Shares in Celgene (NSDQ:CELG) fell yesterday, even though the biopharmaceutical company beat earnings expectations on Wall Street with its 4th quarter results.
The Summit, N.J.-based company posted profits of $1.29 million, or $1.61 per share, on sales of $2.9 million for the 3 months ended Dec. 31, for bottom-line growth of 34% on sales growth of 17% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were $1.61, ahead of consensus on The Street, where analysts were looking for sales of $3.0 billion. Celgene also said that it expects to earn between $7.10 and $7.25 a share in 2017, while analysts forecast $6.55 apiece.
“2016 was an outstanding year of progress strengthening our commercial portfolio and advancing our early-, mid- and late-stage pipeline,” CEO Mark Alles said in prepared remarks. “We expect our business momentum and significant near-term catalysts to drive high-growth through 2017 and beyond.”
Celgene said it expects to post adjusted EPS of $5.94 on sales of $11.2 million for the full year.
CELG shares were trading at $112.81 apiece today in mid-afternoon trading, up 1.1%.
This month, Celgene acquired biotech Delinia Inc., for an initial payment of $300 million. Delinia could also get an additional $475 million, contingent on development, regulatory and commercial milestones for its DEL-106 immunotherapeutic.
The companies plan to close the transaction within the 1st quarter this year, according to Celgene.
“Delinia is at the forefront of advancing new approaches to treating patients with severe and debilitating autoimmune diseases,” Celgene’s president of research and early development Rupert Vessey said. “We look forward to progressing DEL106 into the clinic next year.”
“We are delighted to enter into this transaction with Celgene,” Delinia CEO Dr. Saurabh Saha added. “Their expanding inflammation and immunology franchise and strong commitment to scientific innovation makes them an ideal company to continue to move DEL106 forward.”
