Celgene Falls After Updates to 2017 Guidance, 2020 Targets -- Biotech Movers

 | Oct 26, 2017 | 9:23 AM EDT
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Shares of Celgene Corp. (CELG) were down 15.7% to $100.75 on Thursday, Oct. 26, after the Summit, N.J.-based firm unveiled third-quarter numbers and updated its 2017 outlook and financial targets for 2020.

The company reported adjusted diluted earnings per share of $1.91, up 21% from the year-ago period. Revenue rose 10% to $3.29 billion.

Celgene adjusted its full-year 2017 revenue guidance to about $13 billion, compared with previously issued guidance of $13 billion to $13.4 billion. It now expects adjusted diluted EPS of $7.30 to $7.35, compared with $7.25 to $7.35.

"In consideration of certain market dynamics and recent pipeline events, we are updating our 2020 outlook, and remain confident in our ability to deliver industry leading growth," said Celgene CEO Mark J. Alles in a statement. "Over the coming months, we look forward to sharing data supporting our innovative, next generation pipeline products and significant growth drivers."

For 2020, the company now targets total net product sales of $19 billion to $20 billion, compared with above $21 billion previously. It is targeting adjusted diluted EPS above $12.50. The previous target was north of $13.

Meanwhile, shares of MediciNova Inc. (MNOV) rose 16.4% to $7.60 after the La Jolla, Calif.-based firm said its Phase 2b study of MN-166 (ibudilast) in progressive multiple sclerosis met both primary endpoints.

Among the other biotech stock movers was Achaogen Inc. (AKAO) . Shares were up 4.8% to $13.85 after the South San Francisco, Calif.-based firm submitted a  new drug application to the U.S. Food and Drug Administration  for plazomicin as a treatment for complicated urinary tract infections.

The firm said it plans to submit an application for registration in the European Union in 2018.

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