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CELGENE REPORTS THIRD QUARTER 2018
OPERATING AND FINANCIAL RESULTS
Total net product sales of $3,890 million, increased 18% Y/Y
Raising full-year total revenue guidance to ~$15.2 billion and OTEZLA® net product sales to ~$1.6 billion
Showcasing our next-generation pipeline across multiple disease areas at ASH
Appointed Dr. Alise Reicin as President of Global Clinical Development
SUMMIT, NJ (October 25, 2018) Celgene Corporation (NASDAQ: CELG) reported net product sales of $3,890 million for the third quarter of 2018, an 18 percent increase from the same period in 2017. Celgene reported third quarter 2018 total revenue of $3,892 million, an 18 percent increase compared to $3,287 million in the third quarter of 2017.
Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported net income of $1,082 million and diluted earnings per share (EPS) of $1.50 for the third quarter of 2018. For the third quarter of 2017, GAAP net income was $988 million and diluted EPS was $1.21.
Adjusted net income for the third quarter of 2018 increased 6 percent to $1,645 million compared to $1,555 million in the third quarter of 2017. For the same period, adjusted diluted EPS increased 20 percent to $2.29 from $1.91.
Excellent top- and bottom-line momentum in the third quarter supports raising our 2018 financial guidance, said Mark J. Alles, Chairman and Chief Executive Officer of Celgene Corporation. We are focused on shaping Celgenes future by rapidly advancing our late-stage pipeline, accelerating promising early research programs, and strengthening the organization.
Third Quarter 2018 Financial Highlights
Unless otherwise stated, all comparisons are for the third quarter of 2018 compared to the third quarter of 2017. The adjusted operating expense categories presented below exclude share-based employee compensation expense and collaboration-related upfront expense. Please see the attached Use of Non-GAAP Financial Measures and Reconciliation of GAAP to Adjusted Net Income for further information relevant to the interpretation of adjusted financial measures and
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Celgene Corp's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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Net cash used in financing activities increased due to approximately $6.1 billion of payments under our share repurchase program during 2018 compared to $925 million of payments under our share repurchase program during 2017.
The decrease was partially offset by $170 million of incremental research and development expense related to the acquisition of Juno, including $58 million of share-based compensation expense.
Share Repurchase Program: In February and May 2018, our Board of Directors approved increases of $5.0 billion and $3.0 billion to our authorized share repurchase program, respectively, bringing the total amount authorized since April 2009 to an aggregate of up to $28.5 billion for our common stock repurchase program of which we have approximately $2.8 billion remaining for future share repurchases as of September 30, 2018, after deducting $2.0 billion paid in May 2018 pursuant to an accelerated share repurchase ASR agreement.
We rely primarily on positive cash flows from operating activities, proceeds from sale of debt securities available-for-sale and borrowings in the form of long-term notes payable and short-term commercial paper to provide for our liquidity requirements.
This increase in net cash used in financing activities was partially offset by proceeds from the February 2018 debt issuance, which provided approximately $4.5 billion compared to proceeds from the August 2017 debt issuance which provided $496 million.
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Financial Statements, Disclosures and Schedules
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Celgene Corp provided additional information to their SEC Filing as exhibits
Ticker: CELG
CIK: 816284
Form Type: 10-Q Quarterly Report
Accession Number: 0000816284-18-000024
Submitted to the SEC: Thu Oct 25 2018 1:10:51 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Pharmaceutical Preparations