SUMMIT, N.J. (AP) — Biotech drugmaker Celgene Corp. said Thursday that its third-quarter net income jumped 30 percent on higher sales of cancer drugs, prompting a boost in full-year guidance.
The company earned $281.2 million, or 60 cents per share, up from $216.8 million, or 46 cents per share, during the same period a year prior. Revenue rose 31 percent to $910.1 million from $695.1 million.
Excluding charges, the company said it earned 75 cents per share. Analysts polled by Thomson Reuters expected net income of 71 cents per share on $880.8 million in revenue.
Sales of its cancer drug Revlimid rose 43 percent to $641 million, while sales of the cancer drug Vidaza rose 37 percent to $141 million. Sales of Thalomid totaled $94 million.
Looking ahead, the company expects 2010 income between $2.78 and $2.80 per share, up from prior guidance of $2.65 to $2.70 per share. It also boosted revenue guidance to about $3.6 billion from a prior range of $3.4 billion to $3.45 billion.
Analysts expect net income of $2.73 per share on revenue of $3.48 billion in 2010.
In premarket trading, Celgene shares rose $1.99, or 3.4 percent, to $61.39.