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Celgene (CELG) Forecasts Higher Earnings, Revenue For 2013

 January 07, 2013 12:46 PM
 


(By Balachander) Celgene Corp. (NASDAQ: CELG) forecast a rise in earnings and revenue for the full year 2013, and shares of the biopharmaceutical company advanced in Monday trading.

For the full year 2013, the company expects adjusted earnings per share (EPS) in the range of $5.50 to $5.60, on 11.4 percent increase in net product sales to $6.0 billion.

Wall Street analysts, on average, expect EPS of $5.56 per share on revenue growth of 9.70 percent to $6.05 billion for 2013.

Celgene anticipates Revlimid net sales in the range of $4.1 billion to $4.2 billion, including roughly $90 million of negative foreign exchange impact. Assuming constant foreign exchange, Revlimid growth would be 11 to 14 percent.

The company currently markets Revlimid, and Thalomid for the treatment of various forms of multiple myeloma, and VIDAZA for the treatment of myelodysplastic syndromes.

[Related -Celgene Corporation (NASDAQ:CELG): Why Should You Invest In Celgene In 2014?]

The company expects 2012 adjusted EPS at the higher end of its guidance range at roughly $4.90 and total revenues up 14 percent at $5.5 billion.

Analysts expect EPS of $4.88 on revenue of $5.52 billion.

"The accomplishments of 2012 and our outlook for 2013 have positioned us with significant catalysts as we enter a new growth phase for Celgene in all three therapeutic areas of our business – hematology, oncology and inflammation and immunology," commented CEO Bob Hugin. "The increased visibility we now have to many of those catalysts allows us to reaffirm our 2015 targets and give new targets out to 2017."

[Related -Celgene Corporation (CELG): How Q3 Earnings Will Fare?]

The Summit, New Jersey-based company also expects Revlimid net product sales to surpass $1.0 billion for the fourth quarter of 2012.

Further, Celgene still expects adjusted EPS of $8.00 to $9.00 for 2015 on net product sales of $8.0-$9.0 billion.

The stock, which has been trading in the 52-week range of $58.53 to $83.38, added 1.32 percent to trade at $83.17 on Monday.

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