Celgene Corp. (CELG - Get Report) said Monday it expects revenue to jump 12% year over year to between $17 billion and $17.2 billion in 2019, days after the company reached an agreement to be acquired by Bristol-Myers Squibb Co. (BMY - Get Report) for $74 billion.
Analysts polled by FactSet expected Celgene to generate $16.9 billion in revenue next fiscal year. Adjusted earnings are expected to range between $10.60 and $10.80 a share, ahead of FactSet's expectations of $10.31 a share.
"Our 2019 financial guidance reflects continued strong operating performance and momentum," said Mark J. Alles, chairman and CEO of Celgene. "Multiple clinical and regulatory milestones are expected in 2019 to advance our late-stage portfolio and accelerate our early-stage pipeline."
The company said that based on its preliminary accounting it has met its own guidance for full year 2018 and plans to report fourth-quarter and full-year results on Jan. 31.
Last week, Celgene reached a deal to be bought by international biopharmaceutical conglomerate Bristol-Myers Squibb for $102.43 a Celgene share, valuing the company at a nearly 54% upside from the stock's pre-purchase closing price.
Celgene shares were trading up 2.5% to $87.04 in trading Monday.
There has been a rush of M&A activity in the biopharma space in recent weeks, highlighted by the Bristol-Myers/Celgene deal and Eli Lilly & Co.'s (LLY - Get Report) announcement Monday that it will pay $8 billion in cash for cancer drug specialist Loxo Oncology Inc. (LOXO) .
Eli Lilly will pay $235 a share for Loxo, a purchase price that is 68% above Loxo's closing price of $139.87 on Friday.