Celgene ($CELG) reported receiving the recommendation from England's National Institute for Health and Care Excellence (NICE) for the use of its OTEZLA (apremilast) for treating adult patients with active psoriatic arthritis who have had an inadequate response to or have been unable to tolerate Disease Modifying Anti-Rheumatic Drugs (DMARDs).
The drug is available through the National Health Service. Earlier NICE had provided negative guidance for the drug in September 2015. However, the drug was taken up for reevaluation under its Rapid Review process.
Otezla also recently received full marketing authorization from the Japanese Ministry of Health, Labor and Welfare. This is the first oral treatment in 25 years to receive clearance in Japan for treating both psoriasis and psoriatic arthritis patients, both involving dysregulated immune system activity.
Celgene stock is showing great strength as it gained over 19% in the past six months. The new development is likely to keep the stock in bullish stance. The company announced that it expects its year 2016 revenue to reach $11.2 billion mark. Celgene estimates its earnings to be in the range of $5.88 and $5.92 per share.
For the fourth quarter, the company expects its non-GAAP EPS to show 31% to 34% year over year increase. Celgene has well diversified portfolio of products. It also has strong pipeline to provide a fillip to its stock price.