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An Undeserved Kick in the Pants

Brian Orelli
January 11, 2011

Celgene (Nasdaq: CELG  ) kicked off the JPMorgan conference yesterday. Meanwhile, its shares got kicked in the pants.

The company basically presented three things:

  • Preliminary earnings for fourth quarter 2010.
  • Guidance for 2011.
  • A short mention of data for Abraxane in lung cancer.

The guidance of $3.30 to $3.35 per share for 2011 was slightly below analysts' expectations, but that's to be expected; Celgene tends to be conservative with its initial guidance at first, then raise it along the way. In 2010, it beat initial earnings guidance by $0.20 to