Summit, NJ based Celgene Corporation CELG is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene’s key growth driver is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.
However, Celgene suffered a series of setbacks over the last few months. The company suffered a setback when a late stage study on its lead cancer drug Revlimid in combination with Rituxan failed. The threat of generic competition is also looming large on Revlimid forcing Celgene to look for acquisitions. The company recently announced that it will acquire Juno Therapeutics for $9 billion.
Celgene has an excellent track record with the company beating earnings estimates in the last four trailing quarters. Last quarter, the company topped estimates by 1.6%. Overall, the company has delivered an average positive surprise of 2.5%.
Currently, Celgene has a Zacks Rank #4 (Sell), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:
Celgene Corporation Price and EPS Surprise
Celgene Corporation Price and EPS Surprise | Celgene Corporation Quote
Earnings: Celgene beat on fourth-quarter 2017 earnings. The company reported adjusted EPS of $2.00 while our consensus called for EPS of $1.95.
Revenues: Revenue too beat expectations. Celgene posted revenues of $3.48 billion, beating our consensus estimate of $3.47 billion.
Key Stats: Revlimid continued with its strong performance sales of Abraxane declined.
2018 Outlook: Celgene anticipates earnings in the range of $8.70-$8.90. The Zacks Consensus Estimate for earnings is $8.78 per share. Net revenues are projected at $14.4- $14.8 billion, while the Zacks Consensus Estimate stand at $14.90 billion.
Pre-Market Trading: Shares are up in pre-market trading.
Check back later for our full write up on this CELG earnings report later!
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