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Biotech / Medical : Celgene-CELG -- Ignore unavailable to you. Want to Upgrade?

To: dalroi who wrote (488)	1/10/2001 9:25:25 AM
From: LLCF	Read Replies (1) \| Respond to of 804

Celgene pre-announces lower than expected T sales. Michael King finds current valuation compelling, lowering estimates going forward but believe news already priced into the stock. Rating=BUY. * CELGa preannounced 4Q:00 Thalomid sales and EPS numbers of $16.7 million and $0.03, below Street estimates. Our estimates were $18.7 million and $0.06 and Street consensus was $19.2 million and $0.05. CELG lowered 2001 Thalomid revenue guidance from a range of $100-$105 million to $92-$100 million. * We are disappointed by these numbers. Thalomid prescriptions increased 11%, but the average dose decreased 15%, offsetting the script trends. ** We believe the Thalomid and CELG franchises remain intact. We expect a visible pipeline over the next several quarters with major publications or presentations for Thalomid in the treatment of MDS, multiple myeloma (MM), and colorectal cancer. We expect top-line Phase I/II results for the IMiDs in the treatment of MM and top-line Phase II results for the SelCIDs in the treatment of Crohn s disease in 2Q:01. DAK