BA cancels flights from London's Heathrow, Gatwick after IT outage
LONDON, May 27 British Airways said it had cancelled all flights from London's Heathrow and Gatwick airports scheduled before 1700 GMT on Saturday due to a global computer outage.
(Recasts, adds company, analyst comment; updates shares)
By Bill Berkrot
April 27 Celgene Corp on Thursday reported lower-than-expected first-quarter revenue with Otezla sales well short of Wall Street estimates, but the U.S. biotechnology company promised the psoriasis drug was poised to rebound.
Lower costs helped the company beat analysts' earnings expectations by 5 cents, and Celgene raised both ends of its full-year forecast by that amount. It now expects adjusted earnings of $7.15 to $7.30 per share.
Otezla sales of $242 million missed analysts' estimates by nearly $100 million.
Contraction in the overall psoriasis market, greater discounting, and inventory drawdown contributed to the Otezla disappointment.
But Celgene said it was already seeing a sales rebound, and that three new multi-year contracts with payers that no longer require patients to try older biologic treatments before Otezla was "going to have a very positive effect on our market share towards the second half of the year."
Cantor Fitzgerald analyst Mara Goldstein agreed that the Otezla weakness was likely temporary.
"It's our belief that it's a one-quarter phenomenon because we think the company will add new patients onto therapy at a rate that will overcome whatever first-quarter contraction we saw."
Revlimid, Celgene's flagship drug for multiple myeloma, continued to be the gift that keeps on giving with sales up nearly 20 percent to $1.88 billion due to increases in new and repeat prescriptions and longer average duration of use.
The company sees U.S. and European approvals for Revlimid as long-term maintenance therapy following stem cell transplants as a major opportunity to grow sales.
Total revenue rose 18 percent to $2.96 billion in the quarter, below Wall Street estimates of $3.03 billion, according to Thomson Reuters I/B/E/S.
Sales of cancer drug Abraxane rose 5 percent to $236 million, also below expectations of about $243 million.
However, Chief Executive Mark Alles on an conference call said Celgene was "on track to achieve or exceed our 2020 outlook."
Celgene said it has 14 drugs with at least billion-dollar potential in its developmental pipeline, and has the financial flexibility to build on that through more deals.
"Pipeline execution is what is needed to expand the company's valuation and we see that occurring," Goldstein said.
Net profit for the quarter rose to $941 million, or $1.16 per share, from $801 million, or 99 cents per share, a year earlier.
Excluding items, Celgene earned $1.68 per share.
Celgene shares, which had been down 2.5 percent, trimmed losses and were off 0.5 percent at $124.45. (Additional reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Shounak Dasgupta, Bernard Orr)
LONDON, May 27 British Airways flights in Britain were being delayed and passengers were suffering long waits at airports on Saturday because of a global system outage, the airline said.
May 26 Hackers used malware to steal customer payment data from most of Chipotle Mexican Grill Inc's restaurants over a span of three weeks, the company said on Friday, adding to woes at the chain whose sales had just started recovering from a string of food safety lapses in 2015.