NEW YORK (AP) — Shares of Celgene Corp. rose to an all-time high Thursday after the company said its cancer drug Revlimid slowed the progression of newly-diagnosed cases of multiple myeloma, a bone marrow cancer.
The company said the late-stage trial compared Revlimid and dexamethasone, a steroid, to a standard treatment regimen including thalidomide. Celgene has been looking for ways to broaden the approval of Revlimid to increase sales, and the company said it plans to start discussions with regulators.
Celgene shares climbed $8.38, or 6.7 percent, to $133.46 in afternoon trading. Earlier in the day the stock peaked at $136.36.
Revlimid is approved as a treatment for multiple myeloma in patients who have received at least one previous round of treatment. The drug is also approved as treatment for severe anemia and in June the Food and Drug Administration cleared its use against mantle cell lymphoma.
Revlimid is the Summit, N.J., company’s biggest-selling drug. In the first quarter sales rose 16 percent to $1 billion, which was about two-thirds of Celgene’s revenue. That total includes $568 million in U.S. sales.
Celgene reported $3.77 billion in Revlimid sales in 2012 and expects $4.1 billion to $4.2 billion this year.