CELG Celgene Corporation

By Joshua Jamerson 

Celgene Corp. offered an upbeat view for earnings in 2017 but signaled sales of its main drug would grow at a slower pace.

The Summit, N.J., company relies on its blood-cancer drug Revlimid for most of its revenue and has warned sales would slow as it faces growing competition. In preliminary results for 2016 released Monday, the company reported Revlimid net sales grew 20% to $6.98 billion. In 2017, Celgene expects Revlimid sales to climb around 17% to between $8 billion and $8.3 billion.

Celgene stock fell 1.5% to $117.83 in morning trading.

Chief Executive Mark Alles said the drugmaker made "progress strengthening and growing our franchises while accelerating and adding to our robust pipeline" last year.

For 2017, the company expects total revenue in a range of $13 billion to $13.4 billion, which would be a roughly 18% increase at the midpoint of the range, compared with 2016. Analysts surveyed by Thomson Reuters anticipate $13.21 billion. The company expects $7.10 to $7.25 a share in adjusted profit, well above the $7.04 expected by analysts.

The company, which also backed its long-term financial targets, is expected to report full results for the fourth quarter and 2016 later this month.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

January 09, 2017 12:17 ET (17:17 GMT)

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