Strong cancer drug sales boost Celgene 4th-qtr and full-year 2014 results

US biotech firm Celgene (Nasdaq: CELG) posted 2014 financials before the markets opened this morning, showing that fourth quarter net product sales were $2.055 billion, an increase of 19%. Total revenue for the quarter also rose 19%, to $2.085 billion and just beating consensus analysts’ estimates of $2.090 billion. Celgene’s shares edged down 0.8% to $108.01 in early trading.

Adjusted net income for the fourth quarter of 2014 increased 29% to $840 million. For the same period, adjusted diluted earnings per share (EPS) increased 33% to $1.01 from $0.76, on a stock split-adjusted basis, and also beating expectations of $0.99.

Net product sales for full-year 2014 were $7,564 million compared to $6,362 million for the full year of 2013. Total revenue was $7.67 billion, an increase of 18%. Adjusted net income increased 21% to $3.099 billion compared to the prior year. Adjusted diluted EPS increased 24 % to $3.71, on a stock split-adjusted basis.