One biotech checks off all of the boxes for Celgene.
The third-quarter reporting cycle is witnessing accelerating revenues and positive revisions trend for Q4. Let's see if some of the other leading players like Pfizer, Incyte and Acorda follow suit.
Agios' (AGIO) only marketed drug Idhifa that looks effective to cure patients with relapsed or refractory acute myeloid leukemia might drive the company's earnings in Q3.
Disappointing prospects for new medicines has exposed lack of diversification
Celgene turned in a brutal third-quarter earnings report, missing revenue forecasts and cutting its long-term profit outlook. Traders were woefully unhedged by several measures, leaving them vulnerable to feel the brunt of the stock's 20% drop. Traders weren't prepared at all for the huge stock drop that befell Celgene after a disastrous third-quarter earnings report.
Celgene, missed analysts' sales projections for the third quarter by 4%, cut its guidance for 2020 by 5% to 10%. Shares are down 17%. “Our assumptions just really missed the mark, particularly in this window,” said Mark Alles, the company’s chief executive, on a conference call.
The big blow to CELG stock today came from a cut to its guidance for 2017. The company was previously expecting earnings per share to range from $7.30 to $7.35. Wall Street is looking for the company to report earnings per share of $7.31 for the year.
Celgene shareholders got some chilling news Thursday morning, sending its shares plunging 18% when trading opened—the stock’s worst decline in more than a decade.
Celgene (CELG) beats third-quarter 2017 earnings estimates on the back of robust Revlimid performance.
Despite mixed results, with earnings were fairly positive for the quarter, this was not enough to outweigh poor guidance. Shares sank to a new 52-week low.
The S&P Biotech Index is now down 9% from its early October highs, extending losses today thanks to the collapse in Celgene's share price after it lowered its outlook. As Bloomberg reports, Celgene Corp. dropped 18 percent in early U.S. trading after lowering its long-term profit target. The drugmaker, known for its hematology and oncology treatments, is under pressure to refill its pipeline as its top-selling cancer treatment faces looming competition from generics. Last week, Celgene halted a final-stage trial of an experimental Crohn’s disease drug that analysts had anticipated could become a blockbuster, raising concerns that its 2020 profit guidance might be at risk. On Thursday, the Summit, New Jersey-based company cut that long-term earnings guidance by 50 cents to $12.50 a share. Which has slammed the Biotech Index lower... Double top anyone?