Celgene Corp. has released an earnings report for the first quarter of 2011. Celgene posted net income of $255.6 million (54 cents per share) for the first quarter of 2011. Celgene reported net income of $234.4 million (50 cents per share) in the year ago period. Celgene's revenue was boosted by strong sales of Revlimid and Vidaza. Celgene revenue was up 42% to $1.13 billion.
Celgene CFO Jacqualyn Fouse from the earnings report conference call...
Starting with the top line, non-GAAP total revenue achieved 40% year-over-year growth to hit $1.11 billion in Q1 of 2011. This was a record revenue quarter for Celgene and our second quarter of revenues above the $1 billion mark. As we will see in a moment in the breakdown of net product sales, our growth was fueled by strong performances from both REVLIMID and VIDAZA and our first full quarter of ABRAXANE sales. Our growth is volume-driven and comes from both share and duration gains as well as geographic expansion.
CELG stock price closed with a quote of $58.84 a share.
Celgene earnings report
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