NEW YORK (TheStreet) -- Shares of Celgene (CELG) - Get Report are up 0.61% to $108.77 in pre-market trading on Thursday after reporting 2016 second-quarter earnings and revenue that beat analysts' projections.
Before the market open, the Summit, NJ-based pharmaceutical company reported adjusted earnings of $1.44 per share, topping analysts' estimates of $1.38 per share.
Revenue rose 21% year-over-year to $2.75 billion in the most recent period and beat analysts' estimates of $2.70 billion.
"This strong momentum increases our confidence in our near- and longer-term outlook as we continue to invest in innovative research and the development of transformational therapies for patients worldwide," CEO Mark Alles said in a statement.
Celgene increased its adjusted earnings outlook for the full year to a range between $5.70 and $5.75 per share, up from its past forecast of between $5.60 and $5.70 per share. Analysts are looking for earnings of $5.70 per share.
Separately, TheStreet Ratings team rates the stock as a "buy" with a ratings score of B.
Celgene's strengths such as its robust revenue growth, good cash flow from operations, expanding profit margins, growth in earnings per share and increase in net income. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
You can view the full analysis from the report here: CELG
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.