Celgene: 2Q Earnings Snapshot
SUMMIT, N.J. (AP) _ Celgene Corp. (CELG) on Thursday reported second-quarter net income of $1.05 billion.
The Summit, New Jersey-based company said it had profit of $1.43 per share. Earnings, adjusted for stock option expense and non-recurring costs, came to $2.16 per share.
The results topped Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $2.10 per share.
The biotechnology company posted revenue of $3.81 billion in the period, also exceeding Street forecasts. Ten analysts surveyed by Zacks expected $3.68 billion.
Celgene expects full-year earnings in the range of $8.70 to $8.75 per share, with revenue expected to be $15 billion.
Celgene shares have declined 16 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6.5 percent. The stock has declined 36 percent in the last 12 months.