In an impressive piece of news on the Stock Market, Celgene (CELG) reported second-quarter 2014 earnings (including stock-based compensation expenses) of 80 cents per share, which surpassed the Market Consensus Estimate by 3 cents. The company’s earnings were 70 cents per share in the year-ago quarter.

Figures have been adjusted to reflect the two-for-one stock split effective last month. Investors were not pleased with the narrow earnings beat leading to a decline in the company’s shares.

Total revenues climbed 17% year over year to $1.87 billion in the second quarter. Revenues were boosted by the impressive performance of Revlimid. Net product sales climbed 18% year over year to $1.84 billion. Now Celgene expects earnings (excluding stock-based compensation and other special items) in the range of $3.60 to $3.65 per share (old guidance: $3.50 to $3.60), up 22%.

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Net sales of Revlimid, the key growth driver at Celgene, came in at $1.2 billion, reflecting an increase of 15% over the year-ago period. The drug did well both in the U.S. (up 15%) and international markets (up 17%). Market share gains, geographic expansion and increased duration of therapy drove sales in the reported quarter.

The drug is approved in many countries across the globe in combination with dexamethasone for treating multiple myeloma (MM) patients, who have received at least one prior therapy. Revlimid is also approved in the U.S. in the relapsed refractory mantle cell lymphoma indication. Revlimid is also available in many countries for treating transfusion-dependent anemia due to low or intermediate-1-risk myelodysplastic syndrome (MDS) associated with a deletion 5q cytogenetic abnormality (with or without additional cytogenetic irregularities).

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Celgene now expects total revenues to increase 17% year over year to $7.6 billion (old guidance $7.5 billion) driven by strong product sales. Net product sales are expected to grow 18% in 2014 to over $7.5 billion (old guidance: $7.3 billion to $7.4 billion). Revlimid is expected to be the major contributor with sales expected at approximately $4.95 billion (old guidance: $4.9 billion to $5.0 billion), up 16%. Abraxane net sales are projected in the range of $850 million to $900 million.

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