SUMMIT, N.J. (AP) _ Celgene Corp. (CELG) on Thursday reported first-quarter net income of $1.55 billion.
On a per-share basis, the Summit, New Jersey-based company said it had net income of $2.14. Earnings, adjusted for one-time gains and costs, came to $2.55 per share.
The results exceeded Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $2.49 per share.
The biotechnology company posted revenue of $4.03 billion in the period, also exceeding Street forecasts. Five analysts surveyed by Zacks expected $4.02 billion.
Celgene expects full-year earnings in the range of $10.60 to $10.80 per share, with revenue in the range of $17 billion to $17.2 billion.
Celgene shares have climbed 47 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 17 percent. In the final minutes of trading on Thursday, shares hit $93.92, an increase of slightly more than 5 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CELG at https://www.zacks.com/ap/CELG
Automated Insights, source Associated Press News