Earnings Preview : Celgene Corporation (NASDAQ:CELG) First Quarter 2010
Tuesday, April 20, 2022 9:22 AM

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Celgene Corporation is scheduled to report its Q1 2010 results after the market closes on April 28, 2010. 2010 will be a strong year for biotech companies. In 2010 Celgene's development efforts will evaluate multiple compounds in more than 20 Pivotal and Phase III clinical trials, with the key development program pertaining to REVLIMID in all stages of multiple myeloma as well as Pivotal Phase III Trial NHL and CLL. Management's expectations for the year are pretty high. They expect total revenues to increase by approximately 20% versus 2009 to a range of $3.2 to $3.3 billion. REVLIMID net product sales are likely to increase by approximately 25% year-over-year to a range of $2.1 to $2.2 billion. 2010 results will be at the high-end or above guidance on Revlimid, total revenue, and EPS (despite significant acceleration in R&D), which combined with ongoing pipeline progression, should continue the positive returns of the past six months.  

Celgene Corp. is an independent biopharmaceutical company engaged primarily in the discovery, development and commercialization of orally administered, small molecule drugs for the treatment of cancer and immunological diseases.   

Q4 2009 saw the company's non-GAAP revenue increase approximately 22% year-over-year to $758 million. Non-GAAP net income for Q4 was 290 million and non-GAAP diluted earnings per share was $0.62. Non-GAAP net income for 2009 was a record $971 million and non-GAAP diluted earnings per share increased to $2.08. Total non-GAAP net product sales increased to $722 million for the fourth quarter, up 22% from $591 million in the year-ago quarter. This is an increase of 9% over the Q3 of 2009. Q4 REVLIMID net product sales were $497 million, an increase of 35% over the Q4 of 2008 and 11% increase over the Q3 of 2009. As for VIDAZA, net product sales recorded for the quarter were $117 million, an increase of 68% in the year-ago quarter and a 13% increase over the Q3 of 2009. Thalomid net sales were $108 million for the quarter, down 15% as compared with the year ago quarter and down 2% over Q3. Non-GAAP R&D expense during the Q4was $182 million, slightly higher than R&D expense of $178 million during the Q3 of 2009.Non-GAAP, selling, general administrative expenses increased to $193 million during Q4 as compared to $172 million during the Q3 of 2009. 

Analysts' estimates for Q1 2010 range from a low of $0.56 to a high of $0.65, compared to a consensus estimate of $0.61, with number of estimates being 19 and the co-efficient variance 3.84. Revlimid revenues for Q1 2010 should touch $507,000, with Thalomid and Vidaza likely to bring in revenues amounting to $110,000 and $122,000. Total product sales could amount to $739,000 for Q1 2010. R&D and SG & A expenses are expected to reach as much as $192,000 and $172,000 with total expenses rolling in at $417,578. Net income should amount to $291,091, with EPS being $0.63 and diluted EPS of $0.62. Celgene completed the acquisition of Gloucester Pharmaceuticals on January 15, 2010.   The stock closed at $60.88 on April 16, 2022 and most analysts' rate this stock as a relative Overweight with an average price target of $68. The Street underestimates the benefit Revlimid will have in the front-line myeloma population as well as probability of success for pomalidomide. Success in both will drive multiple expansions.

 

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