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Celgene Corporation (CELG)

- NASDAQ
  • Jan. 30, 2014, 2:44 PM
    • Amid a strong showing for top-tier biotech stocks, Celgene (CELG -2.2%) is in the red after missing Q4 earnings, offering underwhelming guidance and from critical editorial correspondences published in the New England Journal of Medicine.
    • Two correspondences raised concerns about Abraxane benefits, toxic effects, incremental cost and the effect of pancreatic tumor location on the drug’s efficacy; however, Citigroup would buy CELG on today's weakness, seeing the drug as a strong seller and the NEJM story as a non-event.
    • Alexion Pharma (ALXN +22%), on the other hand, reported a strong Q4 with solid guidance; Brean Capital praises ALXN as "highly committed to developing a portfolio of drugs for diseases that are both rare and severe."
    • Also: VRTX +5.5%, BIIB +4.8%.
    | 1 Comment
  • Jan. 30, 2014, 8:11 AM
    • Celegene (CELG +1%) net income drops to $214.4M from $263.1M a year earlier.
    • Net product sales +22% to $1.725B.
    • Breakdown: Revlimid (hematology) +13% to $1.14B; Abraxane (cancer) +90% to $202M; Pomalyst/Imnovid (multiple myeloma) $121M; Vidaza (blood cancer) -22% to $268M.
    • Guidance: 2014 EPS $7.00-7.20 vs consensus of $7.28, and revenues of $7.5B (+15% Y/Y), which would be in line. Product sales $7.3-7.4B, with Revlimid $4.9-5B. (PR)
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    | 4 Comments
  • Jan. 30, 2014, 7:34 AM
    • Celgene Corporation (CELG): Q4 EPS of $1.51 misses by $0.03.
    • Revenue of $1.76B (+23.9% Y/Y) beats by $40M.
    • Press Release
    | Comment!
  • Jan. 30, 2014, 12:05 AM
  • Jan. 29, 2014, 5:30 PM
  • Jan. 28, 2014, 9:12 AM
    • Deutsche's Robyn Karnauskas makes a big call on big-cap biotechs, boosting price targets for Biogen (BIIB) to $415 from $340, Celgene (CELG) to $190 from $170, and Gilead (GILD) to $132 from $95. The $132 PT for Gilead is a new Street high "by a nautical mile," says Notable Calls, and Karnauskas sees upside all the way to $165.
    • "We view large-cap biotech as fundamentally stable yet providing attractive growth," she writes, citing more diversified businesses, pipelines, new product launches, strong balance sheets, and strong free cash flow. "Therefore, we are changing our valuation methodology to 2015 PE multiples from DCF for Gilead, Celgene, and Biogen. Our '15 EPS estimates are higher than consensus and we think near-term franchise success could drive re-rating."
    • GILD +2.7%, CELG +1.3% premarket
    • Related ETFs: IBB, XBI, BIB, BBH, FBT, PBE, BIS
    | 1 Comment
  • Jan. 22, 2014, 6:45 PM
    • Better late than never, Cowen analysts seem to say as they recommend their top biotech names even after four straight years of sector outperformance against the S&P 500.
    • Amgen (AMGN) is one of the big-cap biotechs Cowen thinks will handily beat this year’s earnings estimates.
    • Biogen (BIIB) remains the top name in class, and the firm thinks the stock is not overvalued at 20x 2015 earnings; Cowen also believes BIIB can beat this year’s earnings expectations.
    • Nektar Therapeutics (NKTR) is a top name to buy due to its impressive clinical pipeline and list of big pharma partners; despite having eight late-stage candidates, NKTR’s market cap is just $1.3B.
    • Also named: ACOR, BMRN, CELG, CMRX, DVAX, IMGN, PTLA, VVUS.
    | 1 Comment
  • Jan. 13, 2014, 11:41 AM
    • Shares of Celgene (CELG -1.3%) are on the move as the company presents at the JPMorgan Healthcare Conference.
    • The stock initially spiked as the company updated its guidance, but the shares have since reversed course.
    • 2013 adjusted EPS: $5.96 versus consensus of $6.
    • Revlimid: 2013 sales, $4.28B (+14% Y/Y); 2017 guidance, $7B (+$1B from previous).
    • Pomalyst: 2017 sales guidance, $1.5B.
    • 2017 EPS guidance: "At least $15" versus previous guidance of $13-14.
    • 2017 revenue guidance: $13-14B (up from $12B).
    • Presentation is here.
    | 11 Comments
  • Jan. 8, 2014, 10:46 AM
    • Nomura's Ian Somaiya (formerly at Piper) is out with a number of healthcare initiations.
    • Gilead (GILD +1.7%) is the firm's top biotech pick for 2014 as the company is "set to dominate the HCV market." GILD started at Buy. Price target is $118.
    • Neurocrine Biosciences (NBIX -3.2%) started at Buy. Somaiya sees peak sales of $700M for NBI-98854. Price target is $23.
    • Celgene (CELG +1.2%) started at Buy. "Revlimid for multiple myeloma, is less than a third of the way to realizing its peak sales potential," Somaiya says. Price target is $236.
    • Biogen (BIIB +4.1%initiated at Buy. Tecfidera, is "a blockbuster ... treatment for MS, with estimated peak sales of $9B," Somaiya notes. Price target is $368.
    • Alexion (ALXN +1.5%) initiated at Buy. Price target $150.
    • Pharmacyclics (PCYC +1.9%) will "transform the treatment paradigm and disease course of CLL and mantle cell lymphoma MCL." Shares started at Buy. Price target is $137.
    • Other initiations: Incyte (INCY +5.9%started at Buy. Synageva BioPharma (GEVA +3.7%) started at Buy. BioMarin (BMRN +1.2%), Amgen (AMGN), and Infinity Pharmaceuticals (INFI +2.8%) started at Neutral.
    | 2 Comments
  • Jan. 7, 2014, 8:02 AM
    • Epizyme (EPZM) rallies 32% (low volume) in premarket action.
    • Monday evening, the company reported that it has achieved the "POC milestone in the EPZ-5676 DOT1L inhibitor clinical program," an event which triggers a $25M payment from partner Celgene (CELG).
    • Objective responses in patients with translocations of the MLL-r observed in the fourth dose cohort of an ongoing Phase 1 study were the triggering event.
    • Additionally, the company says "a development candidate milestone has been achieved for one of the three HMT targets included" in the GlaxoSmithKline (GSK) partnership, triggering another $4M milestone payment.
    • 2013 end-of-year cash now seen at $145M versus $115M previous. (PR)
    | 2 Comments
  • Jan. 7, 2014, 7:02 AM
    • The European Commission has approved Celgene's (CELG) Abraxane treatment for metastatic pancreatic cancer when used in combination with the chemotherapy gemcitabine.
    • Abraxane is the first drug in seven years to be approved in Europe for the disease.
    • Celgene intends to start selling the therapy in the coming months according to local requirements. (PR)
    | 3 Comments
  • Jan. 6, 2014, 8:33 AM
    • Citi is out with its top biotech picks for 2014.
    • Making the list are Biogen (BIIB), Gilead (GILD), Celgene (CELG), and Medivation (MDVN).
    • On BIIB, Citi ups Tecfidera estimates and lifts the price target on the shares to $338.
    • On GILD, new 2014 EPS estimate of $3.84 is above consensus.
    • On CELG, Citi sees the possibility that the company could guide above the Street's view.
    • On MDVN, Citi is modeling peak Xtandi sales of $6.5B in 2026.
    | 2 Comments
  • Jan. 6, 2014, 8:08 AM
    • Boston Children's Hospital is seeking millions in unpaid royalties from Celgene (CELG), WSJ reports.
    • In a lawsuit filed last summer, the hospital claims the company violated a 2002 contract when it ceased paying royalties on Revlimid and Pomalyst — the hospital apparently helped discover their cancer fighting abilities.
    • The case is further complicated by the fact that the hospital sold most of its Revlimid rights to an unnamed third party for $130.5M.
    • In any event, an unfavorable ruling would likely cost CELG millions, as "court filings [show] Children's [believes] it is owed $3M in unpaid royalties for the first quarter alone."
    | 2 Comments
  • Dec. 15, 2013, 5:13 PM
    • A NY Times feature looks at drug companies' wildly successful and wildly aggressive marketing campaign for A.D.H.D. treatments like Adderall (made by Shire (SHPG)) and Ritalin (made by Novartis (NVS)). Recently, companies have begun targeting adults.
    • Recent data show that 15% of high school-age children are now diagnosed with A.D.H.D., and that the number of children taking medication has soared to 3.5M from 600K in 1990. One doctor calls the rising rates of diagnosis "a national disaster of dangerous proportions."
    • The FDA has cited every major A.D.H.D. drug - including Adderall, Concerta (JNJ), Focalin (NVS, CELG) and Vyvanse (SHPG) - for false and misleading advertising since 2000, some multiple times.
    | 31 Comments
  • Dec. 11, 2013, 2:12 PM
    • Agios Pharmaceuticals (AGIO -4.4%) and Celgene (CELG -2.2%) extend the exclusivity period tied to a strategic cancer metabolism collaboration agreement (originally struck in 2010) by a year.
    • Terms call for CELG to retain its exclusive option on any drug candidates that come out of the AGIO cancer metabolism pipeline until April of 2015.
    • CELG is making an upfront payment of $20M to AGIO. (PR)
    | Comment!
  • Dec. 10, 2013, 8:30 AM
    • Credit Suisse upgrades Celgene (CELG) to Outperform from Neutral in a move analyst Ravi Mehrotra says "is as much about relative growth as revenue and EPS upgrades."
    • Mehrotra sees 2017 total sales and EPS of $13B and $16 (up from $11B and $13.57).
    • The new estimates are largely attributable to an increase in the projection for Revlimid sales, which are now seen at $7.6B, up from $6.8B. The more upbeat assessment is due to "lengthening of treatment duration and increasing penetration in the first-line setting."
    • CAGR projections from 2013-2017: 19% top-line and 28% bottom-line.
    • Price target hiked to $210 from $165.
    • CELG +1.3% premarket
    | Comment!
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Company Description
Celgene Corp is a biopharmaceutical company. It is engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.
Sector: Healthcare
Industry: Biotechnology
Country: United States