Celgene’s Q2 Profit Surges on Drug Sales

Net income rose to $10.8 million from $2.6 million last year.Summit drugmaker Celgene (Nasdaq: CELG) has reported a more than fourfold increase in its second-quarter profit due to strong sales of Thalomid. Net income increased to $10.8 million, or 6 cents per share, from $2.6 million, or 2 cents per share, a year earlier.
Excluding charges for relocation expenses, an investment in Entremed and adjustments to tax provisions, the company reported earnings of $30.6 million, or 17 cents per share, from $12.4 million, or 7 cents per share, a year ago.
Revenue rose 66% to $145.7 million from $87.8 million last year. Sales of Thalomid rose 27% to $94.4 million from a year ago.
In morning trading Celgene shares were up $0.39 to $47.66.