Company

Bank

Analyst

Coverage

Opinion

Wk chg

1/11 cls

Celgene Corp. (NASDAQ:CELG)

Barclays Capital

Ying Huang

Price target

Overweight

17%

$96.30

BMO Capital Markets

Jim Birchenough

Price target

Outperform

Jefferies

Thomas Wei

Price target

Buy

Stifel Nicolaus Weisel

Joel Sendek

New

Buy

Huang raised his target to $94 from $87 after Celgene announced preliminary 2012 revenues of $5.5B and adjusted EPS of about $4.90, in line with consensus estimates of $5.5B in revenues and an EPS of $4.89. Celgene also said sales of multiple myeloma drug Revlimid lenalidomide exceeded $1B, also in line with consensus. The big biotech said it is targeting $12B in net product sales in 2017. Additionally, it reported that twice-daily apremilast met the primary endpoint in the Phase III ESTEEM 1 and ESTEEM 2 trials to treat moderate to severe plaque psoriasis. Celgene plans to submit an NDA to FDA this quarter for the oral phosphodiesterase-4 (PDE-4) inhibitor to treat psoriatic arthritis and an sNDA next half for psoriasis. The company plans to submit a combined MAA to EMA for both indications next half (see B24).