Vector1,
Here ya go:
>>NEW YORK, July 26 (Reuters) - Celgene Corp., (NasdaqNM:CELG - news), which develops drugs for cancer and inflammatory diseases, said its second-quarter loss narrowed on higher sales of Thalomid, a drug once shunned for causing birth defects.
Sales of Thalomid rose 14 percent to $18.7 million in the quarter, while total sales rose 21 percent to $23.9 million from $19.8 million.
The company's net loss narrowed to $2.4 million, or 3 cents a share, from a loss of $5.9 million, or 9 cents a share in the year-ago period.
The results beat analyst expectations, whose estimates had ranged from a loss of one cent a share to a profit of one cent, according to Thomson Financial/First Call. Celgene's shares rose $2.66, or 10 percent to $27.74 on Nasdaq.
Thalomid is approved as a leprosy treatment, but doctors are allowed to prescribe it for cancer. Analysts expect sales of Thalomid to rise to between $80 million and $85 million in 2001, from $62 million in 2000.
Warren, New Jersey-based Celgene said it raised its spending in the latest quarter by 19 percent compared with the first quarter.
It expects to spend between $60 million and $70 million this year on research and development, an amount it expects to increase by between 10 percent and 20 percent a year.
Celgene turned a profit for the first time in the third quarter last year. Analysts expect it to make a profit of between $20 million and $30 million in 2001.<<
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What a hell of a time for Nigel to go on vacation. Stuart, where are you? I need a rest.
Cheers, Tuck |
