Shares Of Celgene Plunge Following Busy Slate Of Announcements At JPMorgan Conference

Shares of

Celgene CorporationCELG

were trading lower by nearly 5 percent late Monday morning following the company's presentation at the JPMorgan Healthcare Conference.

Preliminary 2015 Results, 2016 Guidance

Celgene

said

that it expects to earn $1.18 per share in the fourth quarter, 2015 which falls short of the $1.30 per share Wall Street analysts were looking for. Celegene added for the full year fiscal 2016 it expects to earn $5.50 to $5.70 per share on revenue of $10.5 billion to $11 billion. This compares to the $5.68 per share and $11.13 billion analysts were expecting.

Affirming 2020 Outlook

Celgene stated that it still expects its 2020 total net product sales to exceed $21 billion. At that time, the company also expects its adjusted diluted earnings per share to exceed $13.00.

Management Changes

Celgene also

announced that Bob Hugin will assume the title of Executive Chairman and continue leading the Board of Directors. In addition, Mark Alles will be promoted to Chief Executive Officer from his current title as President and COO. Jacqualyn Fouse will be promoted to President and Chief Operating Officer and currently serves as President of Celgene's Hematology & Oncology franchise. Finally, Scott Smith will be appointed to chair Celgene's Global Management Committee in addition to maintaining his title as President of Immunology & Inflammation. 2016 Operational Milestones Finally, Celgene also

released

a list of regulatory submissions and decisions that are expected throughout 2016.

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Shares Of Celgene Plunge Following Busy Slate Of Announcements At JPMorgan Conference