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 driver 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 and 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 decent with the company beating earnings estimates on three occasions over the trailing four quarters. Overall, the company has delivered an average positive earnings surprise of 3.80%.
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 third-quarter 2017 earnings. The company reported adjusted EPS of $1.91 while our consensus called for EPS of $1.88.
Revenues: Revenue however missed expectations. Celgene posted revenues of $3.29 billion, missing our consensus estimate of $3.42 billion.
Key Stats: While Revlimid continued with its strong performance, Otezla sales were impacted by an increase in gross-to-net adjustments from contracts implemented in January and a slow-down in overall category growth due to a more challenging market access environment in the United States.
2017 Outlook: Celgene updated its guidance for 2017. The company anticipates earnings in the range of $7.30-$7.35 compared to the previous guidance of $7.25–$7.35 per share. The Zacks Consensus Estimate for earnings is $7.34 per share. Net product sales are now projected at $13 billion, compared to the earlier range of $13 billion – $13.4 billion.
Pre-Market Trading: Shares are down in pre-market trading.
Check back later for our full write up on this CELG earnings report later!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>
Image: Bigstock
Celgene (CELG) Beats on Q3 Earnings, Misses Sales
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 driver 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 and 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 decent with the company beating earnings estimates on three occasions over the trailing four quarters. Overall, the company has delivered an average positive earnings surprise of 3.80%.
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:
Celgene Corporation Price and EPS Surprise
Celgene Corporation Price and EPS Surprise | Celgene Corporation Quote
Earnings: Celgene beat on third-quarter 2017 earnings. The company reported adjusted EPS of $1.91 while our consensus called for EPS of $1.88.
Revenues: Revenue however missed expectations. Celgene posted revenues of $3.29 billion, missing our consensus estimate of $3.42 billion.
Key Stats: While Revlimid continued with its strong performance, Otezla sales were impacted by an increase in gross-to-net adjustments from contracts implemented in January and a slow-down in overall category growth due to a more challenging market access environment in the United States.
2017 Outlook: Celgene updated its guidance for 2017. The company anticipates earnings in the range of $7.30-$7.35 compared to the previous guidance of $7.25–$7.35 per share. The Zacks Consensus Estimate for earnings is $7.34 per share. Net product sales are now projected at $13 billion, compared to the earlier range of $13 billion – $13.4 billion.
Pre-Market Trading: Shares are down in pre-market trading.
Check back later for our full write up on this CELG earnings report later!
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>