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Celgene Corporation (NASDAQ: CELG) reported robust 1Q results. Argus’ David Toung maintained a Focus-List Buy rating for the company, with a price target of $155. The analyst expressed optimism regarding Celgene’s long-term prospects, especially given its robust new product pipeline.
Celgene reported its 1Q adjusted EPS at $1.32, ahead of the consensus estimate of $1.28. GAAP net income came in at $801 million, or $0.99 per share. The company generated 21 percent growth in total revenue to $2.512 billion.
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Bright Prospects
Management raised its adjusted EPS guidance for 2016 from $5.50-$5.70 to $5.60-$5.70. “The revised guidance assumes slightly stronger growth for Revlimid, slightly weaker growth for Abaxane, and increased R&D spending,” analyst David Toung wrote.
Celgene has generated solid growth from its existing portfolio of pharmaceuticals. Toung added that the company has a strong pipeline of new products. The products that Celgene has in clinical development, and which could hit the market in 2017-2018, include:
- Ozanimod - for multiple sclerosis and ulcerative colitis
- AG-221 - for acute myeloid leukemia
- GED 301 - for Crohn’s disease
“We are also watching the reception of Otzela, which was approved in 2014 for plaque psoriasis and psoriatic arthritis. Otzela generated $196 million in worldwide sales in 1Q16, up more than 200% from the prior year. We expect approval of Otzela for psoriasis in Japan later this year. In Europe, we are looking for updates on reimbursement policies for Otzela,” the analyst wrote.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.