Biotechnology company Celgene Corp. issued preliminary fourth-quarter results Monday, and gave a profit forecast for 2011 that fell short of analyst expectations.

It also said its board authorized the repurchase of up an additional $500 million in stock.

Celgene said it expects net income of 40 cents to 42 cents per share in the fourth quarter. Excluding one-time costs like amortization, acquisition expenses, stock based compensation costs, and other items, it forecasts a profit of 73 cents per share. It said its revenue should fall between $1.06 billion to $1.07 billion.

Analysts surveyed by FactSet expect a profit of 75 cents per share and $1.04 billion in revenue. Analyst estimates usually exclude one-time costs and gains.

Celgene said sales of its blood cancer drugs Revlimid and Vidaza will rise 42 percent and 20 percent, respectively. It expects $708 million in Revlimid sales and $140 million in Vidaza sales. It expects $191 million in revenue from its cancer treatment Thalomid, and $71 million in revenue from Abraxane. Abraxane is made by Abraxis Biosciences, which Celgene acquired Oct. 15.

For the full year, Celgene said it expects an adjusted profit of $2.80 per share excluding one-time costs and gains, and $3.62 billion in revenue. That includes $2.47 billion in Revlimid sales, $534 million in Vidaza sales, and $387 million from Thalomid.

Analysts expect a profit of $2.83 per share and $3.59 billion in total revenue.

Looking ahead to 2011, the company projects an adjusted profit of $3.30 to $3.35 per share on $4.4 billion to $4.5 billion in revenue. That includes $3 billion to $3.1 billion in Revlimid sales, an increase of about 25 percent from 2010. Analysts expect a profit of $3.41 per share and $4.44 billion in revenue.

The company will report results Jan. 27.

Shares of Celgene lost $2.60, or 4.4 percent, to $56.56 in afternoon trading. Over the past year shares have traded between $48.02 and $65.79.