Celgene (CELG) is down 2% after the Lymphoma Academic Research Organisation (LYSARC) reported disappointing results from Celgene's phase III clinical study (RELEVANCE) yesterday afternoon.
The investigational study evaluated Celgene's REVLIMID plus rituximab (R2) followed by R2 maintenance compared to the standard of care with rituximab plus chemotherapy followed by rituximab maintenance in patients with previously untreated follicular lymphoma. The R2 treatment arm did not achieve superiority in the co-primary endpoints of complete response or unconfirmed complete response (CR/CRu) at 120 weeks and progression-free survival (PFS) during the pre-planned analysis.
Importantly, sell-side research analysts said that this would not impact Celgene's fiscal 2018 guidance or its 2020 financial targets.
Celgene is likely to give its initial fiscal 2018 earnings and sales guidance at the JPMorgan Healthcare Conference, which takes place in San Francisco on January 8-11.
Celgene's stock got crushed in October when the company cut its 2020 targets. Celgene lowered 2020 revenue guidance to $19-20 billion from $21 billion and EPS guidance to at least $12.50 from at least $13.00. This guidance does not include its many partnered pipeline assets. At the American Society for Hematology Conference earlier this month, the bluebird bio's (BLUE) cell therapy partnered with Celgene treating multiple myeloma impressed scientists and investors.
Celgene will update its follicular lymphoma trial called Augment in the first quarter of next year.
Celgene opened at support near the 102 level but quickly recouped some of its losses in early trade.