Celgene (NASDAQ:CELG) was once again a top detractor during the quarter. We chronicled the recent pipeline disappointments and earnings guidance declines in our third quarter Client Letter back in October. We recognize that the Company needs to regain investor confidence. To that end, we continue to reiterate that the Company has a very broad pipeline, with 12 phase-III studies set to read out between now and the end of 2018. Celgene has substantially more phase III assets than any other biotech company. With nearly +20% compounded annual earnings growth through 2020 and free cash flow generation of $100 billion over the next ten years, Celgene continues to offer a compelling growth opportunity.
From David Rolfe (Trades, Portfolio)'s second quarter 2018 shareholder letter.
