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Celgene Corporation (CELG)

  • Mar. 21, 2014, 2:05 PM
  • Mar. 10, 2014, 10:00 AM
    • The WSJ profiles "pharmaceutical scouts," who, like talent-spotters in baseball "trying to pick tomorrow's big-leaguers from farm teams," search outside their companies to find drug candidates that have the potential to become blockbusters.
    • In 2011, for instance, Johnson & Johnson's (JNJ) Peter Lebowitz helped his company beat competitors such as Novartis (NVS) to buy the rights to a blood-cancer drug from Pharmacyclics (PCYC) called Imbruvica.
    • The treatment was eventually approved in November for a rare lymphoma and for chronic lymphocytic leukemia in February.  J.P. Morgan forecasts Imbruvica will generate $1.3B in revenue for J&J in 2017.
    • Half of J&J's drug pipeline is from outside the company, up from 20% in 2002.
    • Other related tickers: MRK, RHHBY, BMY, SNY, CELG, GSK
    | 1 Comment
  • Feb. 27, 2014, 11:55 AM
    • Speaking with three leading physicians about their plans to utilize Celgene's (CELG +0.4%) Otezla in psoriasis and psoriatic arthritis, analyst Matthew Roden says the feedback "generally is consistent with the bull case ... particularly on Otezla slotting in as a go-to pre- biologic for some prescribers."
    • "Our analysis further shows that the number of patients needed to be on drug to hit 2014, 2015, and 2017 targets looks beatable, and hence we raise our Otezla estimates, and our PT goes to $209 (from $200 prior)."
    | Comment!
  • Feb. 24, 2014, 12:54 PM
    • Size alone is somewhat irrelevant in examining a particular market sector, says Bernstein's Geoffrey Porges, but at some point it needs to reflect future profit potential. The market value of the booming biotech sector has reached $582B, he says, putting the industry on par with chemicals, beverages, and heavy equipment manufacturers. Biotech is now worth more than the aerospace/defense companies and auto manufacturers combined, and is on its way towards the $600B+ territory of investment banks, semiconductor and related, and utilities.
    • Over the last two years, the value of biotech is up 128%, more than double the increase in pharma and medtech stocks, and 3x the growth in the overall market. In two years, biotech has added value greater than the total current value of the transportation industry, or of the metals mining industry, or of the auto industry.
    • Biotech's size along with the fast raising of capital (about the same as during the 1999-2001 boom) has Porges somewhat worried, and he thinks higher interest rates and a stumbling broader market could see the sector slumping up to 40%. His favorites to own are Celgene (CELG) and Gilead (GILD) because of strong cash flows and very low relative multiples.
    • Related ETFs: IBB, XBI, BIB, BBH, FBT, PBE, BIS
  • 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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  • 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.
    | 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.
  • 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.
  • 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)
  • 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)
  • 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.
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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