Celgene Upgrades Repurchase Program by $3 Billion
June 15 2016 - 9:20AM
Dow Jones News
Blood-cancer drug company Celgene Inc. said its board authorized
an additional $3 billion in share buybacks, bringing its program to
$5.3 billion.
The Summit, N.J., company said the program is open-ended and
effective immediately. The company's total market value is roughly
$77 billion.
Celgene generates most of its revenue from its blood-cancer drug
Revlimid. Amid expectations for rising competition to slow sales of
the drug from the 18% clip logged at the end of last year, Celgene
has started to expand beyond its roots by acquiring drugs and
launching others.
In April, the company cut its estimate for total product sales
next year to $12.7 billion to $13 billion from an earlier estimate
of $13 billion to $14 billion, and it took down its earnings
forecast to $6.75 to $7 an adjusted share from earlier guidance of
$7.25.
The upped repurchase authorization comes as the company's stock
fell 16% this year through Tuesday's close. In premarket trading
Wednesday, the stock edged 1.6% higher.
Write to Lisa Beilfuss at lisa.beilfuss@wsj.com
(END) Dow Jones Newswires
June 15, 2016 09:05 ET (13:05 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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