Rodman & Renshaw Reiterates Outperform, $102 Target on Celgene

Rodman & Renshaw reiterates its Outperform rating and $102 target price on Celgene CELG following quarter and year earnings that see the company's business model shift into next gear. Rodman & Renshaw says, "Celgene reported 4Q11 and FY11 earnings this morning, recording fully-diluted non-GAAP EPS of $1.05 for the quarter and $3.79 for full-year 2011. We had estimated $1.10 for 4Q11, and $3.83 FY11. Non-GAAP revenues for the 4Q rose 22% vs. the same period in 2010 to $1,282mm (lower than our estimates of $1,302mm). Non-GAAP net income for the 4Q rose to $473mm, up 39% from 2010, but ~1% higher from 3Q11. We were expecting $494mm, while the street was at $481mm." CELG closed at $72.66 a share on Thursday.