Health and Healthcare
Celgene Earnings Beat and Updated Guidance
Published:
Last Updated:
Celgene Corp. (NASDAQ: CELG) released its second-quarter earnings report Thursday before the markets opened. The major biotech had $1.23 in earnings per share (EPS) on $2.28 billion in revenue, versus Thomson Reuters consensus estimates of $1.20 in EPS on $2.27 billion in revenue. The same period from last year had $0.90 in EPS on $1.87 billion in revenue.
The company issued guidance for the 2015 full year. Celgene expects total net product sales to be in the range of $9.0 billion to $9.5 billion and EPS to be in the range of $4.75 to $4.85, up from the previous range of $4.60 to $4.75.
The company reported net product sales for the quarter in comparison to the same quarter last year:
In the second quarter, Celgene purchased approximately 7.9 million of its shares at a total cost of about $902 million. At the end of June 2015, the Celgene had roughly $5.1 billion remaining under its stock repurchase program, including its most recent $4.0 billion share repurchase authorization.
ALSO READ: Is This the End for XOMA?
Bob Hugin, chairman and CEO of Celgene, said:
The Celgene team delivered exceptional results across the portfolio in the second quarter. We continue to invest strategically in the long-term future of Celgene and expect our recently announced transactions with AstraZeneca, Juno and Receptos to accelerate our earnings growth beginning in 2019.
At the end of the quarter, the company had $7.50 billion in cash, cash equivalents and marketable securities, compared to $7.55 billion in same period of the previous year. This quarter also had operating cash flow of $284 million, which included $570 million of upfront payments relating to research and development collaborations.
Shares of Celgene were down 0.5% at $137.53 early Thursday, in a 52-week trading range of $83.16 to $139.12. The stock has a consensus analyst price target of $145.22.
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.