Summit, NJ based Celgene Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene’s key growth engine is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.
However, Celgene is facing generic competition for Vidaza. In this scenario, investor focus remains on the performance of Revlimid as well as recently launched Otezla apart from the usual top-and bottom-line numbers. Meanwhile, Celgene has been striking prudent acquisitions and inking strategic deals to bolster its pipeline. The company is also working on label expansion of its approved drugs.
Celgene’s track record has been mixed with the company beating earnings estimates on two occasions while missing in one and posting in line results in another. Overall, the company has delivered an average positive surprise of 3.29%.
Currently, Celgene has a Zacks Rank #3 (Hold), 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:
Earnings: Celgene beat on second-quarter 2016 earnings. The company reported EPS of $1.28 (including share-based compensation expense and tax adjustments) while our consensus called for EPS of $1.24.
Revenues: Revenues also came in above expectations. Celgene posted revenues of $2.75 billion, compared to our consensus estimate of $2.72 billion.
Updates 2016 Outlook: Celgene updated its outlook for 2016. The company now anticipates earnings in the range of $5.70–$5.75 per share (old guidance: $5.60–$5.70 per share). The Zacks Consensus Estimate for earnings is $5.06 per share.
While net product sales are now expected to be approximately $11 billion (old guidance: $10.75–$11 billion), Revlimid sales are anticipated to be approximately $6.8 billion (old guidance: approximately $6.7 billion).
Check back later for our full write up on this Celgene earnings report later!
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Celgene (CELG) Beats on Q2 Earnings and Revenues
Summit, NJ based Celgene Corporation is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene’s key growth engine is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.
However, Celgene is facing generic competition for Vidaza. In this scenario, investor focus remains on the performance of Revlimid as well as recently launched Otezla apart from the usual top-and bottom-line numbers. Meanwhile, Celgene has been striking prudent acquisitions and inking strategic deals to bolster its pipeline. The company is also working on label expansion of its approved drugs.
Celgene’s track record has been mixed with the company beating earnings estimates on two occasions while missing in one and posting in line results in another. Overall, the company has delivered an average positive surprise of 3.29%.
Currently, Celgene has a Zacks Rank #3 (Hold), 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:
Earnings: Celgene beat on second-quarter 2016 earnings. The company reported EPS of $1.28 (including share-based compensation expense and tax adjustments) while our consensus called for EPS of $1.24.
Revenues: Revenues also came in above expectations. Celgene posted revenues of $2.75 billion, compared to our consensus estimate of $2.72 billion.
Updates 2016 Outlook: Celgene updated its outlook for 2016. The company now anticipates earnings in the range of $5.70–$5.75 per share (old guidance: $5.60–$5.70 per share). The Zacks Consensus Estimate for earnings is $5.06 per share.
While net product sales are now expected to be approximately $11 billion (old guidance: $10.75–$11 billion), Revlimid sales are anticipated to be approximately $6.8 billion (old guidance: approximately $6.7 billion).
Check back later for our full write up on this Celgene earnings report later!
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>