Celgene (CELG) to Present at 4th Annual Citi Biotech Day; Sees FY09 Sales, EPS at Low End of Range
Celgene Corporation (NASDAQ: CELG) announced that Sol J. Barer, Ph.D., Chairman and CEO of Celgene will provide an overview of corporate developments and outlook for 2009 milestones at the 4th Annual Citi Biotech Day. During 2009, Celgene expects to advance multiple clinical, regulatory, commercial and financial initiatives in all areas of its global operations, underscored by the recent launch of VIDAZA® in the European Union and globalization of Celgene sales and operations in more than 70 countries.
Despite challenges from the global economic environment, U.S. patient co-pay assistance and increased U.S. free goods to patients, as well as fewer shipping days in the first quarter, preliminary unaudited results indicate total revenue for first quarter 2009 increased to approximately $600 million, or approximately 30 percent, year-over-year. Celgene is targeting REVLIMID® product sales in 2009 to increase to approximately $1.7 billion, driven by initiatives to expand its worldwide commercial potential, continued global market share gains and longer treatment durations. The Company anticipates that VIDAZA sales will nearly double to approximately $400 million.
Reaffirms its FY09 sales forecast of $2.6-$2.7 billion, versus the consensus of $2.77 billion. Also backed its FY09 non-GAAP EPS guidance of $2.05-$2.15, versus the Street estimate of $2.16. The Company expects to achieve results at the lower end of these ranges.
Sees Q1 adj-EPS increasing by about 20% year-over-year.
The Company reaffirms its five year outlook as it believes the aggressive global expansion of its hematology and oncology franchise, characterized by multiple product launches in various countries, combined with significant operating leverage, improving gross margins and tax rates, should facilitate top line growth of approximately 20% and bottom line growth of approximately 25-30%.
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