Celgene downgraded to outperform from top pick at RBC Capital

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Celgene shares rise on Q1 profit, revenue beats

Celgene Corp. shares rose 2.2% in premarket trade Friday after the company reported first-quarter profit and revenue beats. Earnings for the latest quarter declined to $846 million, or $1.10 per share, from $932 million, or $1.15 per share in the year-earlier period. Adjusted earnings-per-share were $2.05, compared with the FactSet consensus of $1.96. Revenue rose to $3.54 million from $2.96 million, above the FactSet consensus of $3.47 million. Revlimid, Pomalyst, Otezla, Abraxane and Vidaza sales all came in above the FactSet consensus. The company also updated its 2018 guidance to reflect its acquisition of the biotech company Juno, which was completed in March. With dilution from Juno, Celgene expects 2018 adjusted EPS of $8.45, compared with previous guidance of $8.70 to $8.90; Celgene also expects 2018 revenue of about $14.8 billion, with dilution from Juno, compared with previous guidance of $14.4 billion to $14.8 billion. The FactSet 2018 adjusted EPS guidance is $8.46, while the FactSet 2018 revenue guidance is $14.8 billion. Celgene shares have dropped 14.4% over the last three months, compared with a 4.8% drop in the S&P 500 and a 6.2% drop in the Dow Jones Industrial Average .

1 News Net

1 News - 1 Movies - 1 Music - 1 eBooks - 1 Search

 

Leave a Reply