American biotech company Celgene (NASDAQ:CELG) is living up to its name by providing its customers with excellent services, and also benefitting its stakeholders who have placed their money on the company as the earnings for the third quarter were quite unexpected. Celgene amazed analysts and business experts by such high revenues and is believed to perform like this for the next whole year.
Celgene (NASDAQ:CELG) has been working with great efficiency. During this quarter, the company’s estimated gross sales have increased by 19%, whereas, the company (NASDAQ:CELG) generated an overall profit of 1.98 billion with an 18% increase. The EPS was recorded at $0.97 with an increment of 24% contrary to Wall Street’s predictions of only $0.95 per share, while the adjusted revenue was successful in gaining a 20% increase.
One of the most intriguing features of this quarter was that the company was generating revenue from almost all departments of the company. Celgene’s (NASDAQ:CELG) Abraxane, which is a late stage pancreatic cancer drug, has generated a revenue of $212 million and increased sales by 25%. Another famous drug by Celgene; Revlimid has become the company’s highest selling product with sales of $1.3 billion, pushing the profits up by 19%. Polyamst, a multiple myeloma medicine displayed some large sales and profits as well. The sales were almost doubled i.e. $181 million as compared to last year while the international sales for this drug rose to 402%. Otzela, another anti-inflammation drug is now appearing to become Celgene’s (NASDAQ:CELG) next high portfolio drug with added sales of 18 million during the first quarter.
Celgene (NASDAQ:CELG) has some serious plans for the years to come. The company is mainly focusing on techniques like label expansion and collaborations. Celgene’s (NASDAQ:CELG) future profits will definitely amuse analysts and share holders. The company is now arranging its major products like Revlimid, Otzela and Abraxane to initiate their plan of boosting their revenues and sales.
By 2019 some of the patents of the company’s largest selling drug; Revlimid will be facing retirement. However, Celgene’s (NASDAQ:CELG) plans to expand the drug to provide it with latest indications may give the drug some market space for the coming decade. Revlimid is used for treating lymphoma, for treating inactive lymphoma as a recidivate treatment, treating second type chronic lymphocytic leukemia, etc. Although if viewed separately none of these qualities are responsible for the immense revenue of the company, but it is the combined effect of these qualities and the increase in the company’s steady growth in mantle cell lymphoma that has proved beneficial for the company. Estimates claim the company will expand by another $2 billion during the next 3 years or maybe as much as $10 billion per year, provided things turn out as the company (NASDAQ:CELG) has planned.
In fact Celgene’s (NASDAQ:CELG) leading products have a potential to gain the market through expansion. In short the strategy of label expansion and collaboration will help the company in achieving amazing results. Celgene has started collaborations with OncoMed Pharmaceuticals (NASDAQ: OMED) to start a joint venture for the treatment of cancer in early stages. Celgene has received a total of 22.25 million dollars while OncoMed has received $155 million to start this partnership