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ARTICLE | Financial News

Celgene slips on earnings

November 6, 2015 3:27 AM UTC

Celgene Corp. (NASDAQ:CELG) was down $6.71 to $120.46 on Thursday after reporting 3Q15 revenues of $2.3 billion, up from 18% from $2 billion in 3Q14 but missing the consensus estimate of $2.4 billion. The company's adjusted diluted 3Q15 EPS of $1.23 exceeded the consensus estimate by a penny.

On a conference call, Celgene said its Abraxane paclitaxel is facing increased pressure from PD-1 drugs for lung cancer in the U.S. The company lowered its FY15 Abraxane sales guidance to $950 million-$1 billion from $1-$1.25 billion. On the call, President of Global Hematology and Oncology Jacqualyn Fouse said Abraxane is likely to have a place in combination therapy with PD-1 drugs. "We have some good reasons to believe that the future of the product in these IO combinations is going to be very, very bright," she said. ...