Moody’s rates Celgene notes Baa2

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

Proceeds will be used for general corporate purposes, including an upcoming debt maturity.

There are no changes to Celgene's existing ratings, including the Baa2 senior unsecured long-term rating and the Prime-2 short-term rating.

The outlook is stable.

Moody’s said the Baa2 rating reflects Celgene's high margins and cash flow, robust growth prospects and strong market position in multiple myeloma.

“Rising use of Revlimid is supported by positive clinical trial results and geographic expansion. Celgene has other strong growth drivers in Otezla (psoriasis and psoriatic arthritis) and Pomalyst (multiple myeloma),” the agency said in a news release.

“Its key late-stage pipeline opportunities are ozanimod in multiple sclerosis and ulcerative colitis, GED-301 in Crohn's disease, and the expanded use of Revlimid in various blood cancers.”

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