Celgene reports total revenue of $758M for fourth-quarter of 2009
October 22, 2015
Celgene posted non-GAAP net income of $971.3 million or non-GAAP diluted earnings per share of $2.08 during 2009 as compared to non-GAAP net income of $718.8 million and non-GAAP diluted earnings per share of $1.56 in 2008. On a GAAP basis, Celgene reported net income of $776.7 million or diluted earnings per share of $1.66 for 2009, compared to GAAP net loss of $1.534 billion or a diluted loss per share of $3.46 in 2008, which was primarily due to an in-process research and development charge associated with the acquisition of Pharmion Corporation in March 2008.
Product Sales Performance
Non-GAAP total revenue was a record $757.8 million for the quarter ended December 31, 2009, an increase of 22 percent from 2008. GAAP total revenue was $761.0 million for the quarter ended December 31, 2009. The increase in total revenue was driven by global market share gains, increased duration of therapy of REVLIMID?® and reimbursement approvals. Net sales of REVLIMID were $497.1 million, an increase of 35 percent over the same period in 2008. Global THALOMID?® (inclusive of Thalidomide Celgene?„? and Thalidomide Pharmion?„?) and VIDAZA?® net sales were $107.7 million and $116.7 million, respectively. Revenue from Focalin?® and the Ritalin?® family of drugs totaled $27.6 million for the fourth quarter of 2009 compared to $27.9 million over the same period in 2008.
For the full year of 2009, non-GAAP total revenue was a record $2.677 billion, an increase of 20 percent year-over-year. GAAP total revenue was $2.690 billion for 2009. Total non-GAAP net product sales reached a record $2.555 billion, an increase of 21 percent year-over-year. REVLIMID net sales for the full year reached $1.706 billion compared to $1.325 billion in 2008. Global 2009 THALOMID and VIDAZA net sales for the full year were $436.9 million and $387.2 million, respectively.
Research and Development
For the fourth quarter of 2009, non-GAAP R&D expenses, which exclude share-based employee compensation expense, were $181.8 million compared to $153.8 million for the fourth quarter of 2008, which also excluded the purchase of the VIDAZA royalty obligation. These R&D expenditures continue to support ongoing clinical progress in multiple proprietary development programs for REVLIMID, pomalidomide and other IMiDs?® compounds; VIDAZA; amrubicin, our lead compound for small cell lung cancer; apremilast and our oral anti-inflammatory compounds; our kinase inhibitor programs; our activin inhibitor program with ACE-011; and cellular therapy programs. On a GAAP basis, R&D expenses were $201.7 million for the fourth quarter of 2009 and $468.6 million in the same period in 2008.
Selling, General, and Administrative
Non-GAAP selling, general and administrative expenses, which exclude share-based employee compensation expense, were $193.3 million for the fourth quarter of 2009 compared to $181.7 million for the fourth quarter of 2008. The increase was primarily due to marketing and sales expenses related to product launch activities of VIDAZA in Europe. On a GAAP basis, selling, general and administrative expenses were $211.6 million for the fourth quarter of 2009 and $200.2 million in the same period in 2008.
Interest and Other Income, Net
For the quarter ended December 31, 2009, interest and other income, net, decreased to $22.0 million compared to $34.9 million in the same period in 2008.
Cash, Cash Equivalents, and Marketable Securities
Celgene reported $2.997 billion in cash, cash equivalents, and marketable securities as of December 31, 2009, an increase of $774.7 million from December 31, 2008.
Source Celgene Corporation