Celgene ( CELG) warned Tuesday night that first-quarter and 2009 earnings will be lower than expected, sending shares sharply lower in after-hours trading. In an update to its financial outlook in advance of an investor presentation tomorrow, the Summit, N.J.-based drug maker said it expects first-quarter adjusted earnings per share to increase approximately 20% year over year. This implies adjusted earnings of 43 cents per share, well below current Street consensus of 48 cents per share. Celgene guided to first-quarter revenue of approximately $600 million, below the current consensus estimate of $647 million. Moreover, Celgene reaffirmed adjusted 2009 earnings in the range of $2.05 to $2.15 a share, but said actual results will probably come in at the lower end. The company expected total revenue of $2.6 billion to $2.7 billion. Currently the Street is looking for Celgene to earn $2.16 a share on an adjusted basis and total revenue of $2.77 billion. The earnings warning sent Celgene shares plunging almost 10% to $40.05 in Tuesday after-hours trading. The stock closed the regular session down $1, or 2%, to $44.40.