Celgene, part of our Global Opportunities portfolio, reported earnings this morning slightly better than expected, although it appears revenue was a slight miss:

Celgene Corporation (CELG) reported net product sales of $1,416 million for the fourth quarter 2012, a 14 percent increase from the same period in 2011. Adjusted net income for the fourth quarter 2012 increased 21 percent to $572 million compared to $473 million in the fourth quarter 2011. For the same period, adjusted diluted earnings per share increased 26 percent to $1.32 from $1.05.

Full year total revenues for 2012 were $5,507 million and net product sales were $5,386 million. Full year adjusted net income for 2012 was $2,162 million or adjusted diluted earnings per share of $4.91.

Based on U.S. GAAP (Generally Accepted Accounting Principles), Celgene reported fourth quarter 2012 net income of $263 million or $0.61 per diluted share. For the fourth quarter 2011, net income was $410 million or diluted earnings per share of $0.91. Full year GAAP net income for 2012 was $1,456 million or diluted earnings per share of $3.30.

“Our 2012 financial and operational results reflect strong operating momentum and execution worldwide,” said Bob Hugin, Chairman and Chief Executive Officer of Celgene Corporation. “The achievements of 2012 and our outlook for 2013 position us for our next phase of growth.”

There don’t appear to be any real surprises in the report after their update last week. We’ll post an update later.

For information on Alhambra Investment Partners’ money management services and global portfolio approach to capital preservation, Joe Calhoun can be reached at: jyc3@4kb.d43.myftpupload.com or   786-249-3773.

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