Celgene cuts 4Q, 2013 adj. profit outlooks

SUMMIT, N.J. (AP) -- Celgene anticipates its fourth-quarter and full-year adjusted earnings missed Wall Street's view. The biopharmaceutical company also provided a 2014 adjusted earnings forecast below analysts' estimates.

Its stock fell in Monday afternoon trading.

Celgene anticipates fourth-quarter adjusted earnings of about $1.51 per share. This is short of Wall Street's estimate of $1.55 per share.

For 2013, it foresees full-year adjusted earnings of about $5.96 per share on revenue of approximately $6.5 billion. Analysts polled by FactSet predict earnings of $6 per share on revenue of $6.43 billion.

Celgene Corp. expects 2014 adjusted earnings in a range of $7 to $7.20 per share on revenue of approximately $7.5 billion. Analysts are calling for $7.30 per share on revenue of $7.43 billion.

Looking ahead, the Summit, N.J., company raised its 2015 adjusted earnings guidance to $9 to $9.50 per share. Its prior outlook was for $8 to $9 per share.

Wall Street expects 2015 earnings of $9.38 per share.

Celgene also increased its 2015 product sales target to a range of $8.5 billion to $9.5 billion, up from $8 billion to $9 billion.

The company lifted its 2017 adjusted earnings forecast to about $15 per share. Previously the company predicted earnings between $13 and $14 per share. It boosted its product sales target for the year to $13 billion to $14 billion. Its prior outlook was for product sales of more than $12 billion.

Celgene's biggest-selling product is the multiple myeloma drug Revlimid, which is also approved for severe anemia and mantle cell lymphoma. Celgene is working to broaden the approval of the drug and boost its sales. Revlimid sales are forecast to grow from $4.28 billion in 2013 to $7 billion by 2017.

Celgene will report its fourth-quarter and 2013 financial results on Jan. 30. Its stock fell $5.50, or 3.2 percent, to $164.31.