Celgene Corp on Thursday reported a slightly higher-than-expected third-quarter profit as sales of its flagship blood cancer drug Revlimid and of Abraxane for breast and lung cancer grew, and the company raised its 2013 earnings forecast.
However, net profit fell on higher expenses due to product launches and the cost of clinical trials.
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The U.S. biotechnology company said net profit fell to $372 million, or 87 cents per share, from $424 million, or 97 cents per share, a year before.
Excluding special items such as collaboration costs, Celgene earned $1.56 per share, topping analysts' average expectations by 2 cents, according to Thomson Reuters I/B/E/S.
Celgene said it now expects adjusted full-year earnings of $5.90 to $5.95 per share, up from its prior view of $5.80 to $5.90, marking the third time this year that the company has boosted its 2013 forecast.
The company now expects total product sales in 2013 to exceed its previous forecast of $6.2 billion, with Revlimid sales to come in at the mid to upper end of a $4.2 billion to $4.3 billion range.
Revenue for the quarter rose to $1.67 billion, slightly exceeding Wall Street estimates of $1.64 billion.
Revlimid sales rose 12 percent from a year ago to $1.09 billion, roughly in line with Wall Street estimates, while Abraxane rose 60 percent to $170 million, edging past expectations of about $167 million.