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S&P 500 (NYSE:SPY) component Celgene Corporation (NASDAQ:CELG) reported net income above Wall Street’s expectations for the first quarter. Celgene is a biopharmaceutical company that develops innovative therapies to treat cancer and immune-inflammatory related diseases.
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Celgene Earnings Cheat Sheet for the First Quarter
Results: Net income for the medical-bioengineering rose to $401.5 million (90 cents per share) vs. $255.6 million (54 cents per share) in the same quarter a year earlier. This marks a rise of 57.1% from the year-earlier quarter.
Revenue: Rose 13.2% to $1.27 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Celgene Corporation reported adjusted net income of $1.08 per share. By that measure, the company beat the mean estimate of $1.02 per share. It fell short of the average revenue estimate of $1.32 billion.
Quoting Management: “We ended the first quarter with positive momentum across our product portfolio despite a slower-than-expected January,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “The meaningful clinical and regulatory accomplishments during the quarter position us to achieve transformational milestones throughout 2012 that are designed to sustain our industry-leading growth well into the future.”
For the past five quarters, the company has seen double-digit year-over-year percentage revenue growth. Over that span, the company has averaged growth of 30.2%, with the biggest boost coming in the first quarter of the last fiscal year when revenue rose 42.2% from the year earlier quarter.
The company has now seen net income rise in three straight quarters. In the fourth quarter of the last fiscal year, net income rose 95.7% and in the third quarter of the last fiscal year, the figure rose 32.7%.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 2 cents in the fourth quarter of the last fiscal year, by 11 cents in the third quarter of the last fiscal year, and by one cent in the second quarter of the last fiscal year.
Looking Forward: Expectations for the company’s next-quarter performance are higher than they were ninety days ago. Over the past three months, the average estimate for the second quarter has risen to $1.06 per share from $1.03. For the fiscal year, the average estimate has moved up from $4.13 a share to $4.32 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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