Celgene lowers 2017 guidance on exchange headwinds

Celgene Corp. (NASDAQ:CELG) reported 1Q16 financial results on Thursday and, as expected, lowered its 2017 financial guidance due to changing foreign exchange rates. The company had signaled in January that it planned to adjust the guidance (see BioCentury Extra, Jan. 28).

Celgene said it now expects 2017 net product sales of $12.7-$13 billion and adjusted diluted EPS of $6.75-$7. The company had previously guided to net product sales of $13-$14 billion and EPS of $7.25. ...