Earnings

Celgene, which is being bought by Bristol-Myers Squibb, reported a better-than-expected fourth-quarter profit on Thursday, driven mainly by higher sales of psoriasis drug Otezla.

Bristol-Myers agreed to buy Celgene for about $74 billion earlier this month, a deal that will expand its pipeline of cancer drugs as the company goes head-to-head against rival Merck & Co.

Sales of Celgene’s biggest drug Revlimid rose 16.5 percent to $2.55 billion in the fourth quarter, in line with analysts’ expectations, according to Refinitiv IBES estimates.

Otezla brought in revenue of $448 million in the quarter, about 21 percent higher than last year and well above the average analyst estimate of $430.2 million.

The drugmaker, which also reaffirmed its forecast for 2020, posted a net profit of $1.07 billion, or $1.50 per share, for the three months ended Dec. 31, compared with a loss of $81 million, or 10 cents per share, a year earlier, when it took a $1.21 billion charge related to the U.S. tax law overhaul.

Excluding one-time items, Celgene earned $2.39 per share, above estimates of $2.32 per share.

Total revenue rose nearly 16 percent to $4.04 billion, higher than the $3.99 billion analysts had expected.

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