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Oncology drug maker reports 74% increase in sales.
2003 MAY 23 - (NewsRx.com & NewsRx.net) -- Celgene Corporation (CELG) announced that Thalomid (thalidomide) sales increased 74% for the quarter ended March 31, 2003, to $45.6 million from $26.2 million in the first quarter of 2002.
Total revenue was $49.1 million, rising 60% over the prior-year quarter. Celgene posted net income of $952,000 or $0.01 per diluted share compared to a net loss for the prior-year quarter of $823,000 or ($0.01) per diluted share.
Celgene significantly advanced its research and development programs, increasing R&D expenses 41% from $17.5 million in the first quarter of last year to $24.7 million in the same quarter of 2003. Advancements in the clinical and preclinical development programs of Thalomid, Revimid, Actimid, IMiDs, SelCIDs, benzopyrans, SERMs and kinase, ligase and tubulin inhibitors, in addition to research programs ongoing at Celgene Cellular Therapeutics (formerly Anthrogenesis), contributed to the growth of R&D expenses.
"Celgene accomplished several strategic goals this quarter including expanding our commercial franchise and strengthening our commitment to the oncology community with the addition of Alkeran, an FDA-approved therapy for the ...
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Source: HighBeam Research, Oncology drug maker reports 74% increase in sales.