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Celgene beats 4Q profit forecasts

Celgene tops 4Q profit expectations, misses revenue forecasts

SUMMIT, N.J. (AP) _ Celgene Corp. (CELG) on Thursday reported fourth-quarter profit of $428.9 million.

The Summit, New Jersey-based company said it had profit of 53 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.61 per share.

The results beat Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.60 per share.

The biotechnology company posted revenue of $2.98 billion in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $3.01 billion.

For the year, the company reported profit of $2 billion, or $2.49 per share. Revenue was reported as $11.23 billion.

Celgene expects full-year earnings in the range of $7.10 to $7.25 per share, with revenue in the range of $13 billion to $13.4 billion.

Celgene shares have dropped 1.5 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 3 percent. The stock has climbed roughly 7 percent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CELG at https://www.zacks.com/ap/CELG

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Keywords: Celgene, Earnings Report

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