Celgene reports Q4 adj. EPS $2.39, consensus $2.32

Celgene reports Q4 adj. EPS $2.39, consensus $2.32  Reports Q4 revenue $4.04B, consensus $. “2018 was another year of excellent operating results and significant progress advancing our innovative early-, mid- and late-stage pipeline,” said Mark Alles, Chairman and CEO of Celgene (CELG). “With five near-term product launches and many promising assets advancing, we are very optimistic about our potential for long-term growth as part of the new Bristol-Myers Squibb (BMY).”

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Celgene reaffirms 2020 financial outlook

Celgene noted it is advancing five late-stage assets with U.S. approvals expected through 2020; Ozanimod U.S. and EU regulatory submissions on-track for Q1 of 2019.
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Celgene, Bristol-Myers expect to close deal in Q3

In January, Celgene (CELG) and Bristol-Myers Squibb (BMY) announced that they have entered into a definitive merger agreement under which Bristol-Myers will acquire Celgene for approximately $74B. Under the terms of the agreement, Celgene shareholders will receive for each Celgene share $50 plus one Bristol-Myers share and one tradeable Contingent Value Right, which will entitle the holder to receive a cash payment of $9.00 upon the achievement of FDA approval of all three products within specified time periods. The transaction is subject to approval by Bristol-Myers and Celgene stockholders and the completion of customary closing conditions and regulatory approvals. Bristol-Myers and Celgene expect to close the transaction in Q3 of 2019.
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Supernus initiated at Janney Montgomery Scott

Supernus assumed with a Buy at Janney Montgomery Scott. Janney Montgomery Scott analyst Esther Hong assumed coverage of Supernus with a Buy rating and $55 fair value estimate.
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B. Riley FBR upgrades Geron to Buy ahead of pivotal Phase III trial

B. Riley FBR analyst George Zavoico upgraded Geron (GERN) to Buy from Neutral and raised his price target for the shares to $3.25 from $1.50. The analyst believes investors should focus on the pivotal Phase III trial of imetelstat. Geron is initiating the pivotal portion of its Phase 3 trial in mid-year, which could lead to FDA approval in 2023, says Zavoico. He sees U.S. sales reaching $250M in 2024 and $750M in 2026. The drug “could meet an unmet medical need and provide a meaningful clinical benefit” for myelodysplastic syndrome patients, Zavoicotells investors in a research note. He expects both imetelstat and Celgene (CELG) and Acceleron’s (XLRN) Luspatercept to be approved for MDS and be “widely used in treating mostly different subgroups.” Shares of Geron are up 11%, or 11c, to $1.14 in premarket trading.
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Quest Diagnostics downgraded to Hold from Buy at Argus

Argus analyst Jasper Hellweg downgraded Quest Diagnostics to Hold, citing the latest downward revision in FY18 guidance by its management due to increased reserves and soft volume trends. The analyst adds that the company continues to face pressure from lower Medicaid payment rates for clinical laboratory tests, adding that its current challenges and reduced guidance warrant caution. Hellweg notes that he would consider returning the rating to Buy if Quest Diagnostics can improve its fundamental performance.
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Anthem price target raised to $391 from $372 at Morgan Stanley

Morgan Stanley analyst Zack Sopcak said Anthem’s (ANTM) launch of IngenioRx three quarters early, giving it a presence in the 2020 selling season, leads him to see an increased likelihood of gaining share as compared to entry in the 2021 selling season when CVS Health (CVS) and Cigna (CI) would have more time for their marketing messages to mature post their respective mergers. While also noting that Anthem’s 2019 guidance for EPS of $19+ came in well above estimates, Sopcak raised his price target on the stock to $391 from $372 and reiterated as a top pick with an Overweight rating.
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