Growth and capital allocation thesis on track
FY17 ended on a high note, with double-digit top/bottom line growth expected to continue in FY18 (as pre-announced). We now model sales from Otezla in ulcerative colitis based on compelling Phase II remission rate and we look forward to detailed data in mid-Feb. We also include the JUNO and fedratinib acquisitions, which is in-line with our thesis that CELG will shore up confidence in post-Revlimid growth with development stage deals in its core therapeutic area. Our price target moves to $130 on inclusion of JUNO, fedratinib and Otezla in UC.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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