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Celgene (CELG) Beats on Q2 Earnings & Sales

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Summit, NJ based Celgene Corporation (CELG - Free Report) 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 3.01%.

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 2017 earnings. The company reported EPS of $1.68 (including share-based compensation expense and tax adjustments) while our consensus called for EPS of $1.61.

Revenues:  Revenue too beat expectations. Celgene posted revenues of $3.26 billion, above our consensus estimate of $3.22 billion.

2017 Outlook: Celgene updated its guidance for 2017. The company anticipates earnings in the range of $7.25-$7.35 compared to the previous guidance of $7.15–$7.30 per share. The Zacks Consensus Estimate for earnings is $6.62 per share.  Net product sales are still projected at $13 billion – $13.4 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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