Celgene shares crater after 3Q revenue miss, lower forecast

AP News
Posted: Oct 26, 2017 10:07 AM

Shares of Celgene are plunging after the drugmaker missed revenue forecasts and dialed back is outlook.

It narrowed its 2017 earnings forecast range Thursday and said it now expects about $13 billion in revenue this year. It previously forecast of $13 billion to $13.4 billion.

The maker of Revlimid also lowered its 2020 revenue and adjusted earnings per share targets.

Celgene Corp. reported $3.29 billion in total revenue in the third quarter with adjusted earnings of $1.91 per share.

The profit topped expectations, but analysts surveyed by Zacks Investment Research expected $3.42 billion in revenue.

Shares tumbled 19 percent, or $22.49, to $97.07 in early trading, with other biotech companies falling as well.