Celgene shares crater after 3Q revenue miss, lower forecast

By The Associated PressHealth CareAssociated Press

Shares of Celgene are plunging after the drugmaker missed revenue forecasts and dialed back is outlook.

It narrowed its 2017 earnings forecast range Thursday and said it now expects about $13 billion in revenue this year. It previously forecast of $13 billion to $13.4 billion.

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The maker of Revlimid also lowered its 2020 revenue and adjusted earnings per share targets.

Celgene Corp. reported $3.29 billion in total revenue in the third quarter with adjusted earnings of $1.91 per share.

The profit topped expectations, but analysts surveyed by Zacks Investment Research expected $3.42 billion in revenue.

Shares tumbled 19 percent, or $22.49, to $97.07 in early trading, with other biotech companies falling as well.