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Monday January 30, 2012
Celgene: Catalysts ahead
by John McCamant, editor Medical Technology Stock Letter Celgene (CELG) recently kicked off the 2012 JP Morgan Healthcare conference by pre-announcing 4Q11 results and providing 2012 guidance. While there was a 4Q11 Revlmid miss, we thought 2012 guidance was solid and thus far has been received positively. The company was basically mum regarding the upcoming EMEA review for the Revlimid first-line maintenance filing, but a decision is expected in the first half of this year. 
There may be more upside here than initially meets the eye as there only modest Revlimid sales are baked into CELG’s 2012 guidance for first-line EU maintenance. We expect ultimate approval with a broad label, which could serve as a nice catalyst for the stock. In the presentation, CELG highlighted their late stage pipeline, which has many meaningful catalysts in 2012. The company highlighted the potential pomalidomide approval in 2013 in Relapsed Multiple Myeloma which has recently gained the fast track designation and will be filed for FDA approval before the end of the first quarter in the US. Abraxane Phase III melanoma data is expected in mid-2012. Apremilast Phase III trials in psoriatic arthritis and psoriasis are expected mid-2012 and 2H12, respectively, with a potential target filing in early-2013. Finally, data from trials of Revlimid in lymphoma are expected in the second half of 2012. CELG’s stock has been on a bit of a roll as it has been strong for most of the year. Meanwhile, it has also held most of its gain post-JP Morgan where we have often seen stocks sell-off significantly. In our view, 2012 looks like it will be a good year for the company. CELG is a Buy under $60. Learn more about this financial newsletter at John McCamant's Medical Technology Stock Letter. 
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