Celgene Corp. rose to a record after its Revlimid cancer drug met the goal of a study aimed at showing the medicine could be an initial treatment for patients with multiple myeloma.
Revlimid, with $3.8 billion in revenue last year, is approved for use in combination with dexamethasone in patients who have tried at least one other therapy. Based on the study results, the Summit, New Jersey-based company said in a statement today it plans to submit applications for expanded approval of the drug in the U.S., Europe and other markets.
Revlimid plus dexamethasone helped patients live longer without their cancer progressing than a combination of melphalan, prednisone and thalidomide, Celgene said. The study, from the third and final stage of testing generally required for approval, was in 1,623 patients. Celgene said it plans to present further results at a medical meeting.
“This result is in line with our expectations,” Joel Sendek, an analyst with Stifel Nicolaus & Co., wrote in a note to clients today. “However, Celgene is waiting for a future medical meeting to disclose numerical data for progression free survival, overall survival, and second primary malignancies -- data that we see as important for gauging the commercial implications.”
Celgene gained 7.9 percent to $134.92 at 4 p.m. New York time for its highest closing price since the shares began trading in 1987. The shares have increased 72 percent this year.