Moody's gives Celgene notes Baa2

Moody's Investors Service said it assigned a rating of Baa2 to the new senior unsecured note offering of Celgene Corp.

At the same time, the agency affirmed Celgene's existing ratings, including the Baa2 senior unsecured long-term rating and the Prime-2 short-term rating.

The outlook remains positive despite the increase in Celgene's financial leverage.

Moody's said the Baa2 rating reflects the company's strong margins and cash flow, high growth prospects and the extremely strong market position of its multiple myeloma product franchise. These products consist of Revlimid, Pomalyst and Thalomid.

The agency expects strong double-digit growth in this franchise to continue.

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