Celgene Reports Strong Fourth Quarter and Full Year 2012 Operating and Financial Results
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Celgene Corporation reported net product sales of $1,416 million for the fourth quarter 2012, a 14 percent increase from the same period in 2011. Adjusted net income for the fourth quarter 2012 increased 21 percent to $572 million compared to $473 million in the fourth quarter 2011. For the same period, adjusted diluted earnings per share increased 26 percent to $1.32 from $1.05.
Full year total revenues for 2012 were $5,507 million and net product sales were $5,386 million. Full year adjusted net income for 2012 was $2,162 million or adjusted diluted earnings per share of $4.91.
Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported fourth quarter 2012 net income of $263 million or $0.61 per diluted share. For the fourth quarter 2011, net income was $410 million or diluted earnings per share of $0.91. Full year GAAP net income for 2012 was $1,456 million or diluted earnings per share of $3.30.
“Our 2012 financial and operational results reflect strong operating momentum and execution worldwide,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “The achievements of 2012 and our outlook for 2013 position us for our next phase of growth.”
Fourth Quarter and Full Year 2012 Financial Highlights
Unless otherwise stated, all comparisons are for the fourth quarter and full year 2012 compared to the fourth quarter and full year 2011. The adjusted operating expenses presented below exclude share-based employee compensation expense, non-core operations acquired from Abraxis, IPR&D impairments, upfront payments for R&D and a Canadian pricing settlement. Please see the attached Reconciliation of GAAP to Adjusted Net Income for further information.
Net Product Sales Performance
• REVLIMID® sales for the fourth quarter increased 17 percent to $1,002 million and were driven by strong overall market share and increased duration of therapy. Fourth quarter U.S. sales of $577 million and international sales of $425 million increased 18 percent and 16 percent, respectively. Full year REVLIMID sales were $3,767 million, an increase of 17 percent.
• ABRAXANE® sales for the fourth quarter were $106 million, an increase of 3 percent. U.S. sales were $84 million and international sales were $22 million, a decrease of 9 percent and increase of 90 percent, respectively. U.S. sales were affected by the restoration of the full supply of generic paclitaxel, the shortage of which benefited the fourth quarter 2011. Full year ABRAXANE sales were $427 million, an increase of 11 percent.
• VIDAZA® fourth quarter sales increased 14 percent to $216 million. U.S. sales increased 3 percent to $88 million. International sales increased 23 percent to $128 million, primarily driven by market share increases in most regions. Full year VIDAZA sales were $823 million, an increase of 17 percent.
• THALOMID® sales were $73 million in the fourth quarter, representing a 12 percent decrease; for 2012 sales were $302 million, a decrease of 11 percent.
