Celgene_Exteriors-3On the heels of announcing that Mark Alles will take over as the new Chief Operating Officer in March, Celgene Corp (NASDAQ: CELG) lowered its 2015 profit guidelines. Furthermore, the biopharmaceuticals company has also lowered its 2015 profit guidance and 2016 sales projections.

As could be expected, shares of the Summit, NJ company fell 5.6%, to $102.89.

But while this may appear a downfall, former Celgene COO—and current Chairman and Chief Executive Officer—Bob Hugin comments that the firm had been trying to diversify outside of its anchor product (drugs which treat multiple myeloma). You may recall that it was only a few months ago—in August, to be exact—when Celgene purchased Receptors, Inc for $7.2 billion, in an attempt to further invest in the autoimmune disease treatment market.

Hugin notes: “In 2015, we delivered a strong year operationally and commercially with eight regulatory approvals, the acquisition of Receptos and significant acceleration of our pipeline,” adding “The momentum in our operations and the advancement of our pipeline gives us confidence in our 2020 targets and beyond.”

In all, then, the company expects, for 2015, adjusted per-share earnings of $4.71 on net product sales of $9.16 billion, which is only down slightly from the previous estimate of $4.75 to $4.85 on sales between $9 and $9.5 billion.

For 2016, projections now include per-share earnings of $5.50 to $5.70 on all net product sales between $10.5 to $11 billion. As such, average analysts agree, forecasting sales of roughly $11.14 billion with an adjusted earnings of $5.68 per share.

In addition, Celgene forecasts 2016 sales of its flagship product—the multiple myeloma drug, Revlimid—will breach $6.6 billion. More importantly, this remains consistent with current Wall Street expectations.

Celgene (NASDAQ: CELG) shares fell 7.1 percent (to $102.21) on the Nasdaq so it might appear, on the short term, that the company has stumbled. However, Hugin asserts optimism about the future, projecting will, at the very least, meet—and possibly exceed—2020 sales targets.

For these reasons, then, many analysts are advising that this small slip in share price might make the stock poised for growth, and thus rate the stock quite a good buy today.

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