Celgene Corporation (NASDAQ:CELG) stock was up on Friday following the release of its earnings report for the first quarter of 2018.
During the first quarter of the year, Celgene Corporation reported earnings per share of $2.05. This is an increase over the company’s earnings per share of $1.67 reported in the same period of the year prior. It is also good news for CELG stock by coming in above Wall Street’s earnings per share estimate of $1.96 for the quarter.
Celgene Corporation also reported net income of $846 million for the first quarter of 2018. This is a drop from its net income of $932 million that was reported in the first quarter of 2017.
Operating income reported by Celgene Corporation for the first quarter of the year came in at $218 million. This is down from its operating income of $1.11 billion that was reported for the same time last year.
Celgene Corporation’s revenue of $3.54 billion for the first quarter of 2018 was a also a boon to CELG stock today. The pharmaceutical company reported revenue of $2.96 billion for the same quarter of the previous year. Analysts were looking for revenue of $3.46 billion for the period.
Celgene Corporation also took time to update its outlook for 2018 in its most recent earnings report. This update comes due to its acquisition of Juno, which it expects to be dilutive to its earnings report for the year.
The update to its outlook for 2018 has Celgene Corporation expecting earnings per share around $8.45. It was previously expecting earnings per share to range from $8.70 to $8.90. Wall Street is estimating earnings per share of $8.46 for the year.
Celgene Corporation also says that it now expects revenue for the full period of 2018 to come in at about $14.80 billion. This is at the high end of its previous guidance, which had 2018 revenue coming in between $14.40 billion and $14.80 billion. Analysts are expecting revenue of $14.81 billion for 2018.
CELG stock was up 1% as of noon Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.
