Celgene cuts 2017 sales targets despite 1st-qtr 2016 revenue rise

Shares in US biotech firm Celgene (Nasdaq: CELG) fell 1.5% in pre-market trading following publication of the company’s first quarter 2016 financial results. However, by mid-afternoon, the stock, was up 3.18% at $109.53.

Total revenue rose 21% from the same period last year to $2.51 billion, lower than the $2.57 billion analysts had predicted. For the same period, adjusted diluted earnings per share (EPS) increased 23% from $1.07 to $1.37.

Based on US GAAP (Generally Accepted Accounting Principles), Celgene reported net income $801 million or $0.86 per diluted share.