Advertisement
Canada markets close in 6 hours

  • S&P/TSX

    21,977.03
    -34.69 (-0.16%)
     

  • S&P 500

    5,077.57
    +7.02 (+0.14%)
     

  • DOW

    38,466.63
    -37.06 (-0.10%)
     

  • CAD/USD

    0.7297
    -0.0024 (-0.33%)
     

  • CRUDE OIL

    82.83
    -0.53 (-0.64%)
     

  • Bitcoin CAD

    90,337.91
    -818.23 (-0.90%)
     

  • CMC Crypto 200

    1,430.32
    +6.22 (+0.44%)
     

  • GOLD FUTURES

    2,332.10
    -10.00 (-0.43%)
     

  • RUSSELL 2000

    2,004.09
    +1.44 (+0.07%)
     

  • 10-Yr Bond

    4.6420
    +0.0440 (+0.96%)
     

  • NASDAQ

    15,783.58
    +86.95 (+0.55%)
     

  • VOLATILITY

    15.71
    +0.02 (+0.13%)
     

  • FTSE

    8,068.48
    +23.67 (+0.29%)
     

  • NIKKEI 225

    38,460.08
    +907.92 (+2.42%)
     

  • CAD/EUR

    0.6822
    -0.0014 (-0.20%)
     
MARKETS LIVE BLOG:

STOCKS OPEN MIXED, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Celgene's Abraxane Combination Therapy Cleared in the EU - Analyst Blog

Zacks Equity Research
Updated

Celgene Corporation’s CELG wholly owned subsidiary, Celgene International Sàrl, announced that its oncology drug, Abraxane, was approved in the EU in combination with carboplatin for the first-line treatment of non-small cell lung cancer (NSCLC) in adults who are not eligible for surgery and/or radiation therapy.

The European Commission’s (EC) decision on the approval of Abraxane does not come as a surprise as, in Jan 2015, the Committee for Medicinal Products for Human Use rendered a positive opinion on Abraxane for this indication.

Abraxane is already approved in the U.S. as a first-line combination therapy for treating patients suffering from NSCLC. This potential blockbuster drug is also approved in the U.S. and EU for metastatic breast cancer and advanced pancreatic cancer. The drug was added to Celgene’s portfolio through the acquisition of Abraxis BioScience in Oct 2010.

Last month, Celgene received a positive recommendation from the Scottish Medicines Consortium (SMC) within the National Health Service (NHS) Scotland for Abraxane in combination with Eli Lilly and Company’s LLY Gemzar (gemcitabine) for the treatment of metastatic pancreatic cancer. The decision will make Abraxane accessible to all eligible pancreatic cancer patients in Scotland.

Abraxane sales in 2014 came in at $848.2 million, up 30.7%. In 2015, Abraxane net sales are expected to be in the range of $1,000 million to $1,250 million, representing an increase of 32.6% year over year based on the mid-point of the guidance range. Moreover, the company expects Abraxane net sales to be in the range of $1,500 million to $2,000 million in 2017.

We are encouraged by Celgene’s progress with Abraxane so far. Investor focus is expected to stay on the drug’s performance going forward.

Celgene carries a Zack Rank #3 (Hold). Some better-ranked stocks in the health care space include Affymetrix Inc. AFFX and Cytokinetics, Inc. CYTK. Both stocks hold a Zacks Rank #1 (Strong Buy).


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
CELGENE CORP (CELG): Free Stock Analysis Report
 
LILLY ELI & CO (LLY): Free Stock Analysis Report
 
AFFYMETRIX INC (AFFX): Free Stock Analysis Report
 
CYTOKINETCS INC (CYTK): Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research