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Celgene Admits It Screwed Up Otezla Estimates; Investors Lose Confidence

Executive Summary

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.

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