SUMMIT, N.J., Jan. 9 /PRNewswire-FirstCall/ -- Celgene Corporation today reviewed recent corporate highlights and provided its outlook for 2006 milestones at the JPMorgan 24th Annual Healthcare Conference. In 2005, Celgene achieved exceptional results in its commercial, financial, clinical and regulatory performance, underscored by the FDA approval of its lead investigational drug REVLIMID for the treatment of patients with transfusion-dependent anemia due to low- or intermediate-1-risk myelodysplastic syndromes (MDS) associated with a deletion 5q cytogenetic abnormality with or without additional cytogenetic abnormalities.
The Company’s commercial performance was attributed to growing product revenue and profits supported by multiple product revenue streams including, THALOMID(R), ALKERAN(R), FOCALIN XR(TM) and the Ritalin Family of products. The successful growth of product revenue continues to reflect the positive impact of meaningful clinical findings, on Celgene products, presented worldwide at major international medical meetings, as well as in peer-reviewed articles in major medical publications.
In 2005, total revenue is expected to increase by approximately 30% to a range of $535 million. Celgene reiterated its updated guidance of $0.36-$0.38 per diluted share. The Company will disclose its 2005 full-year financial results on January 26, 2006. Our initial objectives for 2006 include research and development expense expected to increase by approximately 20 to 25 percent, year-over-year. Selling, general and administrative expenses are targeted to increase by approximately 10 to 15 percent, year-over-year. In addition, international selling, general and administrative expenses are expected to be in a range of $30 to $35 million for ongoing expansion of commercial and manufacturing capabilities in Europe.
Webcast
A Webcast of the Company’s JPMorgan 24th Annual Healthcare Conference presentation can be accessed by going to Celgene’s website, http://www.celgene.com, and clicking on “Investor Relations”, and then “webcast event”. This event will be archived and accessible until 12:00 p.m. ET, February 10, 2006 at Celgene’s Investor Relations page.
About Celgene
Celgene Corporation, headquartered in Summit, New Jersey, is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of novel therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. For more information, please visit the Company’s website at http://www.celgene.com.
This release contains certain forward-looking statements which involve known and unknown risks, delays, uncertainties and other factors not under the Company’s control, which may cause actual results, performance or achievements of the Company to be materially different from the results, performance or other expectations implied by these forward-looking statements. These factors include results of current or pending research and development activities, actions by the FDA and other regulatory authorities, and those factors detailed in the Company’s filings with the Securities and Exchange Commission such as 10K, 10Q and 8K reports.
Celgene Corporation
CONTACT: Robert J. Hugin, Senior VP and CFO, Celgene Corporation,+1-908-673-9102, or Brian P. Gill, Director PR-IR, Celgene Corporation,+1-908-673-9530
Web site: http://www.celgene.com/
