Celgene

(CELG) - Get Report

shares plunged Monday after the company released 2004 earnings guidance well below the consensus estimate of analysts.

The Warren, N.J.-based drugmaker said it expects to earn 40 cents to 50 cents a share, what it called a "three-fold increase over 2003 guidance." That compares with a consensus estimate of 61 cents a share, according to Thomson First Call.

Recently, shares were down $3.48, or 7.5%, to $43.13.

The company, best known for its cancer drug Thalomid, forecast 2004 revenue of $360 million to $380 million, which is within the range of analyst estimates.

Celgene will report fourth-quarter and full-year 2003 results on Jan. 29.