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Fly News Breaks for April 29, 2016
VRTX, REGN, MDVN, GILD, CELG, BIIB, AMGN, ALXN
Apr 29, 2016 | 07:31 EDT
Leerink analyst Geoffrey Porges says five of the large-cap biotech companies in his coverage reported "typical" Q1 results, following Biogen's (BIIB) on April 21, with all reporting revenue "generally below" consensus estimates. Only Amgen (AMGN) beat consensus and matched the analyst's pre-quarter revenue estimate. Porges noted that EPS results weren't quite as bad, with Biogen, Celgene (CELG) and Amgen delivering some EPS upside. The analyst increased his price target for Amgen and lowered his price target for Biogen, Vertex (VRTX), Alexion (ALXN), Celgene, and Gilead (GILD). Leerink keeps Outperform ratings for Gilead, Alexion, Regeneron (REGN) and Vertex, and Market Perform ratings for Medivation (MDVN), Biogen, Celgene and Amgen.
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