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Celgene Corporation Announces 2014 Financial Outlook And Preliminary 2013 Results

Stocks in this article: CELG

Celgene Corporation (NASDAQ:CELG) provided its preliminary 2013 results and financial outlook for 2014 and beyond at the 32 nd Annual J.P. Morgan Healthcare Conference. In 2013, total revenue is expected to be approximately $6.5 billion and total net product sales are expected to be $6.4 billion. Adjusted diluted earnings per share (EPS) is expected to be approximately $5.96. Based on U.S. Generally Accepted Accounting Principles (GAAP), diluted EPS is expected to be in the range of $3.37 to $3.39. In 2014, total net product sales are expected to be $7.3 billion to $7.4 billion, a 16 percent year-over-year increase. Adjusted diluted EPS is expected to be $7.00 to $7.20, a 19 percent year-over-year increase based on the mid-point of the range. On a GAAP basis, diluted EPS is expected to be in the range of $5.54 to $5.92.

“Our 2013 accomplishments and confidence in our core business position us for another year of outstanding execution across all financial metrics in 2014 as we launch our I&I franchise and anticipate achieving many other significant milestones,” said Bob Hugin, Celgene’s Chairman and Chief Executive Officer. “2013 momentum and confidence in our business model leads us to raise our 2015 and 2017 targets.”

Preliminary 2013 Financial Results Year-Over-Year (Unaudited)

  • Total net product sales are expected to be $6.4 billion, up 18 percent year-over-year
  • REVLIMID ®: $4,280 million, 14 percent year-over-year increase
  • ABRAXANE ®: $649 million, 52 percent year-over-year increase
  • POMALYST ®/IMNOVID ®: $305 million
  • Adjusted operating margin is expected to be approximately 48.4 percent for the full year, up 30 basis points (bps) year-over-year and includes the impact of $65 million in collaboration-related payments to partners. GAAP operating margin is expected to be approximately 27.9 percent, a decrease of 385 bps year-over-year, primarily due to increased upfront payments to collaboration partners in 2013
  • Adjusted 2013 diluted EPS is expected to be approximately $5.96, a 21 percent year-over-year increase. This includes a $0.13 per share negative impact from collaboration-related payments to partners. On a GAAP basis, diluted EPS is expected to be in the range of $3.37 to $3.39
  • For the fourth quarter of 2013 adjusted diluted EPS is expected to be approximately $1.51 which includes a $0.10 per share negative impact from collaboration-related payments to partners. On a GAAP basis, diluted EPS is expected to be in the range of $0.50 to $0.52

Certain activities involved in determining the audited results for the fiscal year ended December 31, 2013 are in process and could result in the final reported audited results being different from the unaudited results noted in this press release. Please see the attached Reconciliation of Estimated/Projected GAAP to Adjusted Measures for further information.

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