) hit a 52-week high of $131.13 in the first half of the trading
session on May 13. This biopharmaceutical stock gained
significant momentum following its strong performance in the
first quarter of 2013 last month.
The reaffirmation of the rosy long-term outlook coupled with
the impressive pipeline update provided at its analyst day a few
days back have further boosted investor confidence in the stock.
This Zacks Rank #2 (Buy) company has delivered positive earnings
surprises in each of the last four quarters with an average beat
of 2.4%. The long-term expected earnings growth rate for this
stock is 24.6%.
Celgene Upbeat About Future
Celgene maintained its long-term view at its analyst day earlier
in the month. The company continues to expect adjusted earnings
for 2015 in the range of $8.00 - $9.00 per share. Revenues for
2015 are still forecasted in the range of $8.0-9.0 billion.
Celgene continues to expect revenues in excess of $12.0 billion
Moreover, adjusted earnings per share for 2017 are forecasted
in the range of $13.00 - $14.00. The company expects revenues for
2013 to be at or slightly above the $6 billion mark. Celgene
forecasts adjusted earnings for 2013 in the range of $5.55-$5.65
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Revenues at Celgene are expected to increase at a compounded
annual growth rate of 19% from 2013 to 2017. Adjusted earnings
are expected to increase at a compounded annual growth rate of
25% from 2013 to 2017.
Solid First Quarter
Last month, Celgene revealed impressive numbers for the first
quarter of 2013. The company's first quarter 2013 earnings
(excluding special items but including stock-based compensation
expense) of $1.22 per share beat the year-ago earnings by 27.1%.
Higher revenues drove earnings in the quarter.
Total revenue climbed 15% to $1.46 billion in the first quarter
of 2013. Revenues were boosted by the impressive performance of
Celgene's cancer drugs Revlimid, Abraxane and Vidaza. US sales of
Pomalyst, approved by the US Food and Drug Administration (FDA)
in Feb 2013, came in at $22 million in the first quarter of 2013.
Pomalyst is used for the treatment of relapsed and refractory
multiple myeloma patients, who have received at least two prior
Multiple Pipeline Related News Coming up
Celgene boasts an interesting and diversified pipeline. Multiple
pipeline-related news are expected in the coming quarters. A key
action date is coming up at Celgene next month when the FDA is
expected to decide on the company's application to get Revlimid
approved for an additional indication - refractory mantle cell
Moreover, Celgene is highly optimistic on the potential of
apremilast, which is being developed for multiple indications.
The successful development and commercialization of the pipeline
should boost Celgene's top line further.
Other Stocks to Consider
Apart from Celgene, other stocks with favorable Zacks Rank
Isis Pharmaceuticals, Inc.
Cubist Pharmaceuticals Inc.
). While Athersys carries a Zacks Rank #1 (Strong Buy), Isis
Pharma and Cubist Pharma carry a Zacks Rank #2.