BMO Capital Positive on Celgene (CELG) REVLIMID Label Expansion

BMO Capital analyst Jim Birchenough reiterated an Outperform rating and $163 price target on Celgene (NASDAQ: CELG) saying the REVLIMID label expansion in the U.S. should support continued growth.

Birchenough commented, "We are reiterating our Outperform rating on shares of the CELG following review of the REVLIMID label expansion. While frontline use of REVLIMID is already the standard of care supported by NCCN guidelines‎ and reflected in a market share of >60%, we believe that duration of therapy has significant room to grow as a frontline maintenance therapy, and we expect sustained U.S. REVLIMID growth as a result, with reaccelerating growth expected from near-term label expansion in Europe. Ultimately, we believe, REVLIMID is a long-lived asset with solid polymorph protection extending to 2027, and thus, we see the value of a frontline label expansion 12 years prior to patent expiry as meaningful."

For an analyst ratings summary and ratings history on Celgene click here. For more ratings news on Celgene click here.

Shares of Celgene closed at $116.32 yesterday.

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