Celgene Lifts FY14 Guidance

(RTTNews) - Biopharmaceutical company Celgene Corp (CELG) on Monday lifted its guidance for fiscal year 2014, including strong sales of its blockbuster drug Revlimid. The company also initiated guidance for 2015.

The Summit, New Jersey-based company now expects fiscal 2014 adjusted earnings of $3.71 per share and product sales of about $7.56 billion, including Revlimid sales of $4.98 billion. It earlier expected adjusted earnings of $3.65 to $3.70 per share and product sales of over $7.60 billion, including Revlimid sales of about $4.95 billion.

For the fourth quarter 2014, Celgene projects adjusted earnings of $1.01 per share and product sales of about $2.05 billion.

For fiscal 2015, Celgene estimates adjusted earnings of $4.60 to $4.75 per share and product sales of $9 billion to $9.5 billion, including Revlimid sales of about $5.7 billion.

Celgene reaffirmed its long-term target. For 2017, it continues to project sales of $13 billion to $14 billion, and for 2020, sales of $20 billion.

CELG is trading at $117.24, up $3.57 or 3.14%, on a volume of 7 million shares on the Nasdaq.