CELG Celgene Corporation

   By Micah Maidenberg 
 

Celgene Corp. (CELG) swung to a profit in the fourth quarter, on strong sales growth of the pharmaceutical company's flagship blood-cancer drug Revlimid.

Celgene reported earnings of $1.07 billion, or $1.50 a share, compared with a net loss of $81 million, or a 10 cents a share loss a year earlier when the company made a significant income-tax payment.

The company's adjusted profit of $2.39 a share surpassed the $2.32 a share analysts polled by FactSet forecasted.

Celgene said sales rose 16% to $4.04 billion. Analysts predicted $3.99 billion in revenue.

Revenue from Revlimid rose 16% to $2.55 billion in the fourth quarter. For all of 2018, sales of the drug increased 18%

Celgene said Thursday that it expects 2019 sales to rise 12% to $17 billion to $17.2 billion and per-share earnings of $8.40 to $9.08.

Earlier this month, Bristol-Myers Squibb Co. (BMY) agreed to buy Celgene in a deal valued at about $74 billion that would combine two companies that have focused on cancer drugs.

Bristol-Myers's acquisition of Celgene is expected to be completed in the third quarter.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

(END) Dow Jones Newswires

January 31, 2019 08:08 ET (13:08 GMT)

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