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Celgene 3Q net income slips on higher expenses

NEW YORK (AP) -- NEWS: Drugmaker Celgene said Thursday its net income fell 12 percent in the third quarter as it spent more money to promote its drugs Abraxane and Pomalyst.

DETAILS: Celgene Corp. spent money to promote two cancer drugs: Abraxane, a drug which received a new approval earlier this year for the treatment of pancreatic cancer, and Pomalyst, used to treat the blood cancer multiple myeloma, which launched this year. It also spent more money on clinical trials.

The Summit, N.J., company said sales of its multiple myeloma drug Revlimid rose 12 percent to $1.09 billion.

NUMBERS: Celgene said its net income fell to $372.5 million, or 87 cents per share. Celgene said it earned $1.56 per share excluding special items. Revenue rose 18 percent, to $1.67 billion from $1.42 billion.

FactSet says analysts expected net income of $1.54 per share, on revenue of $1.63 billion.

FUTURE: Celgene now expects adjusted net income of $5.90 to $5.95 per share and more than $6.2 billion in revenue in 2013. Its previous guidance called for net income of $5.80 to $5.90 per share and about $6.2 billion in revenue.

Analysts expect $5.97 per share and $6.36 billion in revenue on average.

STOCK: Shares of Celgene slipped $2.95, or 2 percent, to $157.05 in midday trading. The stock is trading around all-time highs and has nearly doubled in value in 2013.