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PropThink: Abraxane Data, Earnings Release Rally CELG; Back to Highs by Year End?


October 25, 2012 -

By Jake King
In separate press releases on Thursday morning, Celgene (NASDAQ:CELG) reported 3Q results and announced that Abraxane demonstrated a statistically significant improvement in Progression Free Survival (PFS) in its latest Phase 3 study for advanced melanoma. Celgene reported revenue of $1.42B and adjusted, diluted earnings of $1.29 per share ($561M non-GAAP net income), a consensus beat for the company as estimates placed revenue at $1.41B and adjusted EPS at $1.27. Celgene reported third quarter net income (GAAP) of $424 million or $0.97 per diluted share. The company raised its adjusted EPS outlook for FY2012 to $4.85-$4.90 from $4.80-$4.85.
Abraxane is already available as a treatment for metastatic breast cancer and received FDA approval for advanced non-small cell lung cancer in combination with carboplatin just this month. Today's news is another step towards adding a third indication to the versatile chemotherapy agent. The trial met its primary endpoint - improvement in PFS - and showed a favorable trend towards overall survival, its secondary endpoint. In chemotherapy-naive patients, Abraxane demonstrated a PFS of 4.8 months, nearly doubling the 2.5 month PFS in the control arm, patients treated with standard dacarbazine chemotherapy. Celgene is also pursuing a metastatic pancreatic cancer indication, with a Phase 3 trial set to report data in the fourth quarter. Management has guided for Abraxane sales, including all potential indications, of over $1B by 2015. Continue reading this article by clicking here.
""Abraxane Data, Earnings Release Rally CELG; Back to Highs by Year End?"" at PropThink.com
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