Celgene reiterated at buy by Merrill

Merrill Lynch analyst Tom McGahren reiterated Celgene Corp. at a buy following the company's presentation at Merrill Lynch's Global Pharmaceutical, Biotechnology & Medtech Conference in London. The analyst is pleasantly surprised by the strength of Thalomid sales, supported by its new label in front-line multiple myeloma, Medicare reimbursement and pricing. Thalomid sales are tracking ahead of the $107 million reported in the second quarter. The company expects to begin advancing its next IMiD, CC-4047, possibly a more powerful drug than Revlimid, into late-stage trials in the next few months. Shares of the Summit, N.J.-based pharmaceutical company were up 12 cents, or 0.29%, at $41.31. (CELG)

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