Stock News : Celgene (NYSE: CELG) Announces Q2 Earnings

Celgene Corporation (NASDAQ: CELG):Celgene Corporation shares are currently trading at $54.92, which is 3.92% higher than Wednesday’s closing price of $52.85. The company shares which opened at $54.28 on Wednesday rose as high as $54.58 before finally closing at $52.85. Celgene Corporation shares have a 52 week price high of $65.79 and 52 week price low of $48.02. The company shares have 50 day moving average of $53.24 and 200 day moving average of $56.60. The sustenance and resistance levels of Celgene Corporation are $52.21 and $54.04.

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The above chart indicates the moving share price averages of Celgene Corporation. The blue line in the chart indicates the 50 day moving average share price which is $53.24 and the red line in the chart indicates to the 200 day moving share price average which is $56.60.

Celgene Corporation an integrated global biopharmaceutical company today announced its quarterly financial results for the quarter ended June 30 2010. The company announced record quarterly results for the second quarter 2010 following market share gain across major markets. The company reported a 36% surge in the non GAAP revenue to $850 million and GAAP total revenue of $853 million. Net product sales from Global Revlimid increased 48% to $587 million, while net product sales from Global Vidaza increased 43% to $132 million.

Celgene Corporation announced a 50% increase in non GAAP income to $323 million and GAAP net income of $155 million. Non GAAP diluted earnings per share increased 50% to 69 cents; while GAAP diluted earnings per share was 33 cents. The company also provide an update on the financial outlook for 2010. The company expects the revenue to increase 28% year-over-year to a range of $3.40 to $3.45 billion, up from previous range of $3.3 to $3.4 billion.

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 The company also revised its earnings per share for the full year and now expects the non GAAP earnings per share to be in the range of $2.65 to $2.70, up from previous range of $2.60 to $2.65.

Celgene Corporation, headquartered in Summit, New Jersey is an integrated biopharmaceutical company engaged in discovery, development and commercialization of therapies designed to treat cancer and immune inflammatory diseases. The drug and cell therapies developed by the company are used to treat life threatening diseases or chronic debilitating conditions. Celgene Corporation’s commercial stage drugs include Revlimid, Thalomid, Vidaza and Focalin.

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