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Fly News Breaks for October 5, 2017
CELG
Oct 5, 2017 | 06:14 EDT
Morgan Stanley analyst Matthew Harrison downgraded Celgene to Underweight and maintained a $120 price target given underappreciated generic risk and a cautious view on 2018 pipeline potential. The analyst said consensus is modeling a full entry of Revlimid generics in 2026, but he believes the potential for a full generic launch is much sooner, starting with a potential IPR filing by Dr. Reddy's by October 2020. Harrison said this would refocus consensus on Revlimid IP loss sooner than expected and have a -15-20% impact on Celgene.
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