Operational and regulatory execution on track
2Q18 saw steady progression for multiple myeloma and strong underlying growth for Otezla in psoriasis. Although CELG will deprioritise Otezla in ulcerative colitis, other key pipeline/regulatory timelines remain intact. In 2H18 we will see additional haematology top-line data (Revlimid in DLBCL, CC486 in AML) as well as a key filing for fedratinib and detailed data for luspatercept in anaemia. Overall, we believe the return to business-as-usual operational execution and pipeline progress will significantly improve sentiment of the stock. We tweak our DCF-derived price target to $131 and maintain Overweight.Celgene is a global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. The company's primary commercial stage products include: REVLIMID?, an oral immunomodulatory drug; POMALYST?/IMNOVID?, a proprietary, small molecule; OTEZLA?, an oral small-molecule inhibitor of phosphodiesterase 4 for cyclic adenosine monophosphate; ABRAXANE?, a solvent-free chemotherapy product; and VIDAZA?, a pyrimidine nucleoside analog. In addition, the company provides other product sales and licensing arrangements.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
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