Celgene to adjust 2017 guidance

Celgene Corp. (NASDAQ:CELG) slid $5.10 to $97.21 on Thursday after reporting 4Q15 earnings and signaling that it will likely revise 2017 guidance.

In response to a question on a conference call Thursday, Celgene EVP and CFO Peter Kellogg said the company intends to provide an update on 2017 guidance later this year based on changing foreign exchange rates. He noted that the rates have been volatile since the guidance was introduced in January 2013, and estimated that the rates have had, "net of hedges, about an $800 million impact on the top line" since that time. ...