Celgene Offers 2010 Financial Guidance - TheStreet

Celgene Offers 2010 Financial Guidance

The biotech company forecasts 2010 earnings below consensus, but revenue and Revlimid sales meet expectations.
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SAN FRANCISCO (TheStreet) -- Celgene (CELG) - Get Report offered 2010 financial guidance that fell below consensus on the bottom line but met the Street's revenue consensus.

Celgene said 2010 earnings would rise approximately 25% to a range of $2.55 a share to $2.60 a share, but below the current consensus view of $2.66 a share, according to Thomson Reuters.

Total revenue for 2010 is expected to reach $3.2 billion to $3.3 billion versus the current consensus estimate of $3.19 billion.

Celgene's most important revenue driver is the cancer drug Revlimid, which is marketed in the U.S. and internationally as a treatment for multiple myeloma and myelodysplastic syndrome -- two forms of blood cancer. The company is seeking to grow Revlimid sales through an expansion in Europe and expansion of the drug's approval into first-line treatment of multiple myeloma.

The company offered a 2010 Revlimid sales forecast in the range of $2.1 billion to $2.2 billion, which brackets the current Street consensus of $2.13 billion.

Celgene shares were down 1% to $56.60 in recent trading.

Celgene announced its 2010 financial guidance at the J.P. Morgan Healthcare Conference.

Speaking during a breakout session with investors, Celgene CEO Sol Barer says the overall outlook for 2010 is better than it was last year when the recession and global economic crisis pressured drug sales, especially in the first quarter.

While the first quarter is always a challenge, Barer said the company expects growth over fourth-quarter results.

For 2009, Celgene said it would earn $2.08 a share on total revenue of $2.67 billion.

-- Reported by Adam Feuerstein in San Francisco.

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