3 Reasons the Best Is Yet to Come for Celgene
Celgene Corp.'s (NASDAQ: CELG) second-quarter revenue and sales came in nearly 50% higher than they were two short years ago, yet the company doesn't appear to be anywhere near peaking. A flurry of R&D activity should provide it with a steady stream of label expansion and new drug opportunities, and if so, management should have no trouble delivering on its goal of growing sales to $21 billion in 2020 from an estimated $13 billion this year.
Celgene's widely used first-line multiple myeloma drug Revlimid has been a big reason the company's delivering significant top- and bottom-line growth. Originally approved for use in the second-line setting, the FDA approved it as a first-line drug in February 2015, and in February 2017, it also approved its use as maintenance therapy in multiple myeloma patients following stem-cell transplants to help prevent the cancer from progressing.
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