Celgene: 3Q Earnings Snapshot
SUMMIT, N.J. (AP) _ Celgene Corp. (CELG) on Thursday reported third-quarter earnings of $1.08 billion.
On a per-share basis, the Summit, New Jersey-based company said it had net income of $1.50. Earnings, adjusted for stock option expense and non-recurring costs, were $2.29 per share.
The results beat Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of $2.24 per share.
The biotechnology company posted revenue of $3.89 billion in the period, also exceeding Street forecasts. Nine analysts surveyed by Zacks expected $3.83 billion.
Celgene expects full-year earnings in the range of $8.75 to $8.80 per share, with revenue expected to be $15.2 billion.
Celgene shares have declined 28 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined roughly 1 percent. The stock has dropped 38 percent in the last 12 months.