Celgene's Focus On Execution Pays Off, But Follow-Through Is Key
Third quarter sales grew 18.5% to $3.89bn, beating consensus with Otezla's contribution of 40.3% growth. After several disappointments, Celgene appears to be back on track with efforts to boost revenue before Revlimid generics hit in 2022.
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Bristol bought Celgene following multiple pipeline setbacks, but the biotech giant made positive progress recently that the big pharma will be expected to continue.
Bristol's surprising purchase diversifies its portfolio beyond Opdivo, while stopping Celgene's ongoing stock price declines after several setbacks. While Bristol execs downplayed the mid-term risk of generics for Celgene's blockbuster Revlimid, they highlighted near- and long-term growth drivers.
Celgene estimates 80% of moderate-to-severe plaque psoriasis patients experience the disease in their scalps, meaning positive data in this indication could broaden the market opportunity for Otezla substantially. Novartis’ Cosentyx got scalp psoriasis added to its US label in February.