Celgene profit lower; raises full-year forecast

Reuters

Oct 24 (Reuters) - Celgene Corp on Thursdayreported lower third-quarter profit on higher costs, but salesof its flagship blood cancer drug Revlimid and of Abraxane forbreast and lung cancer grew and the company raised its 2013earnings forecast.

The U.S. biotechnology company said net profit fell to $372million, or 87 cents per share, from $424 million, or 97 centsper share, a year before.

Excluding special items, Celgene earned $1.56 per share. Analysts on average had expected $1.54 per share, according toThomson Reuters I/B/E/S.

Celgene said it now expects adjusted full-year earnings of$5.90 per share to $5.95 per share, up from its prior view of$5.80 to $5.90 and marking the third time this year that thecompany has boosted its 2013 forecast.

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