Celgene Corporation’s (CELG) third quarter 2010 earnings of $0.65 per share was above the Zacks Consensus Estimate by $0.01 and the year-ago earnings by $0.17. The impressive showing was primarily due to strong sales of Celgene’s cancer products, Revlimid and Vidaza.
The strong showing caused the company to raise its 2010 guidance. Celgene boosted its already impressive cancer portfolio by acquiring Abraxis BioScience and Gloucester Pharmaceuticals this year. Moreover, the company possesses a robust pipeline which, if developed and commercialized successfully, should boost the top line.
These positive catalysts cause us to upgrade the stock to Outperform. Based on the third quarter performance, we have raised our earnings estimates for 2010 by $0.08 to $2.53 and 2011 estimates by $0.13 to $3.10.
CELGENE CORP (CELG): Free Stock Analysis Report
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