Business News, In Brief

Executive Summary

Celgene ups 2010 guidance; Revlimid drives growth: Celgene increased its guidance for the year, with total revenues expected to grow about 25 percent year-over-year to $3.3 billion-$3.4 billion, up from a previous range of $3.2 billion-$3.3 billion, execs said during a first quarter earnings call April 29. The biopharma also expects sales of the cancer product Revlimid (lenalidomide) to grow 30 percent year-over-year, ranging from $2.2 billion-$2.3 billion. Leerink Swann analysts seemed encouraged by Revlimid's growth potential. "We believe the presentations of the CALGB-100104 and IFM-05-02 trials on maintenance in the post-stem cell transplant setting" at the ASCO annual scientific meeting "could be important catalysts for adoption of Revlimid in this setting," they said in a same day note. "A previous MEDACorp survey following the release of the CALGB data in late December 2009 showed that 89 percent (33 of 37) of hematologists/oncologists surveyed indicated they would increase their use of Revlimid in this setting as a result of the trial," they added. For the quarter, Revlimid brought in global sales of $530.5 million, up 46 percent