Celgene Corp. (CELG) filed Quarterly Report for the period ended 2009-09-30.
Celgene Corp. is an independent biopharmaceutical company engaged primarily in the discovery development and commercialization of orally administered small molecule drugs for the treatment of cancer and immunological diseases. Celgene Corp. has a market cap of $23.51 billion; its shares were traded at around $51.27 with a P/E ratio of 32.1 and P/S ratio of 10.4.
Highlight of Business Operations:
REVLIMID® net sales increased by $107.0 million to $449.6 million for the three-month period ended September 30, 2009 compared to the three-month period ended September 30, 2008 primarily due to increased unit sales in both U.S. and international markets. Increased market penetration and the increase in duration of patients using REVLIMID® in multiple myeloma contributed to U.S. growth. The growth in international markets reflects the expansion of our commercial activities in over 70 countries and product reimbursement approvals.
THALOMID® net sales decreased by $22.3 million to $110.0 million for the three-month period ended September 30, 2009 compared to the three-month period ended September 30, 2008. The decrease was primarily due to lower unit volumes in the United States resulting from the increased use of REVLIMID®.
VIDAZA® net sales increased by $39.6 million to $103.1 million for the three-month period ended September 30, 2009 compared to the three-month period ended September 30, 2008 primarily due to the December 2008 full marketing authorization granted by the European Commission, or EC, for the treatment of adult patients who are not eligible for haematopoietic stem cell transplantation with Intermediate-2 and high-risk MDS according to the IPSS, or CMML with 10-29 percent marrow blasts without myeloproliferative disorder, or AML with 20-30 percent blasts and multi-lineage dysplasia, according to WHO classification of VIDAZA®.
Total net product sales for the three-month period ended September 30, 2009 increased by $101.0 million, or 17.8%, compared to the three-month period ended September 30, 2008. The change was comprised of net volume increases of $99.9 million and price increases of $20.1 million, partly offset by the unfavorable impact from foreign exchange of $19.0 million.
Royalty Revenue: Royalty revenue increased by $1.7 million to $24.8 million for the three-month period ended September 30, 2009 compared to the three-month period ended September 30, 2008 primarily due to the inclusion of residual payments earned by us based upon GSK’s ALKERAN® revenues subsequent to the conclusion of the ALKERAN® license with GSK. Royalty income also reflects amounts received from Novartis Pharma AG, or Novartis, on sales of the entire family of RITALIN® drugs and FOCALIN XR®.
Cost of Goods Sold (excluding amortization of acquired intangible assets): Cost of goods sold (excluding amortization of acquired intangible assets) decreased by $18.5 million to $52.1 million for the three-month period ended September 30, 2009 compared to the three-month period ended September 30, 2008 primarily due to the March 31, 2009 conclusion date of the ALKERAN® license with GSK, reducing cost of goods sold by $13.8 million compared to the three-month period ended September 30, 2008. In addition, the three-month period ended September 30, 2008 included a $7.5 million inventory step-up adjustment related to the March 7, 2008 acquisition of Pharmion. As a percent of net product sales, cost of goods sold (excluding amortization of acquired intangible assets) decreased to 7.8% in the 2009 three-month period from 12.4% in the 2008 three-month period primarily due to the lack of ALKERAN® sales in the 2009 three-month period, which sales carried a higher cost to sales ratio relative to our other products, and the 2008 inventory step-up adjustment.
CELG is in the portfolios of Lee Ainslie of Maverick Capital, David Swensen of Yale University, Ken Heebner of CAPITAL GROWTH MANAGEMENT LP, Kenneth Fisher of Fisher Asset Management, LLC, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC, Jean-Marie Eveillard of Arnhold & S. Bleichroeder Advisers, LLC.
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