Surge in approvals boosts Celgene Q2 results

Celgene reported higher than expected Q2 results, as it gains new triple therapy approval for its myeloma blockbuster Revlimid.

Its Q2 sales came in at $4.40bn, with Revlimid making up the largest contribution of $2.73bn, an 11% increase from last year, with these results attributed to Revlimid’s approval as a triple therapy which Celgene has stated will ‘increase treatment duration and market share.’ Similar results were reflected with its other blockbuster, Pomalyst, which increased in sales by 22% rising to $619m. Analysts state that Celgene’s main products grew more than expected across the board, surpassing their expectations by about $180m.

Revlamid was still able to perform well despite a generic entering the European market from Alvogen, which launched in February this year. Revlamid can still expect high sales in the US, as Celgene succesfully defended a patent challenge from Dr Reddy, that reduced the risk of a generic entering the US market until 2022.

Celgene can potentially expect future success with Revlamid, if it can claim approval with Roche’s Rituxan for indolent lymphoma, with results from the MAGNIFY trial expected later this year. Celgene also has in the pipeline, five new products in the coming month that would help to reduce its reliance on Revlamid, with a CAR-T therapy and multiple sclerosis treatment among the five. This potentially bodes promising results for BMS, as the merger is expected to end by early 2020 at the latest.

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