The problem with releasing preliminary earnings at the JPMorgan biotech confab is that it takes a little luster out of the real earnings release.
Still, who's going to complain when you've got numbers like Celgene's
And next year's earnings growth, while down considerably, still looks good compared to its peers.
Company |
2008 EPS* |
2009 Year-Over-Year EPS* Guidance |
---|---|---|
Celgene |
$1.56 |
31%-38% |
Amgen |
$4.55 |
0%-4% |
Gilead Sciences |
$2.22 |
Company doesn't give EPS guidance, but revenue is expected to grow 16% to 18%. |
Bristol-Myers Squibb |
$1.74 |
6%-15% |
Source: Company press releases.
*EPS are non-GAAP as presented by the companies.
Adjusted revenue is expected to increase 20%, with most of that coming from growth of Revlimid as it continues to grow sales in treating blood cancers -- multiple myeloma and myelodysplastic syndromes (MDS).
Celgene is pretty expensive based on 2008 adjusted EPS -- especially in this value-laden market. Buying high-growth, high-P/E companies like Intuitive Surgical
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