Celgene Riding Molecular Biology 'Revolution': CEO
Investors are suddenly hot for biotechnology, and that helps Celgene, CEO Robert Hugin told CNBC Thursday.
"There's confidence in the technology transformation that's happening," he told Closing Bell. "People are really beginning to capitalize on the revolution in molecular biology and information technology. I think it's the fundamental science that is starting to come to the forefront that is making a difference in these [biotech] companies."
Celgene had $855 million in fourth-quarter sales of its Revlimid bone marrow cancer drug. He said clinical data is expected out in the next year "that gives Revlimid great growth prospects."
At the same time, "we've invested for more than a decade in a wide range of programs that are beginning to show their promise" in treating other cancers, including pancreatic cancer and rheumatoid arthritis, he added.
The company is focusing on expansion through organic growth, but won't hesitate to make an acquisition if it helps broaden the bottom line. That was the case when Celgene bought Abraxis BioScience in 2010.
"The great promise of our own pipeline is where we’re focused," he said. "If other good opportunities come across, we’ve got the financial flexibility to take advantage of it. But we don’t need to."