S&P 500 (NYSE:SPY) component Celgene Corporation (NASDAQ:CELG) reported net income above Wall Street’s expectations for the second quarter. Celgene Corporation is a biopharmaceutical company which develops innovative therapies to treat cancer and immune-inflammatory related diseases.
Celgene Earnings Cheat Sheet for the Second Quarter
Results: Net income for Celgene Corporation rose to $279 million (59 cents per share) vs. $155.4 million (33 cents per share) in the same quarter a year earlier. This marks a rise of 79.6% from the year earlier quarter.
Revenue: Rose 38.4% to $1.18 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: CELG reported adjusted net income of 89 cents per share. By that measure, the company beat the mean estimate of 77 cents per share. It beat the average revenue estimate of $1.12 billion.
Quoting Management: “The quarterly results were outstanding, and reflect the therapeutic value of our novel therapies for patients worldwide,” said Bob Hugin, Chief Executive Officer of Celgene Corporation. “We are focused on operational excellence to leverage our global potential and drive both near and long-term industry-leading growth and profitability.”
The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 37.6%, with the biggest boost coming in the first quarter when revenue rose 42.2% from the year earlier quarter.
The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by 2 cents, and in the fourth quarter of the last fiscal year, it fell short by 2 cents.
The company has now seen net income rise in two straight quarters. In the first quarter, net income rose 9% from the year earlier.
Competitors to Watch: Novartis AG (NYSE:NVS), SuperGen, Inc. (NASDAQ:SUPG), Pfizer Inc. (NYSE:PFE), GlaxoSmithKline plc (NYSE:GSK), Bristol Myers Squibb Co. (NYSE:BMY), Genzyme Corporation (NASDAQ:GENZ), Cell Therapeutics, Inc. (NASDAQ:CTIC), Merck & Co., Inc. (NYSE:MRK), Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI), and Sanofi-Aventis SA (NYSE:SNY).
(Source: Xignite Financials)