Celgene Corp.'s second-quarter revenues grew by 76 percent over the same period last year due primarily to a sharp increase in sales of its cancer drug Revlimid. That news pushed the company's stock (NASDAQ:CELG) up $1.45 Thursday to close at $60.20.
The Summit, N.J.-based firm reported total revenue of $347.9 million. Adjusted net income was $110.4 million, or 26 cents per share, which beat consensus estimates by 3 cents. Most of that growth was driven by sales of Revlimid, which came to $108.9 million for the three-month period ending June 30, representing an increase of 187 percent over the same three months in 2006. Revlimid (lenalidomide) is approved in the U.S. for certain types of low- or intermediate-1-risk myelodysplastic syndromes and in the U.S. and Europe in combination with dexamethasone for multiple myeloma patients who have received at least one prior therapy.
The company's other products also showed a sales increase. Thalomid recorded net sales of $117.7 million, Alkeran sales were $18.7 million and sales of Focalin and the Ritalin family of drugs totaled $24.8 million for the quarter.
As of June 30, Celgene had more than $2.3 billion in cash and marketable securities.
In other earnings news:
• Affymetrix Inc., of Santa Clara, Calif., reported second-quarter revenue of $88.3 million, compared to $80.1 million for the second quarter of 2006. That revenue includes GeneChip sales of $67.2 million, which included array, reagent and genotyping revenue. The company reported instrument revenue of $8.8 million, and during the quarter, Affymetrix shipped 38 GeneChip systems for a cumulative total of 1,630 systems shipped. Its net income totaled about $1.2 million, or 2 cents per share. The company ended the quarter with about $91.1 million in cash. Affymetrix's stock (NASDAQ:AFFX) gained $1.20 Thursday to close at $26.06.
• Millennium Pharmaceuticals Inc., of Cambridge, Mass., reported that U.S. sales of its cancer drug Velcade (bortezomib) totaled $62.6 million for the second quarter, a 6 percent increase over the same period in 2006. Royalties from Velcade sales outside the U.S., where it is marketed by divisions of New Brunswick, N.J.-based Johnson & Johnson, totaled $38.9 million, a 14 percent rise over last year. Millennium reported adjusted net income of $3.3 million for the quarter. As of June 30, it had $844.4 million in cash, cash equivalents and marketable securities. Shares of Millennium (NASDAQ:MLNM) closed at $10.34 Thursday, down 21 cents.
• QLT Inc., of Vancouver, British Columbia, posted worldwide sales of its wet age-related macular degeneration drug Visudyne totaling $59.3 million for the second quarter, a decrease of 37.8 percent from the second quarter of 2006. U.S. sales dropped 45 percent to $10.3 million and rest-of-the-world sales fell 35.9 percent to $49 million. That decline primarily is due to the approval of alternative wet AMD treatments, namely South San Francisco-based Genentech Inc.'s Lucentis (ranibizumab), which gained approval about a year ago. QLT said that Visudyne sales might continue to decrease as doctors continue to adopt those other options. The company reported that worldwide sales of its prostate cancer drug Eligard increased 35.4 percent over last year's figures to $44.6 million, most of that jump coming from ex-U.S. sales, which increased 68 percent to $25.3 million. QLT's revenues were $35.7 million for the second quarter, down 25 percent from last year. The company recorded a second-quarter operating loss of $105 million, due to an adverse judgment on the Massachusetts Eye and Ear Infirmary litigation, which cost the firm $109.9 million in the quarter. QLT is reviewing that decision and expects to appeal. Loss per share was 92 cents. As of June 30, the company had cash and short-term investments totaling $284.9 million. Shares of QLT (NASDAQ:QLTI) closed at $6.97 Thursday, down 31 cents.