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Investors Applaud Celgene's Q3 Results, Outlook

Shares of Celgene Corporation 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.

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.

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