Celgene (CELG): Price Increases Add 8c In '17 - Suntrust
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SunTrust Robinson Humphrey analyst, Yatin Suneja, reiterated his Buy rating on shares of Celgene (NASDAQ: CELG) after a third-party source (Wolters Kluwer PriceRx) reported that effective October 19th, Celgene increased the U.S. price of (1) Revlimid by 9.0% from $17,014.74 to $18,546.07 per (28 count) bottle and (2) Pomalyst by 9.0% from $14,525.78 to $15,833.10 per (21 count) bottle.
The analyst stated "we estimate an incremental 2017 sales benefit of ~$80MM, including (1)
Revlimid of ~$68MM and (2) Pomalyst of ~$12MM. We think these price benefits could contribute an incremental ~$0.08 to EPS in 2017". No change to the price target of $156.
Shares of Celgene closed at $121.33 yesterday.
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