Celgene, a biopharmaceutical company, said Monday that it expects 2016 adjusted earnings of approximately $5.94 per share, representing a 26% increase over the prior year period; and total net product sales of $11.19 billion, representing a 22% year-over-year increase. The Street estimate calls for earnings of $5.92 per share on revenues of $11.29 billion.
For 2017, the company now expects adjusted earnings to range from $7.10 to $7.25 per share on total revenues of approximately $13 billion to $13.4 billion, compared to prior guidance of $6.75 to $7 earnings per share on net product sales of $12.7 billion to $13 billion. The Street consensus calls for earnings of $7.04 per share on $13.21 billion of revenues.
The company also reaffirmed its 2020 long-term financial targets of adjusted earnings exceeding $13 per share and revenues exceeding $21 billion.