an 18% increase in sales to $1.7 billion, thanks to new patient market share gains and increased duration. Analysts had predicted about $1.66 billion.