Celgene Corp. (NASDAQ: CELG) sank in Monday’s session after providing a business update, though this investor sentiment could be misplaced. The update that was largely in line with analyst expectations.

At JPMorgan’s 34th Annual Healthcare Conference, Celgene noted that it expects net product sales for 2016 to be roughly $10.5 billion to $11.0 billion, and earnings per share (EPS) is expected to be in the range of $5.50 to $5.70.

Thomson Reuters has consensus estimates that call for $11.13 billion in revenue and $5.68 in EPS for the full year.

Apart from this, a negative impact from foreign exchange rates is expected to be approximately $120 million in 2016. Also full-year sales of Revlimid are expected to be in the range of $6.6 billion to $6.7 billion.

Bob Hugin, chairman and CEO of Celgene, commented on the release:

In 2015, we delivered a strong year operationally and commercially with eight regulatory approvals, the acquisition of Receptos and significant acceleration of our pipeline. The momentum in our operations and the advancement of our pipeline gives us confidence in our 2020 targets and beyond.

Preliminary 2015 financial results are expected to be $9.16 billion in net product sales and EPS of $4.71. The consensus estimates call for $9.23 billion in revenue and $4.83 in EPS for the full year.

The company also has some long-term targets:

• 2020 total net product sales to exceed $21 billion
• Hematology franchise to exceed $14.8 billion
• Oncology franchise to exceed $2.2 billion
• I&I franchise to exceed $4 billion
• Adjusted diluted EPS to exceed $13.00
• Fully diluted share count of approximately 830 million

Shares of Celgene were trading down 5.6% at $102.87 on Monday, with a consensus analyst price target of $143.35 and a 52-week trading range of $92.98 to $140.72.

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