1Q EARNINGS: Celgene boosts sales, bets big on Crohn's drug
This article was originally published in Scrip
Celgene's 19% year-over-year increase in first quarter net product sales was driven by hematology and oncology products, but alongside its January-to-March earnings report the company announced a $710m investment to diversify its portfolio and expand its fledgling immunology and inflammation franchise.
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Strong Q1 results and a plan to refile ozanimod in early 2019 may help investors regain confidence in Celgene, but a lot depends on the company's pipeline, which had an additional setback with discontinuation of all GED-0301 development.
Celgene won the first approval for a drug developed under its aggressive deal-making strategy in 2017 and several potential blockbusters in its partnered pipeline are edging closer to the market. Ozanimod will soon face regulatory approval, but the next-in-line acquired asset GED-0301 had a major setback. Scrip considers the contribution externally derived products have made – and will make – to Celgene’s business.
Q3 revenue grew 10% to $3.29bn, but came in below consensus, mostly due to Otezla. The blockbuster drug's new reality and recent GED-0301 failure in Crohn's disease contributed to Celgene's decision to lower guidance for both 2017 and 2020.