Celgene Appoints Mark Alles As CEO

(RTTNews) - Biopharmaceutical company Celgene Corp. (CELG) Monday appointed Chief Operating Officer Mark Alles as its new Chief Executive. The company also lowered its 2015 financial outlook and provided a guidance for 2016.

COO Mark Alles will succeed Bob Hugin as CEO, while Hugin will remain at the company as executive chairman after serving as CEO for about six years. The changes are effective March 1. Jacqualyn Fouse will replace Alles as COO.

"Bob Hugin is responsible for leading the transformation of Celgene into the global biopharmaceutical company that it is today," said Michael Casey, Celgene's Lead Independent Director.

For the full year 2016, Celgene expects net product sales of about $10.5 billion to $11.0 billion and adjusted earnings of $5.50 to $5.70 per share. Analysts polled by Thomson Reuters estimated earnings of $5.68 per share on revenues of $11.13 billion for 2016.

For full year 2015, Celgene now expects adjusted earnings of roughly $4.71 per share on net product sales of $9.16 billion. Earlier, the company expected earnings of $4.75 to $4.85 per share on sales of $9 billion and $9.5 billion. Analysts polled by Thomson Reuters estimated earnings of $4.83 per share on revenues of $9.23 billion for 2015.

Recently, Celgene, which mainly focuses on drugs for multiple myeloma, has been striving to expand its portfolio of drugs. In August, the company acquired Receptos Inc. fro $7.2 billion.

The company will release its fourth-quarter results on January 28.

CELG is currently trading at $102.79, down $6.19 or 5.68%, on the Nasdaq.