Celgene Earnings Cheat Sheet: Revenues Rise 40% As Ongoing Momentum Continues

S&P 500 (NYSE:SPY) component Celgene Corporation (NASDAQ:CELG) reported higher profit for the first quarter as revenue showed growth. Celgene Corporation is a biopharmaceutical company which develops innovative therapies to treat cancer and immune-inflammatory related diseases.

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Celgene Earnings Cheat Sheet for the First Quarter

Results: Net income for the biotechnology company rose to $255.6 million (54 cents/share) vs. $234.4 million (50 cents/share) in the same quarter a year earlier. A rise of 9% from the year earlier quarter.

Revenue: Rose 40% to $1.13 billion YoY.

Actual vs. Wall St. Expectations: CELG reported adjusted net income of 83 cents per share. By this measure, the company beat the mean analyst estimate of 80 cents/share. Estimates ranged from 73 cents per share to 89 cents per share.

Quoting Management: “The results for the quarter were outstanding and they reflect the ongoing momentum that Celgene is creating as we leverage our business model and position our Company for long-term success,” said Bob Hugin, Chief Executive Officer of Celgene Corporation.

Key Stats: The company has enjoyed double-digit year-over-year revenue growth for the past five quarters. Over that span, the company has averaged growth of 28450.6%, with the biggest boost coming in the most recent quarter when revenue rose 142114.9% from the year earlier quarter.

Net income has increased 14.8% year over year on average across the last five quarters. The biggest gain came in the first quarter of the last fiscal year, when income climbed 43.9% from the year earlier quarter.

Gross margins grew 7.8 percentage points to 100%. The growth seemed to be driven by increased revenue, as the figure rose 142114.9% from the year earlier quarter while costs rose more than twofold.

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).

Today’s Performance: Shares of CELG are trading at $58.02 as of April 28, 2011 at 10:26 AM ET, down over 1% from the previous closing price of $59.


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