Investors are panicking over Celgene's new long term sales guidance.
The shares of the biotech company opened down 18 percent Thursday after it reduced 2020 sales guidance to range of $19 billion to $20 billion from its previous forecast of more than $21 billion. Celgene also lowered its 2020 earnings-per-share guidance to more than $12.50 from more than $13.00. The percentage drop in the shares is the largest in 17 years.
"In consideration of certain market dynamics and recent pipeline events, we are updating our 2020 outlook, and remain confident in our ability to deliver industry leading growth," Celgene CEO Mark Alles said in a company press release Thursday.