Celgene Righting Ship Following Ozanimod Delay; Lowering FVE Slightly, but Shares Undervalued
We plan to slightly lower our fair value estimate for Celgene following solid first-quarter results but slightly delayed timelines for ozanimod in multiple sclerosis (refiling in the first quarter of 2019) and ulcerative colitis (phase 3 data by mid-2019, back from 2018). While the Revlimid patent cliff is approaching (we assume a 2022 hit) and the ozanimod delay pushed back growth from the most promising near-term launch, we think the firm’s late-stage pipeline looks full, particularly in oncol...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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