Celgene (CELG) shares are falling despite the fact that the company raised 2017 revenue and profit projections while at the J.P. Morgan Healthcare Conference.
The Summit, N.J.-based biotech company, which is focused on multiple myeloma drug, Revlimid, announced Monday that it was raising revenue and profit projections for 2017, which it had previously set in October.
The company raised its guidance on revenue from $12.7 billion-$13 billion to a range of $13 billion-$13.4 billion. Consensus estimates on revenue were at $13.2 billion. The company expects the majority of its revenue to come from Revlimid, projecting between $8 billion and $8.3 billion for the year to come from the drug alone.
Despite better-than-anticipated projections, Celgene's shares slipped Monday, falling 1.5% midday, hitting $117.86 per share.
Investors are focused on Celgene's plans for the growth of its inflammation and immunology franchise as a diversification strategy beyond Revlimid. Psoriasis and psoriatic arthritis drug Otezla sales are expected to grow 50% year over year and results from a pivotal phase III study of ozanimod in multiple sclerosis (via the $7 billion purchase of Receptos) are due later this year.
Celgene also raised guidance on earnings-per-share. Previous estimates had EPS for the year between $6.75-$7 per share, while new guidance puts it between $7.10-$7.25 per share.
Company executives presented at the J.P. Morgan Healthcare Conference Monday.