Ozanimod MS delay another hit to credibility
The FDA has issued a refusal to file for key multiple sclerosis pipeline drug ozanimod, significantly delaying approval and potentially indicating a less competitive commercial profile. We take the cautious step of removing ozanimod in MS sales ($1b peak) and reduce our target price to $121 ($130 prior). This setback is yet another hit to the credibility of management efforts to offset Revlimid revenues via the Immunology build out. We still see, however sector leading growth in core haematology, multiple meaningful near-term pipeline updates, significant capital allocation optionality and compelling valuation as reasons to stay 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.
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