Raising Our Celgene Fair Value Estimate on Strong Revlimid Outlook; Shares Remain Undervalued
Celgene's impressive 28% product sales and adjusted diluted EPS growth in the third quarter was driven partly by sustainable improvements in demand for the already rapidly growing blood cancer drug Revlimid, and we're raising our fair value estimate to $128 per share to account for Revlimid's stronger outlook over the next several years. We think shares look undervalued at recent prices, given prospects for expanded duration of use of Revlimid, Otezla's strong sales ramp in psoriasis, and upcomi...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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