Shares of Celgene Corporation (NASDAQ: CELG) advanced more than 3 percent following the better than expected results and forecast.
- Reports adjusted EPS of $1.58, tops by $0.10.
- Generated revenue of $2.97 billion, $0.14 billion more than estimates.
- Adjusted EPS forecast increased from $5.70-$5.75 to $5.88-$5.92 for the year 2016 versus Street expectations of $5.77.
- Total net product sales outlook boosted from $1.0 billion to $11.2 billion for the year 2016.
- For the year 2017, adjusted EPS is predicted to be at the high end of $6.75-$7.00. Analysts expect $6.99.
- Total net product sales are guided between $12.7 and $13.0 billion range for the year 2017.
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Celgene CEO Mark Alles commented, "Our increasing enterprise-wide momentum has us on-track to exceed key 2016 objectives and positions us well for sustained long-term growth."
At last check, the stock added 3.14 percent to $101.50 in the pre-market session.