U.S. biotechnology company Celgene Corp posted a lower-than-expected quarterly revenue, hit by a stronger dollar, but said the dollar would not hurt full-year sales and profit more that it had already forecast.
Shares of the company, which got nearly 41 percent of its revenue from outside the United States last year, fell just over 2 percent before the bell on Thursday.
Celgene in late January had forecast 2015 adjusted profit of $4.60-$4.75 per share, on net product sales of $9.0-$9.5 billion, including a near $100 million impact from currency fluctuations.
The dollar had climbed nearly 9 percent against a basket of major currencies from January to March.
Celgene’s total revenue rose 20 percent to $2.08 billion in the first quarter ended March 31, but fell short of analysts’ average estimate of $2.11 billion, according to Thomson Reuters I/B/E/S.
Celgene said net product sales also rose 20 percent in the quarter, but was hurt by 2 percent due to currency headwinds.
Sales of the company’s flagship multiple myeloma drug, Revlimid, rose 17.4 percent to $1.34 billion, roughly in line with the consensus estimate of $1.33 billion, according to Deutsche Bank’s Robyn Karnauskas.
U.S. and European regulators in February allowed Revlimid’s use in newly diagnosed multiple myeloma patients.
Celgene’s net profit soared to $718.9 million, or 86 cents per share, from $279.7 million, or 33 cents per share.
Excluding one-time items, its profit of $1.07 per share beat the average analyst estimate by one cent.
The Summit, New Jersey-based company’s stock was down 2 percent at $110.75 premarket on Thursday.
(Reporting by Natalie Grover in Bengaluru; Editing by Savio D’Souza)