Shift back to core haematology pipeline story
Ozanimod takes one step forward in MS with refiling in 1Q19, but a slight step back in UC with another 1yr recruitment delay. With the ozanimod debate largely quiet until filing acceptance and labelling in FY19, we see a better near-term narrative as key elements of the core haematology pipeline, representing a total of $10b in end market opportunity, read out in FY18. We revise up our price target to $129 on reinclusion of ozanimod MS and lower tax.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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