Revlimid led Celgene Corp.'s lineup of third-quarter product revenues with $970 million in sales, divided nearly equally between U.S. and international sales. Abraxane, Vidaza and Thalomid also racked up healthy sales, bringing the Summit, N.J.-based pharma company to $1.419 billion in total revenue for the third quarter, a 14 percent increase over the same period in 2011.

"In addition to exceptional operating performance in the third quarter, we've met important milestones and we advanced key strategic initiatives," said Celgene CEO Robert J. Hugin on a conference call Thursday morning. Those include initiatives in hematology, broadening the company's oncology portfolio, building its assets in inflammatory disease and advancing early and midstage pipeline assets.

Sales of Revlimid (lenalidomide) for multiple myeloma increased 18 percent compared to the third quarter of 2011. The company said sales were driven by overall market share gains, increased therapy duration and geographic expansion.

U.S. sales of Revlimid were $547 million, and international sales were $423 million. Those represented increases of 17 percent and 20 percent, respectively, over the same period last year.

Abraxane (nab-paclitaxel) sales were $106 million, a 6 percent decrease compared to the third quarter of 2011 . In the U.S., sales declined 14 percent, compared to the same period of 2011, when sales of Abraxane were boosted by shortages of generic paclitaxel. International sales increased by 29 percent. Abraxane is approved for breast cancer, and more recently, non-small-cell lung cancer.

Third-quarter sales of Vidaza (azacitadine), a drug for myelodysplastic syndromes, were $220 million, an increase of 15 percent. Gains in international sales outpaced those in the U.S., at 16 percent compared to 13 percent, respectively.

Multiple myeloma drug Thalomid (thalidomide) made $75 million in sales in the third quarter, a decrease of 10 percent.

Celgene's adjusted, non-GAAP, net income increased 20 percent in the third quarter, to $561 million, compared to $469 million in the third quarter of 2011. The adjusted diluted earnings per share (EPS) grew from $1.02 to $1.29.

The company's GAAP net income was $424 million, or 97 cents per diluted share, compared to $373 million, or 81 cents per diluted share.

Celgene's earnings for the quarter were solidly in line with analyst estimates, and in some cases higher. The consensus estimates for for EPS and revenue were $1.27 and $1.41 billion, respectively. The only miss was Revlimid's U.S. sales, which were off by about $4 million.

That resulted in a quarter that was "solid," according to Wells Fargo analyst Brian Abrahams.

"With in-line Revlimid sales demonstrating continuing solid commercial execution and pipeline drivers for long-term growth coming into greater focus, we continue to expect Celgene to appreciate in the coming year," Abrahams wrote.

Mark Schoenebaum, of ISI Group, characterized the quarter as "very average" for the big biotech.

"Celgene just reported what appears to be a decent quarter with most revenue lines roughly in-line," Schoenebaum wrote. "The company modestly lowered the upper end of Revlimid revenue guidance for the year – the Street is currently already at the high end of the company's new revenue guidance."

Pipeline updates accompanying the earnings report included information about Revlimid, Abraxane and pomalidomide.

Revlimid hit its endpoints in a Phase II study in relapsed mantle cell lymphoma, and the firm expects to file a supplemental new drug application using those data. Revlimid is in several Phase III trials.

Abraxane melanoma data showed a trend toward overall survival (OS) benefit, with OS of 12.8 months compared to 10.7 months (p = 0.09). Abraxane also is being evaluated in multiple Phase III trials in melanoma and pancreatic cancer.

A Phase II dose-escalation study of pomalidomide with Velcade (bortezomib, Millennium: The Takeda Oncology Co.) and dexamethasone is in progress, as well as Phase III trials of pomalidomide in relapsed refractory multiple myeloma and myelofibrosis.

Celgene is testing its lead inflammatory disease candidate, apremilast, in a Phase III program in psoriatic arthritis, psoriasis and ankylosing spondylitis.

Early to midstage programs include a Phase II trial of BCT-001 in Behcet's disease, which hit its primary endpoint of showing a statistically significant improvement in oral ulcers at day 85.

Celgene ended the quarter with $3.8 billion in cash, cash equivalents and marketable securities. The firm's stock (NASDAQ:CELG) gained 26 cents to close Thursday at $74.32.

Third Quarter Also Good for Biogen Idec

Revenue and earnings for Biogen Idec Inc., of Weston, Mass., of $1.4 billion and $1.91, respectively, beat consensus estimates of $1.38 billion and $1.59.

Sales of multiple sclerosis drug Avonex (interferon beta-1a), increased 8 percent compared to the same period in 2011, to $736 million, and Tysabri (natalizumab) gained 1 percent for sales of $275 million.

A sale of royalty and other rights related to lupus drug Benlysta (belimumab) to a fund managed by DRI Capital boosted Biogen's bottom line by $32 million, and the company will receive royalties on the product through September 2014.

GAAP diluted EPS was $1.67, a gain of 17 percent compared to the third quarter of 2011, and GAAP net income was $398 million. Non-GAAP EPS was $1.91, an increase of 19 percent over last year. Non-GAAP net income was $455 million.

Biogen Idec's stock (NASDAQ:BIIB) rose $2.75 Thursday to close at $144.81.

Wells Fargo's Abrahams called it "a solid quarter that is unlikely to change perceptions on the company's MS franchise. We continue to believe [Biogen] is fairly valued heading into the ALS data and the global BG-12 regulatory decisions and launches in 1H 2013."

In other earnings news:

• Dyax Corp., of Burlington, Mass., reported net sales of $10.8 million, an increase of 18 percent compared to the third quarter of 2011. Sales of Kalbitor (ecallantide), for hereditary angioedema, were $10.8 million, and the company reported a net loss of $5.2 million, or 5 cents per share, compared to a net loss of $9.7 million, or 10 cents per share, for the third quarter of 2011. It ended the year with cash, cash equivalents and investments of $30.4 million. "We expect Dyax to outperform the market as Kalbitor's launch progresses and investors . . . recognize Dyax's other value drivers," commented Cowen and Co.'s Phil Nadeau. Dyax's stock (NASDAQ:DYAX) gained 18 cents to close Thursday at $3.18.

• ViroPharma Inc., of Exton, Pa., reported $91 million in third-quarter net product sales, led by $85 million in worldwide sales of Cinryze (C1 esterase inhibitor), a drug for hereditary angioedema. Those sales were consistent with analyst expectations. GAAP net losses were $4.6 million, compared to GAAP net income of $28.2 million in the third quarter of 2011. Non-GAAP adjusted net income was $7.5 million, down from $48.4 million for the same period in 2011. ViroPharma's stock (NASDAQ:VPHM) lost 2 cents to close Thursday at $27.23.