Celgene Raises FY19 Outlook - Quick Facts

(RTTNews) - While reporting financial results for the second quarter, biopharmaceutical company Celgene Corp. (CELG) on Tuesday raised its adjusted earnings and revenue guidance for the full year 2019, driven by Pomalyst and Abraxane performance.

For fiscal 2019, the company raised its adjusted earnings guidance to a range of $10.65 to $10.85 per share from the prior forecast range of $10.60 to $10.80 per share.

The company also now projects full-year revenues between $17.2 billion and $17.4 billion, up from the prior forecast range of between $17.0 billion and $17.2 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.73 per share on revenues of $17.11 billion for the year. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2020, the company continues to project adjusted earnings of higher than $12.50 on a standalone basis and total revenues between $19.0 billion and $20.0 billion. Due to pending Bristol-Myers Squibb transaction, Celgene said it does not anticipate providing any additional updates on its 2020 outlook going forward. Analysts currently expect earnings of $12.47 per share on revenues of $19.17 billion for fiscal 2020.