Receptos Continues To Reward
Stephen Simpson, CFA
Stephen Simpson, CFA
Multiple Observations On Celgene's Latest Licensing Deals, And Its Valuation
DoctoRx • 75 Comments
DoctoRx • 75 Comments
Celgene: A Pre-Earnings Discussion Based On Recent News
DoctoRx • 39 Comments
DoctoRx • 39 Comments
Fri, Jun. 24, 10:25 AM
- Intrepid biotech investors are, no doubt, seriously considering deploying some cash today in response to the (hopefully temporary) bearish reaction to the Brexit vote. Nasdaq is currently down 2.7%, the Dow 2.2% and the IBB 3.3%.
- Representative tickers: (GILD -2.2%)(GSK -2.4%)(AZN -2.7%)(PFE -1.1%)(MRK -1.9%)(CELG -3.2%)(BMY -2%)(BIIB -2.4%)(AMGN -2.7%)(AGN -2.8%)(TEVA -0.8%)(ABT -3.4%)(MDT -1.4%)
Wed, Jun. 15, 11:18 AM
- Nano cap Cellectar Biosciences (CLRB +17.6%) heads north on a 2.5x surge in volume in response to its announcement of preliminary results from an in vivo tumor-targeting study in mice that showed product candidate CLR 1602, a phospholipid drug conjugate, could be more than 30x more tumor selective than free paclitaxel. The data will be presented at the 35th National Medicinal Chemistry Symposium in Chicago at the end of the month.
- According to the company, the enhanced tumor uptake is at least partially due to CLR 1602's extended half-life, 96 hours or more, compared to free paclitaxel which is cleared from plasma within 24 hours.
- CLR 1602 is a Cremophor EL-free formulation of paclitaxel. Cremophor EL is used to increase the solubility of certain drugs (e.g. Taxol) but it induces unwanted side effects, some quite serious.
- Cellectar intends to conduct further studies, including a comparison with Celgene's (CELG +0.3%) Abraxane (paclitaxel protein-bound particles for injectable suspension)(albumin-bound).
Tue, May 17, 4:33 PM
- Celgene (NASDAQ:CELG) and Agios Pharmaceuticals (NASDAQ:AGIO) ink a collaboration to discover, develop and commercialize novel immuno-oncology therapies based on Agios' cellular metabolism research platform.
- Under the terms of the agreement, Agios will receive an upfront cash payment of $200M plus milestones. Agios will lead exploratory research, drug discovery and early development. Celgene will have the option, up through Phase 1 dose escalation, to designate a program for collaboration for a fee of at least $30M. Celgene also has the option to extend the research term for up to two years for a pre-specified fee.
- The companies will enter into a global co-development and co-commercialization agreement under which costs and profits will be shared equally. Agios will be eligible to earn up to $169M in clinical and regulatory milestones per program. Celgene will have a one-time opportunity to select a metabolic immuno-oncology program under which costs and profits will be shared 65% by Celgene and 35% by Agios. If Celgene does so, Agios will be eligible for clinical and development milestones up to $209M.
- If the collaboration produces any inflammation or autoimmune programs, Celgene will have the option for an exclusive global license including leading worldwide development and commercialization. Agios will be eligible for up to $386M in milestones for these programs, in addition to double-digit royalties on net sales.
- Agios and Celgene will alternate leadership of all 50/50 programs in the U.S., with Agios leading the first. Celgene will lead ex-U.S. development and commercialization for all programs and will be the global lead for the 65/35 program.
- The companies have also modified certain rights under their 2010 collaboration. Neither party will have financial or other obligations to each other related to AG-120, which Agios previously had U.S. rights to. The rights to two cancer metabolism programs will advance under the structure of the new agreement. Following the expiration of the discovery phase of the 2010 agreement on April 14, all other cancer metabolism programs discovered at Agios will remain wholly owned by Agios. AG-221 and AG-881 remain part of the 2010 partnership.
- Agios will host a conference call this afternoon at 5:00 pm ET to discuss the deal.
- AGIO is up 4% after hours on increased volume.
Thu, Apr. 28, 8:26 AM
- Celgene (NASDAQ:CELG) Q1 results ($M): Total Revenues: 2,511.6 (+20.7%); Net Product Sales: 2,494.7 (+21.4%).
- Net Income: 800.7 (+11.4%); Non-GAAP Net Income: 1,064.3 (+19.5%); EPS: 0.99 (+15.1%); Non-GAAP EPS: 1.32 (+23.4%).
- Key Product Sales: Revlimid: 1,573.6 (+17.2%); Abraxane: 224.9 (+0.7%); Pomalyst/Imnovid: 274.0 (+38.0%); Vidaza: 146.7 (+2.2%); Otezla: 195.6.
- 2016 Guidance: Net Product Sales: $10.75B - 11.0B from $10.5B - 11.0B; Revlimid: ~$6.7B from $6.6B - 6.7B; Abraxane: $950M - 1B from >$1B; Pomalyst/Imnovid: >$1B (unch); Otezla: >$1B (unch); EPS: $4.26 - 4.56 from $4.26 - 4.64; Non-GAAP EPS: 5.60 - 5.70 from $5.50 - 5.70.
- 2017 Targets: Net Product Sales: $12.7B - 13.0B from $13.0 - 14.0B; Revlimid: ~$8.0B from $7.0B; Abraxane: ~$1.0B from $1.5B - 2.0B; Non-GAAP EPS: $6.75 - 7.00 from $7.25.
- 2020 Targets: Net Product Sales: >$21.0B; Non-GAAP EPS: >$13.00.
- Shares are down 2% premarket on increased volume.
Thu, Jan. 28, 7:32 AM
- Celgene (NASDAQ:CELG): Q4 EPS of $1.18 misses by $0.04.
- Revenue of $2.56B (+22.5% Y/Y) beats by $20M.
- Shares +1.62% PM.
Wed, Jan. 27, 3:30 PM
- As if biotech investors need reminding, biotechs (and healthcare stocks) are getting some rude treatment today, the market's foul mood notwithstanding. The Nasdaq Composite Index is down 2.5%,but the SPDR S&P Biotech ETF (XBI -4.7%) almost twice as much. The iShares Nasdaq Biotechnology ETF (IBB -3.5%) is faring a bit better, but still down more than the broad market.
- Only Biogen and Abbott have bucked the trend.
- Sample of tickers: (AMGN -2.5%)(BIIB +5.7%)(CELG -3.9%)(GILD -3.3%)(ALXN -1.2%)(ABT +0.3%)(BMY -1.8%)(MRK -3%)(VRX -4%)(PFE -0.9%)
- ETFs: BIB, BIS, CNCR
Wed, Jan. 20, 1:47 PM
Wed, Jan. 20, 11:36 AM
- To point out the obvious, the biotech sector has been unable to fight off the widespread selling. The iShares Nasdaq Biotech Index Fund (IBB -1.8%) is down again, albeit on modestly higher volume. It's down over 21% since late December.
- Representative tickers: (GILD -1.7%)(CELG +0.7%)(BIIB -2.7%)(AMGN -0.6%)(ALXN -2.8%)
Mon, Jan. 11, 12:24 PM
- Celgene (CELG -5.9%) slumps on double normal volume after it released its 2016 guidance of non-GAAP EPS of $5.50 - 5.70 (+19%) on revenues of $10.5B - 11.0B (+17%), both below the growth rates for 2015. GAAP EPS is expected to be $4.26 - 4.64. REVLIMID forecast: $6.6B - 6.7B.
- Preliminary 2015 results: total revenues: $9.16B (+21%); non-GAAP EPS: ~$4.71 (+27%); GAAP EPS: $1.89 - 1.99; Product sales: REVLIMID: $5.8B (+16%), ABRAXANE: $967M (+14%), POMALYST/IMNOVID: $983M (+45%) and OTEZLA: $472M.
- Preliminary Q4 results: non-GAAP EPS: ~$1.18; GAAP EPS: $0.63 - 0.73.
- Concurrently, the company announces changes to its senior management team effective March 1. Chairman & CEO Bob Hugin will transition to Executive Chairman, President & COO Mark Alles will be promoted to CEO, President, Global Hematology and Oncology Jacqualyn Fouse, Ph.D., will be promoted to President & COO and Scott Smith, President Immunology & Inflammation will assume an expanded leadership role.
Dec. 23, 2015, 9:12 AM
Dec. 22, 2015, 6:41 PM
- Celgene (NASDAQ:CELG) is up 6.9% after hours following a patent settlement concerning its top-selling drug, Revlimid.
- The drugmaker's deal with India's Natco Pharma and its U.S. partner Arrow International (part of AGN) means Natco and Arrow get a license to make an unlimited quantity of generic Revlimid starting Jan. 31, 2026 -- more than a year before patents on the drug expire (April 2027).
- Natco will also get a limited license to sell the multiple myeloma drug -- which made up 63% of Celgene's $2.3B in revenues last quarter -- in the U.S. starting March 2022.
- Jefferies on the deal: "Though this represents a compromise, overall we view the settlement as a positive, removing a major overhang on shares and enabling a clearer road towards lower-risk long-term growth."
Dec. 22, 2015, 5:39 PM
Nov. 5, 2015, 8:10 AM
- Celgene (NASDAQ:CELG) Q3 results ($M): Total Revenues: 2,334.1 (+17.8%); Net Product Sales: 2,312.6 (+18.2%).
- Net Income: (34.1) (-106.7%); EPS: (0.04) (-106.6%); Non-GAAP EPS: 1.23 (+26.8%); CF Ops: 285 (-68.4%). Earnings down due to upfront collaboration expenses led by Juno Therapeutics.
- Key Product Sales: Revlimid: 1,453.5 (+11.8%); Abraxane: 229.9 (+8.3%); Pomalyst/Imnovid: 256.5 (+41.6%); Vidaza: 147.6 (-6.5%); Otezla: 138.7 (+688.1%).
- 2015 Guidance: Net Product Sales: $9.0B - 9.5B (unch); Revlimid sales: ~$5.8B from $5.6B - 5.7B; Abraxane sales: $950M - 1.0B from $1.0B - 1.25B; EPS: $2.02 - 2.24 from $2.17 - 2.46; Non-GAAP EPS: 4.75 - 4.85 (unch).
- Shares are down 4% premarket on increased volume.
Oct. 21, 2015, 1:22 PM| Oct. 21, 2015, 1:22 PM | 66 Comments
Oct. 13, 2015, 3:49 PM
- Getting out in front of what should be more bashing of their business models at the Democratic debate tonight, the healthcare names (XLV -1.3%) have about doubled the decline in the S&P 500. Within healthcare, it's the biotechs (IBB -3.1%) and pharmaceuticals (XPH -3.2%) leading the way south.
- Celgene (CELG -3.3%), Biogen (BIIB -3.6%), Amgen (AMGN -3.5%), Allergan (AGN -4.1%), Mylan (MYL -3.6%)
- The biotech heavy Russell 2000 (IWM -1.4%) is feeling the pain as well.
- ETFs: IBB, IYH, XLV, XBI, VHT, PJP, BBH, FBT, HQH, CURE, XPH, HQL, PBE, FXH, RXL, IHE, FHLC, SBIO, PPH, RYH, BBC, THQ, BBP, RXD, LABU, LABD, UBIO, ZBIO
Sep. 30, 2015, 12:49 PM
- Bruised and battered biotech investors get some welcome buying today as bargain hunters open their wallets. The iShares Nasdaq Biotech Index Fund (IBB +2%) is up nicely, albeit on average volume.
- Key tickers: (AMGN +1.6%)(BIIB +2.5%)(GILD +1%)(CELG +0.7%)(DEPO +12.4%)(HZNP +8.6%)(NVO +0.7%)(AGN +4.9%)(VRX +6.4%)(REGN +0.9%)(TEVA +2%)(SHPG +2.6%)
Celgene Corp. is an integrated global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. Its targeting areas include intracellular signaling... More
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