Summit, NJ based Celgene Corporation CELG is a biopharmaceutical company focused on the discovery, development and commercialization of drugs targeting cancer and inflammatory diseases. Celgene’s key growth engine is Revlimid. The company's portfolio also includes Pomalyst/Imnovid, Abraxane, Otezla, Istodax, Vidaza and Thalomid/Thalidomide.However, Celgene is facing generic competition for Vidaza. In this scenario, investor focus remains on the performance of Revlimid as well as recently launched Otezla apart from the usual top-and bottom-line numbers. Meanwhile, the company is working on expanding the Revlimid’s label further.Celgene’s performance has been decent with the company beating earnings estimates on two occasions, while posting in line results in one. Overall, the company has delivered an average positive surprise of 0.74%.Currently, Celgene has a Zacks Rank #2 (Buy), but that could definitely change following the company’s earnings report which was just released. We have highlighted some of the key stats from this just-revealed announcement below:Earnings: Celgene beat on first-quarter 2016 earnings. The company reported EPS of $1.18 (including stock-based compensation expense) while our consensus called for EPS of $1.05. Revenues: Revenues were slightly below expectations. Celgene posted revenues of $2.51 billion missing our consensus estimate of $2.58 billion.Updates 2016 Outlook: Celgene updated its outlook for 2016. The company now anticipates earnings in the range of $5.60–$5.70 per share (old guidance: $5.50–$5.70 per share). The Zacks Consensus Estimate for earnings is $4.86 per share.While net product sales are now expected in the range of $10.75–$11 billon (old guidance: $10.5–$11 billon), Revlimid sales are anticipated to be approximately $6.7 billion (old guidance: $6.6–$6.7 billion).Check back later for our full write up on this Celgene earnings report later!Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report CELGENE CORP (CELG): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research