Celgene Corporation Announces Results for First Quarter

Apr 26, 2001, 01:00 ET from Celgene Corporation

    WARREN, N.J., April 26 /PRNewswire/ -- Celgene Corporation (Nasdaq:   CELG)
 announced today results for the first quarter ended March 31, 2001.  Total
 revenue was $22.4 million compared with $14.5 million in the comparable
 quarter in 2000, an increase of 54%.  The total revenue consisted of
 $17.0 million from sales of THALOMID(R) (thalidomide), $4.8 million of revenue
 from research contracts and $0.6 million from related party revenue.  The
 $17.0 million in THALOMID sales represents an increase of 46% over the first
 quarter of 2000.  The Company posted net income for the first quarter of
 $113,000, which rounds to $0.00 per diluted share, compared with a net loss
 for the first quarter in 2000 of $6.6 million, or $0.11 per share.  As of
 March 31, 2001, Celgene had approximately $306 million in cash, cash
 equivalents and marketable securities.
     Research and development expenses in the first quarter of 2001 increased
 7% over the first quarter of 2000, primarily due to increased development
 activities for THALOMID, our lead IMiD(TM), CDC-501, our selective estrogen
 receptor modulator (SERM) and our c-Jun N-terminal kinase (JNK) programs.  The
 increased spending was offset by a reduction in spending on d-methylphenidate
 (d-MPH), with required clinical development for the New Drug Application
 having been completed.  Selling, general and administrative expenses increased
 approximately 30% over the prior year quarter primarily due to expansion of
 the sales force and customer service department, and increased spending for
 our S.T.E.P.S.(TM) (System for Thalidomide Education and Prescribing Safety)
 program, all to support increasing sales of THALOMID.
     "We are pleased to announce a net profit for the second consecutive
 quarter," said John W. Jackson, Chairman and Chief Executive Officer of
 Celgene Corporation.  "Most importantly, we have expanded and accelerated
 research in many areas of our diverse product pipeline."
     To more fully discuss these results, the Company has scheduled a
 conference call for this morning, April 26, 2001 at 9:00 a.m. EDT.  Details of
 this call, which will be webcast, are available on the Company's website at
 http://www.celgene.com.
     Celgene Corporation, headquartered in Warren, New Jersey, is an
 independent biopharmaceutical company engaged in the discovery, development
 and commercialization of small molecule drugs for cancer and immunological
 diseases.
 
     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
                     Condensed Consolidated Financial Results
                                    (Unaudited)
                       (In thousands, except per share data)
 
     Statements of Operations
                                                        Three Month Period
                                                           Ended March 31,
                                                       2001              2000
     Product sales                                  $17,008           $11,666
     Research contracts                               4,766             1,196
     Related-party revenue                              625             1,675
         Total revenue                               22,399            14,537
 
     Cost of goods sold                               2,695             1,664
     Research and development                        13,204            12,383
     Selling, general and administrative             11,283             8,704
         Total costs and expenses                    27,182            22,751
 
     Operating loss                                  (4,783)           (8,214)
 
     Interest income, net                             4,896             1,589
 
     Net income (loss)                                 $113           $(6,625)
 
     Per share basic and diluted:
 
        Net income (loss)-basic                       $0.00            $(0.11)
 
        Net income (loss)-diluted                     $0.00            $(0.11)
 
     Weighted average shares outstanding-
      basic                                          74,439            59,151
 
     Weighted average shares outstanding-
      diluted                                        80,608            59,151
 
     Balance Sheet Data
                                                  March 31,      December 31,
                                                      2001              2000
 
     Cash, cash equivalents & marketable
           securities                              $305,918          $306,162
     Total assets                                   342,564           346,726
     Convertible notes                               11,714            11,714
     Stockholders' Equity                           302,041           295,533
 
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SOURCE Celgene Corporation
    WARREN, N.J., April 26 /PRNewswire/ -- Celgene Corporation (Nasdaq:   CELG)
 announced today results for the first quarter ended March 31, 2001.  Total
 revenue was $22.4 million compared with $14.5 million in the comparable
 quarter in 2000, an increase of 54%.  The total revenue consisted of
 $17.0 million from sales of THALOMID(R) (thalidomide), $4.8 million of revenue
 from research contracts and $0.6 million from related party revenue.  The
 $17.0 million in THALOMID sales represents an increase of 46% over the first
 quarter of 2000.  The Company posted net income for the first quarter of
 $113,000, which rounds to $0.00 per diluted share, compared with a net loss
 for the first quarter in 2000 of $6.6 million, or $0.11 per share.  As of
 March 31, 2001, Celgene had approximately $306 million in cash, cash
 equivalents and marketable securities.
     Research and development expenses in the first quarter of 2001 increased
 7% over the first quarter of 2000, primarily due to increased development
 activities for THALOMID, our lead IMiD(TM), CDC-501, our selective estrogen
 receptor modulator (SERM) and our c-Jun N-terminal kinase (JNK) programs.  The
 increased spending was offset by a reduction in spending on d-methylphenidate
 (d-MPH), with required clinical development for the New Drug Application
 having been completed.  Selling, general and administrative expenses increased
 approximately 30% over the prior year quarter primarily due to expansion of
 the sales force and customer service department, and increased spending for
 our S.T.E.P.S.(TM) (System for Thalidomide Education and Prescribing Safety)
 program, all to support increasing sales of THALOMID.
     "We are pleased to announce a net profit for the second consecutive
 quarter," said John W. Jackson, Chairman and Chief Executive Officer of
 Celgene Corporation.  "Most importantly, we have expanded and accelerated
 research in many areas of our diverse product pipeline."
     To more fully discuss these results, the Company has scheduled a
 conference call for this morning, April 26, 2001 at 9:00 a.m. EDT.  Details of
 this call, which will be webcast, are available on the Company's website at
 http://www.celgene.com.
     Celgene Corporation, headquartered in Warren, New Jersey, is an
 independent biopharmaceutical company engaged in the discovery, development
 and commercialization of small molecule drugs for cancer and immunological
 diseases.
 
     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
                     Condensed Consolidated Financial Results
                                    (Unaudited)
                       (In thousands, except per share data)
 
     Statements of Operations
                                                        Three Month Period
                                                           Ended March 31,
                                                       2001              2000
     Product sales                                  $17,008           $11,666
     Research contracts                               4,766             1,196
     Related-party revenue                              625             1,675
         Total revenue                               22,399            14,537
 
     Cost of goods sold                               2,695             1,664
     Research and development                        13,204            12,383
     Selling, general and administrative             11,283             8,704
         Total costs and expenses                    27,182            22,751
 
     Operating loss                                  (4,783)           (8,214)
 
     Interest income, net                             4,896             1,589
 
     Net income (loss)                                 $113           $(6,625)
 
     Per share basic and diluted:
 
        Net income (loss)-basic                       $0.00            $(0.11)
 
        Net income (loss)-diluted                     $0.00            $(0.11)
 
     Weighted average shares outstanding-
      basic                                          74,439            59,151
 
     Weighted average shares outstanding-
      diluted                                        80,608            59,151
 
     Balance Sheet Data
                                                  March 31,      December 31,
                                                      2001              2000
 
     Cash, cash equivalents & marketable
           securities                              $305,918          $306,162
     Total assets                                   342,564           346,726
     Convertible notes                               11,714            11,714
     Stockholders' Equity                           302,041           295,533
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X77780551
 
 SOURCE  Celgene Corporation