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Celgene raises outlook on stronger Revlimid sales

SUMMIT, N.J. (AP) -- Celgene Corp. said Thursday its net income jumped 30 percent in the second quarter as sales of its cancer drug Revlimid improved after it got new marketing approvals.

Celgene said it now expects greater net income and revenue in 2013. Its shares have been trading around all-time highs and they set a new peak Thursday.

The company's net income rose to $478.1 million, or $1.11 per share, from $367.4 million, or 82 cents per share. Excluding upfront collaboration payments, amortization costs and other items, Celgene said it earned $1.52 per share. Revenue climbed 17 percent, to $1.60 billion from $1.37 billion.

Analysts were expecting income of $1.44 per share and $1.54 billion in revenue, according to FactSet.

Shares of Celgene rose $3, or 2.2 percent, to $138.99 in morning trading after reaching an all-time high of $139.90. The stock has doubled in value over the last year.

The company said Revlimid sales grew 13 percent to $1.05 billion as the drug took greater market share and treatments lasted longer. U.S. sales of Revlimid increased 16 percent to $625 million. Revlimid is approved as a treatment for multiple myeloma in patients who have received at least one previous round of treatment and severe anemia. In June the FDA cleared its use against mantle cell lymphoma, and European Union regulators approved it as a treatment for one form of the blood disorder myelodysplastic syndrome.

The company said sales of its myelodysplastic syndrome drug Vidaza rose 5 percent to $211 million, and revenue from its breast and lung cancer drug Abraxane grew 41 percent to $155 million. Revenue from its cancer drug Thalomid fell 13 percent to $66 million. Sales of its multiple myeloma drug Pomalyst, which was approved in the U.S. in February, totaled $66 million.

Celgene is now projecting adjusted income of $5.80 to $5.90 per share in 2013 on about $6.2 billion in revenue. Previously it had called for net income of $5.55 to $5.65 a share on $6 billion in revenue. Celgene expects $4.2 billion to $4.3 billion in Revlimid sales, up from $4.1 billion to $4.2 billion.

Analysts anticipate net income of $5.77 per share and $6.18 billion in revenue.