Recent Price: $153.89
We keep our forward P/E-based at $208. Q4 adjusted EPS of $1.32, vs. $1.21, is $0.02 below our
estimate on higher stock option expense. We keep our '14 view at $6.66 and set '15's at $8.75.
CELG affirms long-term guidance for '17 adjusted EPS of $15 per share, up from prior $13-$14
range (excluding stock option costs), which we view as robust, and likely to be supported by
multiple revenue drivers.