Drug developer Celgene Corp. said Thursday its profit grew in the third quarter as sales nearly doubled.

The company earned $20.4 million, or 5 cents per share, compared with $668,000, or break-even on a per-share basis, a year ago. Excluding stock option expenses, the company earned 15 cents per share.

Analysts polled by Thomson Financial expected profit of 14 cents per share, excluding stock option expenses.

Revenue jumped 89 percent to $223.1 million from $113.9 million a year ago. Analysts forecasting revenue of $228.5 million.

Sales of the company's lupus and multiple myeloma drug Thalomid were $108.4 million, while multiple myeloma and anemia treatment Revlimid brought in $101.3 million in sales.

Research and development costs jumped 29.8 percent to $64.1 million during the quarter. The company is conducting several Phase II and Phase III clinical trials for Revlimid as a candidate in treating several types of cancers. The company also is conducting several early stage studies on a variety of compounds.