Celgene (CELG) Tops Q1 EPS by 4c; Raises Outlook

Celgene (NASDAQ: CELG) reported Q1 EPS of $1.68, $0.04 better than the analyst estimate of $1.64. Revenue for the quarter came in at $2.95 billion versus the consensus estimate of $3.04 billion.

“Our significant first quarter operational, financial and strategic progress strengthen our confidence and outlook for 2017,” said Mark J. Alles, Celgene’s Chief Executive Officer. “Our business momentum is increasing as we continue to generate meaningful catalysts and long-term value drivers.”

Net Product Sales Performance

• REVLIMID® sales for the first quarter increased 20 percent to $1,884 million. Sales growth was driven primarily by increased volume as a result of increases in duration and market share. U.S. sales of $1,234 million and international sales of $650 million increased 24 percent and 13 percent year-over-year, respectively.
• POMALYST®/IMNOVID® sales for the first quarter were $364 million, an increase of 33 percent year-over-year. U.S. sales were $216 million and international sales were $148 million, an increase of 26 percent and 44 percent year-over-year, respectively. POMALYST®/IMNOVID® sales grew due to increased volume driven by duration gains.
• OTEZLA® sales for the first quarter were $242 million, a 24 percent increase year-over-year. First quarter U.S. sales of $199 million and international sales of $43 million increased 14 percent and 105 percent, respectively, and were driven by market share gains in the U.S. and continued international launches.Despite a contraction in the overall market volume of prescriptions filled, OTEZLA® share in psoriasis grew versus last quarter. In addition, net sales were impacted by increasing gross-to-net adjustments related to contracts implemented in January with several large payers that significantly broadened access for up to 100 million covered lives.
• ABRAXANE® sales for the first quarter were $236 million, a 5 percent increase year-over-year. U.S. sales were $142 million and international sales were $94 million, a decrease of 1 percent and an increase of 16 percent, respectively. ABRAXANE® market shares in pancreatic cancer, first-line advanced non-squamous lung cancer and metastatic breast cancer in the U.S. are stable. Growth in Europe was driven by market share gains for ABRAXANE® in pancreatic cancer.
• In the first quarter, all other product sales, which include THALOMID®, ISTODAX®, VIDAZA® and an authorized generic version of VIDAZA® drug product in the U.S., were $224 million compared to $226 million in the first quarter of 2016.

GUIDANCE:

Celgene sees FY2017 EPS of $7.15-$7.30, versus prior of 7.10 to $7.25 and the consensus of $7.23.

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

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