Celgene Ups Revenue and Profit Projections for 2017, but Stock Falls
Celgene executives have raised guidance for the year, but the stock retreated Monday.
Celgene (CELG) - Get Report is raising its revenue and profit projections. The company now predicts revenue of $13 billion to $13.4 billion, up from a previous estimate of $12.7 billion to $13 billion. It says the majority of its revenue will come from its drug Revlimid, which is expected to generate at least $8 billion in revenue alone.
Celgene's new guidance predicts earnings per share of between $7.10 and $7.25. Company executives are presenting at the J.P. Morgan Healthcare conference. Despite the higher projections, Celgene stock was falling at midday Monday.
