Shares of biotechs moved lower in afternoon trading Wednesday — along with the broader markets — even though Amgen (AMGN) topped quarterly earnings and revenue views after Tuesday’s close and analysts expect strong results from Biogen Idec (BIIB) and Celgene (CELG) when they report on Thursday. Wednesday’s dip comes during an otherwise robust recent run for IBD’s Medical-Biomed/Biotech group, which ranks No. 1 out of 197 industries tracked. The
Cancer therapies and bullish earnings forecasts took the spotlight Monday at the opening of JPMorgan’s Healthcare Conference this week in San Francisco, one of the largest annual biotech conferences worldwide. Celgene (CELG) provided a bullish forecast for its cancer drug Revlimid, along with generally positive preliminary Q4 results and long-term financial outlook. Bristol-Myers Squibb (BMY) announced positive-trial results for
Big cap biotech Celgene (CELG) provided a preliminary fourth-quarter earnings report Monday that topped estimates but warned of foreign exchange currency impacts for the year ahead. Results were presented prior to its presentation early Monday at the annual JPMorgan Healthcare Conference in San Francisco. For the fourth quarter Celgene forecast net product sales to be approximately $2.05 billion, including about $25 million of negative