Celgene Plunges on Guidance
The drugmaker's earnings forecast for 2004 falls well shy of the consensus forecast.
Celgene
(CELG)
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.
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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.
