Celgene reported second quarter earnings this morning, and although revenues beat estimates, earnings fell short; the company had EPS of $0.82 while analysts expected $1.06. The company improved their top-line for the past five quarters straight with average growth of 25% and this quarter’s revenue continued the trend, up 15% from the same time last year. Celgene even showed net income growth of 31% and GAAP EPS increased 39% from Q2 2011.
Shares are up 5% this morning as analysts raise EPS estimates to $1.15 for Q3. Investors and analysts alike expect the company to continue growth this year and share price is likely to reflect that. Celgene expects numerous Phase III trial results in the second half of the year from their broad pipeline and some FDA action early next year.