Celgene tops Street EPS estimate

Celgene Corp. (NASDAQ:CELG) reported 1Q14 adjusted diluted EPS that just beat the Street on revenues that fell shy of the consensus estimate. Revenues for the quarter were $1.73 billion, below the $1.77 billion the Street was expecting but up from $1.5 billion in 1Q13. Sales of multiple myeloma drug Revlimid lenalidomide were $1.14 billion, up 14% from $1 billion in 1Q13. The consensus estimate for Revlimid sales was $1.16 billion. Celgene reported 1Q14 EPS of $1.67, beating the Street's estimate of $1.65 and up from $1.37 in 1Q13.

Celgene reiterated its 2014 guidance of adjusted diluted EPS of $7-$7.20 on $7.5 billion in revenues. The Street was expecting EPS of $7.29 on $7.6 billion in revenues. During the quarter, the company repurchased 10.7 million shares for about $1.6 billion. Celgene has about $407 million remaining under an existing stock repurchase plan, and the company's board approved a new $4 billion stock repurchase program. ...