AMGN Amgen Inc

Celgene Corp. named Chief Operating Officer Mark Alles as its new chief executive starting in March, as the biopharmaceutical company also lowered 2015 profit guidance.

The Summit, N.J., company's shares fell 8% to $100.98 in recent trading.

Celgene said Chairman and Chief Executive Bob Hugin will become executive chairman.

Lead Independent Director Michael D. Casey credited Mr. Hugin with leading Celgene's transformation into a global biopharmaceutical company during his tenure.

Mr. Alles, who has been with the company since 2004, was named chief operating officer in August of 2014. His previous experience includes heading Amgen's hematology and oncology business.

Mr. Hugin has been CEO since 2010 and chairman since June 2011. He previously had been chief operating officer, from May 2006 to June 2010, and chief financial officer from June 1999 to May 2006.

For 2015, Celgene now expects per-share earnings of roughly $4.71 on net product sales of $9.16 billion, compared with its previous estimate for per-share profit of between $4.75 and $4.85 on sales of between $9 billion and $9.5 billion.

For 2016, the company projected per-share earnings of $5.50 to $5.70 on net product sales of $10.5 billion to $11 billion. Analysts polled by Thomson Reuters expected per-share profit of $5.68 on revenue of $11.14 billion.

Mr. Alles will be succeeded as chief operating officer by Jackie Fouse, who heads Celgene's hematology and oncology business.

Scott Smith, head of the immunology and inflammation business will have an expanded role as chairman of the Celgene's global management committee.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

January 11, 2016 12:35 ET (17:35 GMT)

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