Celgene tops Street estimates, raises guidance

Celgene Corp. (NASDAQ:CELG) reported 2Q14 earnings that beat the Street on Thursday and raised its full-year EPS and revenue guidance. The company reported 2Q14 adjusted diluted EPS of $0.90, beating by a penny the Street's $0.89 estimate and up from $0.76 in 2Q13. Total revenues in the quarter were $1.87 billion, above the Street's $1.85 billion estimate and up 17% from $1.6 billion in 2Q13.

Sales of Otezla apremilast were $5 million in the quarter; Celgene launched the drug in the U.S. in early April to treat psoriatic arthritis. Analysts expect the drug could hit sales of $2.1 billion by 2018. Otezla is under FDA review to treat moderate to severe psoriasis, with a Sept. 23 PDUFA date, and is under review in the EU for moderate to severe psoriasis and psoriatic arthritis. Celgene also disclosed that FDA accepted for review an sNDA for Revlimid lenalidomide to treat newly diagnosed multiple myeloma. The PDUFA date is Feb. 22, 2015. ...