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Strong Thalomid, Alkeran sales yield $0.03 earnings per share at biotech firm.
2003 AUG 18 - (NewsRx.com & NewsRx.net) -- Celgene Corporation (CELG) announced earnings per diluted share of $0.03 driven by strong Thalomid (thalidomide) and Alkeran (melphalan) tablets and Alkeran (melphalan HCl) for injection sales.
Thalomid sales were approximately $54.8 million up 93.4% for the second quarter of 2003 compared to $28.3 million in the second quarter of 2002. Total revenue was $67.3 million, an increase of 100.1% over the prior-year quarter. Celgene posted net income of $2.9 million, or $0.03 per diluted share compared to a net loss of $1.7 million or ($0.02) per diluted share year-over-year.
Thalomid sales rose 20.2% quarter-over-quarter to $54.8 million from $45.6 million and total revenues, quarter-over-quarter, increased 37.0% to $67.3 million from $49.0 million. Additionally, to offer more convenience to patients and prescribers, Celgene launched new 100mg and 200mg strength capsules of Thalomid in March.
The company estimates that the launch of these new formulations contributed approximately $4.0 million in added revenue in the quarter. It is expected, with the multiple formulations of Thalomid, that retail pharmacies will maintain higher levels of inventory to support future sales.
Thalomid sales for the 6-month period ended June 30, 2003, were $100.5 million compared to $54.5 million in 2002, a growth rate of approximately 84.0% year-over-year. Total revenue for the first half of 2003 was a record $116.3 million, an increase of 81.0% over the same period in 2002. Celgene posted net income for the first 6 months of 2003 of $3.8 million or $0.05 per diluted share, compared to a net loss of $2.5 million or ($0.03) per diluted share in the comparable 2002 period.
Celgene increased research and development expenditures to accelerate the regulatory programs for Revimid in myelodysplastic syndromes and multiple myeloma. Celgene spent $30.5 million in the second quarter of 2003, representing an increase of 59.0% compared to the year ago quarter. Additionally, these research and development expenditures supported rapid clinical progress in multiple development ...
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