Celgene (CELG) Tops Q4 EPS by 2c; Guides FY15 EPS Below Views

Celgene (NASDAQ: CELG) reported Q4 EPS of $1.01, $0.02 better than the analyst estimate of $0.99. Revenue for the quarter came in at $2.09 billion versus the consensus estimate of $2.08 billion.

Net Product Sales Performance

• REVLIMID® sales for the fourth quarter increased 16 percent to $1,322 million and were driven by increased market share and duration of therapy. Fourth quarter U.S. sales of $797 million and international sales of $525 million increased 20 percent and 11 percent, respectively. Full year REVLIMID® sales were $4,980 million, an increase of 16 percent.
• ABRAXANE® sales for the fourth quarter were $236 million, an increase of 17 percent. U.S. sales were $172 million and international sales were $64 million, an increase of 8 percent and 50 percent, respectively. Sales of ABRAXANE® in the U.S. were positively impacted from increased use in non-small cell lung cancer (NSCLC) and pancreatic cancer. Volume in Europe increased from the launch in pancreatic cancer. Full year ABRAXANE® sales were $848 million, an increase of 31 percent.
• POMALYST®/IMNOVID® sales for the fourth quarter were $202 million. U.S. sales were $132 million and international sales were $70 million. Full year POMALYST®/IMNOVID® sales were $680 million. Sales were driven by increased market share and duration gains. 2014 was the first full year of sales after 2013 approvals in the U.S. and Europe.
• VIDAZA® fourth quarter sales were $154 million, an 8 percent decrease year-over year. U.S. sales decreased 67 percent to $9 million impacted by the introduction of generic azacitidine in September 2013. International sales increased 3 percent to $145 million. Full year VIDAZA® sales were $612 million, a decrease of 24 percent.
• OTEZLA® sales in the fourth quarter were $47 million. Full year OTEZLA® sales were $70 million. New and total prescriptions continue to grow for the psoriatic arthritis indication and have significantly accelerated in the fourth quarter of 2014 following the U.S. approval for psoriasis.
• In the fourth quarter, all other product sales, which include THALOMID®, ISTODAX® and an authorized generic of VIDAZA® drug product in the U.S., were $93 million compared to $98 million in the fourth quarter of 2013. Full year sales for these products were $374 million.

2015 Guidance

• Total net product sales are expected to be $9,000 million to $9,500 million, an increase of 22.3 percent year-over-year based on the mid-point of the range and includes a negative impact from foreign exchange approaching $100 million
• REVLIMID® net sales are expected to be in the range of $5,600 million to $5,700 million, an increase of 13.5 percent year-over-year based on the mid-point of the range
• ABRAXANE® net sales are expected to be in the range of $1,000 million to $1,250 million, an increase of 32.6 percent year-over-year based on the mid-point of the range
• Adjusted operating margin is expected to be approximately 52 percent after investments across the entire organization, a 140 basis points improvement over 2014. GAAP operating margin is expected to be approximately 41.7 percent
• Adjusted diluted EPS is expected to be in the range of $4.60 to $4.75, an increase of approximately 26.0 percent year-over-year based on the mid-point of the range. GAAP diluted EPS is expected to be in the range of $3.68 to $3.92 (The Street sees FY15 EPS of $4.87.)

For earnings history and earnings-related data on Celgene (CELG) click here.

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