q1 2016 conference call · q1 - 2015 q2 - 2015 q3 - 2015 q4 - 2015 q1 - 2016 q2 - 2016 q3 - 2016 q4...

Q1 2016 Conference Call

April 28, 2016p ,

Attendees

Bob Hugin, Executive Chairman

Mark Alles, Chief Executive Officer

Peter Kellogg Chief Financial OfficerPeter Kellogg, Chief Financial Officer

Jackie Fouse, President & Chief Operating Officer

Scott Smith, President, Global I&I

2

Q&A

Forward Looking Statements and Adjusted Financial Information

This presentation contains forward-looking statements, which are generally statements that are not historical facts. Forward-lookingstatements can be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates,” “plans,” “will,” “outlook” and similarexpressions Forward-looking statements are based on management’s current plans estimates assumptions and projections and speakexpressions. Forward-looking statements are based on management s current plans, estimates, assumptions and projections, and speakonly as of the date they are made. We undertake no obligation to update any forward-looking statement in light of new information orfuture events, except as otherwise required by law. Forward-looking statements involve inherent risks and uncertainties, most of which aredifficult to predict and are generally beyond our control. Actual results or outcomes may differ materially from those implied by the forward-looking statements as a result of the impact of a number of factors, many of which are discussed in more detail in our Annual Report onForm 10-K and our other reports filed with the Securities and Exchange Commission.

In addition to unaudited financial information prepared in accordance with U.S. GAAP, this presentation also contains adjusted financialmeasures that we believe provide investors and management with supplemental information relating to operating performance and trendsthat facilitate comparisons between periods and with respect to projected information These adjusted measures are non GAAP andthat facilitate comparisons between periods and with respect to projected information. These adjusted measures are non-GAAP andshould be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. We typicallyexclude certain GAAP items that management does not believe affect our basic operations and that do not meet the GAAP definition ofunusual or non-recurring items. Other companies may define these measures in different ways. Further information relevant to theinterpretation of adjusted financial measures, and reconciliations of these adjusted financial measures to the most comparable GAAPmeasures, may be found on our website at www.Celgene.com in the “Investor Relations” section.

3

Mark Alles

Q1 2016: An Exceptional Start to the Year

– Net product sales 21% Y/Y growth; Adjusted diluted EPS 23% Y/Y growth

Maximizing the Potential of Our Commercial Portfolio Maximizing the Potential of Our Commercial Portfolio

– Growth driven by strong volume and market dynamics

Continuing to Generate Industry Leading GrowthContinuing to Generate Industry Leading Growth– 2016: Raising the lower ranges of net product sales and adjusted diluted EPS guidance – 2017: Targeting 18% Y/Y net product sales and 22% Y/Y adjusted diluted EPS growth; long-term

targets on-track

g y gg y g

– Entered two-year period with data expected from 18 Ph III trialsAd i l th i t d th li i I d i ibilit i t l d id t

Advancing Our Robust, Innovative PipelineAdvancing Our Robust, Innovative Pipeline

5

– Advancing novel therapies toward the clinic; Increased visibility into our early- and mid-stage programs

Peter Kellogg

Strong Q1 Operating Results

Q1:16 year-over-year product sales grew 21% and adjusted diluted EPS grew 23% Adjusted operating margins improved by 160 bps

Financial HighlightsFinancial Highlights

Strong product growth across all franchisesInvestments in R&D while achieving meaningful SG&A leverage

Excellent Performance on Operating MetricsExcellent Performance on Operating Metrics

$1 4B in shares repurchased in Q1:16

Adding Value with Financial DriversAdding Value with Financial Drivers

Investments in R&D while achieving meaningful SG&A leverage

$1.4B in shares repurchased in Q1:16 Strong financial flexibility

2016 Guidance and Long-term Targets Updated2016 Guidance and Long-term Targets Updated

7

2016 adjusted diluted EPS -- bottom-end of the range raised from $5.50-$5.70 to $5.60-$5.70 2017 targets updated; 2020 targets on-track

Total Net Product Sales(Growth Rates = Growth vs. Prior Year Period)

$2,495

$1,708

$2,055

$2,495

illio

ns$

M

↑19% ↑20% ↑21%↑19% ↑20% ↑21%

Q1:14 Q1:15 Q1:16

8

Volume Drove Q1 2016 Net Product Sales Growth

Contribution to Q1:16 Net Product Sales Growth(Growth Rates = Growth vs. Prior Year Period)

$2 000

$2,500↑21.4%↓1.5%↑19.2% ↑3.7%

$

$1,500

$2,000

Mill

ions

$500

$1,000

$0Q1:15 Volume Price Fx / Hedge Q1:16

9

Adjusted Diluted Earnings Per Share(Growth Rate = Growth vs. Prior Year Period)

$1.32

$0.83

$1.07

Shar

e

↑22% ↑29%Dol

lars

Per

S

↑23%↑ % ↑ %D ↑ %

Q1:14 Q1:15 Q1:16

10

Footnote: Adjusted EPS is split-adjusted for Q1:14

Key P&L Line Items (Adjusted)

Q1:16 ∆ vs.Q1:15

∆ vs.Q4:15

Product Gross Margin 96.1% ↑80 bps ↓10 bps

R&D expenses% of revenue

$591M23.5% ↑280 bps ↓180 bps

SG&A expenses% of revenue

$468M18.6% ↓370 bps ↓220 bps

Operating Margin 54.0% ↑160 bps ↑390 bps

Effective Tax Rate 16.6% ↑90 bps ↑170 bps

11

Q1 2016 Adjusted Diluted EPS Growth Driven by Increased Operating Income

$1.32$0.27$1.07 ($0.01) $0.04

Contribution to Q1:16 Adjusted Diluted EPS

($0.05)

ear

s Pe

r Sha

reD

olla

Q1:15 Operating Income

Financial Income / Expense

Tax Rate Share Count Q1:16

12

Cash and Marketable Securities

(in Billions) 3/31/16 12/31/15

Cash and Marketable Securities $5.71 $6.55

• Cash flow from operations was approximately $975M during Q1:16• In Q1:16, purchased $1.4B of shares

• $2 5B remaining under existing stock repurchase program• $2.5B remaining under existing stock repurchase program

13

Updating 2016 Guidance

Previous 2016 Guidance Updated 2016 Guidance

REVLIMID® $6 6B $6 7B $6 7BREVLIMID® $6.6B - $6.7B $6.7B

POMALYST® $1B+ $1B+

ABRAXANE® $1B+ $950M-$1BABRAXANE $1B+ $950M-$1B

OTEZLA® $1B+ $1B+

Total Net Product Sales $10.5B - $11.0B $10.75B - $11.0B

Adjusted Operating Margin ~53.5% ~53.5%

Adjusted Diluted EPS $5.50 - $5.70 $5.60 - $5.70

14

Note: Updated 2016 guidance assumes weighted average diluted share count of 811M

Sustained High-Growth Momentum Expected

2016 Updated Guidance

2017 Updated Targets

2020 TargetsUpdated Guidance

Y/Y GrowthUpdated Targets

Y/Y GrowthTargets

CAGR (’15-’20)

Total Net Prod ct Sales 19% 18% 18%Total Net Product Sales 19% 18% 18%

Adjusted Diluted EPS 20% 22% 23%Adjusted Diluted EPS 20% 22% 23%

15

Note: At current currency exchange ratesGrowth calculations at the mid-point of the range

Updated 2017 Financial Targets

Updated 2016 Guidance

Updated 2017 Targets ∆ vs. 20161

REVLIMID® $6 7B ~$8B +19%REVLIMID® $6.7B ~$8B +19%

ABRAXANE® $950M-$1B ~$1B +3%

Total Net Product Sales $10.75B - $11.0B $12.7B - $13.0B +18%

Adjusted Diluted EPS $5.60 - $5.70 $6.75 - $7.00 +22%

Weighted Avg. Diluted Shares 811M 825M2

16

1. Calculated using the mid-point of the range2. Reflects accounting standard change effective 1/1/2017 which eliminates a favorable adjustment currently provided in diluted share count under existing accounting guidance.Note: At current currency exchange rates

2020 Targets On-Track at Current F/X Rates

Net Product Sales($B)

Adjusted EPS($)

>$21 >$13.0023%18%CAGR

>$2123%CAGR

$23%CAGR

$9.2 $4.71

2015 2020E 2015 2020E

17

Note: At current currency exchange rates

Jackie Fouse

Q1 2016 Hematology & Oncology Franchise Results

– Q1:16 net sales growth of +15% Y/Y, +17% excluding negative F/XLeading myeloma portfolio globally

Strong Net Product Sales and Franchise Operating MomentumStrong Net Product Sales and Franchise Operating Momentum

– Leading myeloma portfolio globally– NDMM launch continues in Europe and Japan

2016 Product Growth Drivers On-Track2016 Product Growth Drivers On-Track

– Duration and market share trends continue to grow– Adoption of clinical data supporting the backbone role of REVLIMID® and POMALYST® in MM– Global NDMM reimbursement plan on-track

– FUSIONTM program advancing; partnered programs with luspatercept, AG-221 and AG-120 enrolling– Building CAR-T portfolio through Juno opt-in on CD19 and bluebird bio opt-in on BCMA

Long-term Growth Drivers Advanced in Q1Long-term Growth Drivers Advanced in Q1

19

Building CAR T portfolio through Juno opt in on CD19 and bluebird bio opt in on BCMA– ABRAXANE® apact® trial completed enrollment

Expanding Leadership in Multiple Myeloma

C l D

Building on the IMiD® Backbone Across All Lines of Multiple Myeloma

NDMM

CELMoDs®: CC 122

Celgene Drugs in Development SCT

Induction SCT

Maintenance NSCT2L 3L+

CC-122CC-220

I/O Combos:DurvalumabBCMA CART

Anti-CD47NK Cells

High Risk / Aggressive

Disease

RVd+/- Mab

RVdRd + Mab

R + Ixa, R + Dara

PdPd + PI

P Triplets

R TripletsNK Cells

Next-Gen HDACs:Ricolinostat

Next-Gen PI’s:Marizomib

Standard Disease

Aggression

Pd + MabRVdRd + Mab

RRd RVd Rd + Mab

P Triplets

20Note: Reflects currently approval and combinations under investigation

U.S. and EU-5 Overall Multiple Myeloma Market Share

Significant growth opportunities exist in the multiple myeloma market• Significant growth opportunities exist in the multiple myeloma market– Triplet combinations and continuous therapy / maintenance will drive increases in duration– Share gains with new patient segment approvals (NDMM and post-ASCT maintenance)– Epidemiology grows with aging population and new therapies expanding the prevalent pool

3%67%

% 52%

Overall MM Market Share

53%35% 44%

11%

16%8%

12%

51% 52%44%

35% 32%

IMiD PI* IMiD PI*EU-5U.S.

Notes: * PI = Proteasome Inhibitors Other (non-IMid & non-PI) are not shown.Market shares sum to greater than 100% due to combination therapiesU.S. based on March 2016 PSL audit; R6M; EU-5 based on FY 2015 internal share calculation

REVLIMID®

POMALYST®

THALOMID®

bortezomibcarfilzomib

21

Q1 2016 REVLIMID® Sales Summary

Current Results & Future Growth DriversCurrent Results & Future Growth Drivers

• Q1:16 sales $1,574M; +17% Y/Y (+19% excluding negative F/X)

Sales ($M)

$1 343

$1,574

• U.S. NDMM new patient market share has grown 9% since approval; EU uptake in early launch countries continues to be strong

• 2016 growth drivers on-track $532

$577

$1,003$1,144

$1,343

NDMM Launch in Japan beginning Duration trends continue to grow globally

• Future growth drivers advancing– Top-line data from REMARC data expected in mid-2016

$811$997

$435 $502

– AUGMENT® on-track to complete enrollment by YE– RELEVANCE® data in H1:17 $568 $642

$811

Q1 13 Q1 14 Q1 15 Q1 16

22

Q1:13 Q1:14 Q1:15 Q1:16

US ROW

Momentum in the U.S. MM Market for REVLIMID® Continues to Grow

Vd control arms from Vd control arms from ASH 2015 and SWOG ASH 2015 and SWOG Updated mSMART & Updated mSMART & ENDEAVOR/PANORAMAENDEAVOR/PANORAMA

Q1 - 2015 Q2 - 2015 Q3 - 2015 Q4 - 2015 Q1 - 2016 Q2 - 2016 Q3 - 2016 Q4 - 2016

data releasedata releasepNCCN GuidelinespNCCN Guidelines

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016

Rd approval in ndMM

Rd approval in ndMM

Ph III Rd+X readouts and FDA approvals

Ph III Rd+X readouts and FDA approvals

Rd+X clinical experience, later line market i REVLIMID® h ll

Rd+X clinical experience, later line market i REVLIMID® h llndMMndMM FDA approvalsFDA approvals expansion REVLIMID® re-challengeexpansion REVLIMID® re-challenge

23

EMEA REVLIMID® NDMM Performance Market Share

®®Strong REVLIMID® NDMM launch across early launch countries Expecting new markets and momentum to continue through 2016Strong REVLIMID® NDMM launch across early launch countries

Expecting new markets and momentum to continue through 2016

24% 16%

Dyn

amic

MS

(%)

Dyn

amic

MS

(%)Germany Spain

10%

19% 20% 21%

5%

8%

11%

16%

D D

Q1:15 Q2:15 Q3:15 Q4:15 Q1:16 Q1:15 Q2:15 Q3:15 Q4:15 Q1:16

24%26%

Dyn

amic

MS

(%)

Dyn

amic

MS

(%)Austria

Nordics

7%

14%

20%

24%

8%

14%

21%

D D

Reimbursement securedSource: Celgene Market Research; * Preliminary market share

1%

Q1:15 Q2:15 Q3:15 Q4:15 Q1:16*

1%

Q1:15 Q2:15 Q3:15 Q4:14 Q1:16*

24

Q1 2016 POMALYST®/IMNOVID® Sales Summary

$274Current Results & Future Growth DriversCurrent Results & Future Growth Drivers

• Q1 2016 sales $274M; +38% Y/Y• Successful global launch of POMALYST®/IMNOVID®

ti

Sales ($M)

$70

$103

$136

$199continues

– Global demand continues to grow from market share and duration

– U.S. POMALYST® continues to have strong market share in 3rd line+

$129$171

$47

$29

$136– EU IMNOVID® has leading market share in 3rd line+– POMALYST® market share in Japan is 35% in 3rd line+

• 2016 growth drivers First full year of launch in Japan

D ti t d ti t i

$22

$89$129

$7

Q1:13 Q1:14 Q1:15 Q1:16

$29 Duration trends continue to increase• Future growth drivers

POMALYST®/IMNOVID® combinations with other novel agents advancingRenal impairment data and label update in U S

25

Q1:13 Q1:14 Q1:15 Q1:16

US ROW

Renal impairment data and label update in U.S. expected in Q1:17

Q1 2016 ABRAXANE® Sales Summary

$185

$223 $225Current Results & Future Growth DriversCurrent Results & Future Growth Drivers

• Q1:16 sales $225M; +1% Y/Y• Q1 Sales Performance Impacts

Sales ($M)

$43

$64 $81

$123

$185 ABRAXANE® continues to be the standard of care in

the U.S. for pancreatic cancer; continues to gain share in Europe

Impact in U.S. from buying patternsC titi l d i b t d l i

$142 $159 $144

$29 Competitive landscape in breast and lung remains very

challenging due to entry of novel agents• Future Growth Drivers

apact® trial enrollment complete; data expected in 2017Advancing I/O strategy in NSCLC TNBC

$94

Q1:13 Q1:14 Q1:15 Q1:16

Advancing I/O strategy in NSCLC, TNBC Significant Ph III data flow expected beginning in 2017

and continuing into 2018 and beyond with I/O combinations

26

Q1:13 Q1:14 Q1:15 Q1:16

US ROW

Strong Start to 2016

REVLIMID® and POMALYST® expanding role as backbone therapies in MMREVLIMID® net product sales guidance for 2016 now $6 7B; 2017 target now $8B

Robust Results from Key Products

REVLIMID® net product sales guidance for 2016 now $6.7B; 2017 target now ~$8B ABRAXANE® I/O data expected in 2017; 2016 guidance revised to $950M-$1B; 2017 target now ~$1B

On-Track with Key Regulatory Decisions and Clinical Data in 2016

REVLIMID® maintenance after SCT in U.S. and EU POMALYST®/IMNOVID® label update with renal impairment data in U.S. and EU Data from REMARC and CONTINUUM®

Meta-analysis of OS in post-ASCT MM patients Combinations with REVLIMID® and POMALYST® in RRMM

Over 100 Abstracts Expected at ASCO and EHAOver 100 Abstracts Expected at ASCO and EHA

Data from ABRAXANE® in TNBC

27

Scott Smith

Q1 2016 I&I Franchise Updates

– Revenue continued to accelerate through Q1:16– Strong results across performance indicators (e.g., TRx, market share, persistence)

Accelerating U.S. Performance and Momentum for OTEZLA®Accelerating U.S. Performance and Momentum for OTEZLA®

g p ( g p )– Data presented at major medical meetings continue to enhance the profile

Expanding OTEZLA®’s Global FootprintExpanding OTEZLA®’s Global Footprint– Uptake accelerating in the early launch markets of Europe and in Canada– Accelerated reimbursement approvals in EMEA; reimbursement available in 14 countries– Filed Japan NDA in Q1:16

– Executing registration program for GED-0301 in Crohn’s disease

Advancing Development of I&I PipelineAdvancing Development of I&I Pipeline

29

– Ozanimod Ph II MS 72-week and phase II UC histologic data presented at medical congresses– Ozanimod Ph II MS study results published in Lancet Neurology

Q1 2016 OTEZLA® Sales Summary

$16

$183$196Current Results & Future Growth DriversCurrent Results & Future Growth Drivers

• Q1:16 net sales $196M; +224% Y/YSales ($M)

$21

$10$90

$139• Increasing OTEZLA® adoption in the U.S. despite market TRx contraction (-1.2% Q/Q)

$129

$167 $175 $1

$5 $60• Performance indicators predictive of

continued strong growth

Geographic expansion advancing$59

$85

Q1:15 Q2:15 Q3:15 Q4:15 Q1:16

• Geographic expansion advancing

• New data enhancing clinical profile

30

Q1:15 Q2:15 Q3:15 Q4:15 Q1:16

US ROW

Market Dynamics Supporting Positive U.S. Launch Performance

• Repeat leader in new-to-brand share for both PsA and psoriasis; reaching 38% in PsA and 42% in psoriasis• Persistency similar to biologics and ahead of oral DMARDs

Psoriasis Market Share Surpassing Enbrel

30%35%40%45%50%

OTEZLA® 30%35%40%45%50%

PsA Market Share Continuing to Grow

0%5%

10%15%20%25%30% OTEZLA®

20%

0%5%

10%15%20%25%30%

OTEZLA 15%

ENBREL STELARA HUMIRA COSENTYX OTEZLA

• At 6 months post-index, persistence to initiated drug was similar between the OTEZLA® and biologic cohorts ® 1

ENBREL HUMIRA STELARA CIMZIAREMICADE SIMPONI OTEZLA

31

Source: Symphony Prescriber-level data through week ending 31 March 20161. S. Feldman et.al., Comparison of Persistence Between Adults With Psoriasis Initiating Apremilast or Biologics at The 2016 AMCP Managed Care & Specialty Pharmacy Annual Meeting

(OTEZLA®: 67.2%, 95% CI: 63.6–70.5 vs biologics: 68.5%, 95% CI: 66.3–70.6)1

Advancing a Robust Life Cycle Plan

Milestone Expected Timing

New Indications in Development

Trial Expected Data

Enhancing the Opportunity in PsA and Psoriasis

Milestone Expected Timing p

Q1:16Q1:16Japan NDA Filing 20162016Ankylosing SpondylitisLong-term follow-up

Q2:16Q2:16Phase IIAtopic Dermatitis

2016/172016/17Phase IIUlcerative Colitis

Q1:16Q1:16PSA-006 Phase IIIPsA biologic-naïve

201820162016Bridging Study

Once daily regimen

Ulcerative Colitis

Phase IIIBehçets Disease 20172017

32

Advancing Development of Late-Stage Clinical Assets

Advancing Pivotal Programs• GED-0301 endoscopy trial completed enrollment; data expected in 2017• GED-0301 Ph III CD registration program enrolling patients; data expected in

late 2017/early 2018O i d Ph III MS t i l l t d ll t d t t d i H1 17• Ozanimod Ph III MS trials completed enrollment; data expected in H1:17

• Ozanimod Ph III UC trial enrolling; data expected in 2018

Indication Expansion• GED 0301 UC Ph II enrolling patients• GED-0301 UC Ph II enrolling patients• Ozanimod UC Ph III and CD Ph II enrolling patients

Strategic Data Dissemination• Ozanimod MS Ph II 72-week results published in Lancet Neurology (February 12Ozanimod MS Ph II 72 week results published in Lancet Neurology (February 12,

2016) and presented at ACTRIMS (Americas Committee for Treatment and Research in MS)

• Ozanimod UC Ph II (TOUCHSTONE) trial results accepted for publication in top-tier medical journalTOUCHSTONE hi t l i d t l t ti t th ECCO (E C h ’ d• TOUCHSTONE histologic data oral presentation at the ECCO (European Crohn’s and Colitis) March 2016 congress

• Additional poster and oral presentations planned for DDW (Digestive Disease Week) May 2016 Congress

33

Propelling Growth Drivers for I&I

Continue to accelerate strong growth in the U.S. and early launch markets• Brand awareness

Maximizing the OTEZLA® Opportunity

• Enhanced access position Expand utilization in existing and new indications via robust life cycle plan

Moving Ozanimod and GED-0301 Forward in 2016 Advance ozanimod Ph III trial in ulcerative colitis Complete enrollment of ozanimod Ph II trial in Crohn’s disease Progress enrollment of GED-0301 registration trials in Crohn’s disease

Complete enrollment of GED 0301 Ph II trial in UC Complete enrollment of GED-0301 Ph II trial in UC

Complete CC-220 Ph II SLE trial

Advancing Development of the I&I Pipeline

p Complete sotatercept Ph IIb trial RPC4046 Ph II in eosinophilic esophagitis achieved primary endpoint

Mark Alles

2016 Anticipated Milestones

Financial Performance Total Net Product Sales between $10.75 to $11.0 billion1

Net REVLIMID® sales of $6.7 billion1

Adjusted operating margin of ~53.5% Adjusted EPS between $5 60 to $5 701

Clinical Data Ph III REMARC – REVLIMID® in DLCBL maintenance Ph III CONTINUUM® – REVLIMID® in CLL maintenance Ph III ETNA – ABRAXANE® in neoadjuvant BC Ph III POSTURE® long term radiographic data of OTEZLA® in AS

Regulatory Submissions/Decisions Submit REVLIMID® in U.S. and EU for maintenance post-ASCT Submit POMALYST® renal impairment data in US and EU Submit ABRAXANE® for early-stage breast cancer in EU

Adjusted EPS between $5.60 to $5.701 Ph III POSTURE® – long-term radiographic data of OTEZLA® in AS Ph III PSA-006 – OTEZLA® in biologic-naïve PsA Ph II CC-122 in NHL Ph II motolimod (VTX-2337) in SCCHN and ovarian cancer Ph II portion of tnAcity® – ABRAXANE® in TNBC Ph II OTEZLA® i AD d UC Submit OTEZLA® for PSOR in Japan

CHMP opinion on REVLIMID® for MCL

Trial Enrollment

Trial Initiations Initiate ph III trial with AG-120 in IDH1 mutant AML Initiate pivotal trial with CC 122 in NHL

Ph II OTEZLA® in AD and UC Ph II CC-220 in SLE Ph II RPC4046 in EoE Pharmacokinetic comparability study – OTEZLA® once-daily formulation

Trial Enrollment Complete enrollment in AUGMENT® – REVLIMID® in RR FL Complete enrollment in apact® – ABRAXANE® in adjuvant PanC Complete enrollment in RELIEF® – OTEZLA® in Behçet’s disease Complete enrollment in ph II trial of CC-486 + pembrolizumab in NSCLC Initiate enrollment in ph I trial of BCMA CART in RRMM

Initiate pivotal trial with CC-122 in NHL Initiate ph III trial with OTEZLA® in AD Initiate second ph III trial with GED-0301 Initiate ph III trial with RPC4046 in EoE

R&ED Initiate enrollment in ph I trial of BCMA CART in RRMM Initiate enrollment in FUSION™ program with durvalumab in NDMM,

RRMM, NHL, MDS/AML

36

File at least 8 IND’s Advance at least 2 compounds to mid-to-late stage development

1. Updated Q1:16

Q1 2016 Conference Call

April 28, 2016p ,

Appendix

Evolution of the 2017 Net Product Sales Target

$14B

Range: $13B - $14B Fx Impact:

~$800M

Current Commercial Performance

$14B

Updated Range: $12.7B - $13.0B

Original Target:

$13B

$12B$12B

2017 Target (Issued 1/13)

2017 Target (Raised 1/14)

Current Outlook @ Constant Fx

Fx Impact Revised Target (4/28/16)

39

$0

Celgene Pipeline

40

Celgene Pipeline

41

Celgene Pipeline

42

Celgene Pipeline

43

REVLIMID® Multiple Myeloma Late Stage Programs

Patient Population Maintenance Post-VMP induction

MM 026Trial Name

MM-026ARUMM

Phase III

Target Enrollment 350

Design

2:1 randomizationInduction with Melphalan/prednisone/bortezomib (VMP)

for 6-9 cyclesArm A: REVLIMID® (10mg) d 1-21

for 28-day cycleArm B: Placebo d 1 21 for 28 day cycleArm B: Placebo d 1-21 for 28-day cycle

Primary Endpoint Progression Free Survival

Status Trial enrolling

44

REVLIMID® Multiple Myeloma Late Stage Programs

Patient Population Maintenance in ASCT EligibleTrial Name MYELOMA XI

Phase III

Target Enrollment 3 970Target Enrollment 3,970

Arm A: Cyclophosphamide (500mg) d1,8,15; THALOMID® (100mg d1-21 then 200mg daily), Dexamethasone (40mg) d1-4, 12-15 for minimum of 4 21-day cycle

Arm B: REVLIMID® (25mg) d 1-21, Cyclophosphamde (500mg) d1,8, dexamethasone (40mg) d1-4,12-15 for minimum of 4 28-day cycles

Arm C: Cyclophosphamde (500mg) d1,8, Carfilzomib (20 mg/m2) d 1,2 cycle 1 then

Design

y ( g) ( g ) y(36 mg/m2) d 1,2,8,9,15,16, REVLIMID® (25mg) d1-21, Dexamethasone (40mg) d 1-4,8,9,15,16 for 4 21-day cycles

Patients with no change, progressive disease, PR or MR randomized toArm A: Bortezomib (1.3mg/m2) d 1,4,8,11, Cyclophosphamide (500mg) d 1,8,15, Dexamethasone (20mg) d 1,2,4,5,8,9,11,12 for

max of 8 21-day cyclesArm B: No treatmentAll patients go to SCT

After SCT randomization to:Arm A: REVLIMID® (10mg) d 1-21 for 28-day cycle to disease progression

Arm B: No maintenance

Primary Endpoint Overall Survival and Progression Free Survivaly p g

Status Trial enrolling

45

POMALYST®/IMNOVID® Multiple Myeloma Late Stage Programs

Patient Population RRMM

Trial NameMM-007

OPTIMISMM®

Phase III


Design

Arm A: POMALYST®/IMNOVID® (4mg), bortezomib (1.3 mg/m2 IV) and low-dose dexamethasone to disease

progressionArm B: Bortezomib (1.3 mg/m2 IV) and low-dose

dexamethasone to disease progression


Status Trial enrolling; Data in 2018E

46

MDS/AML/MF Late Stage Programs

Patient Population Low risk/INT-1 transfusion-dependent MDS Elderly Newly Diagnosed AML

MoleculeCC-486

(Oral Azacitidine)VIDAZA®

(azacitidine)

Trial Name AZA-MDS-003 AZA-AML-001

Phase III III

Target Enrollment 386 488

DesignArm A: CC-486 (150mg or 200mg)

Arm A: VIDAZA®

(75 mg/m2 SC) daily for D1-7 of a 28-day cycle until disease progressionDesign

Arm B: Placebo Arm B: Conventional Care Regimen (intensive chemotherapy, low-dose cytarabine or best supportive

care) to disease progression

Primary Endpoint RBC-transfusion independence for more than 12 weeks Overall Survival

Status Trial enrollingData presented at EHA 2014 and ASH 2014

Approved in EU Dec 2015

47


Patient Population Post induction AML Maintenance Anemia in to Very Low-, Low-, or Intermediate-Risk MDS

MoleculeCC-486

(oral azacitidine)Luspatercept

T i l N TMTrial Name CC-486-AML-001 MEDALISTTM

Phase III III


DesignArm A: CC-486 (150mg or 200mg)

Arm B: Best Supportive Care

Arm A: Luspatercept (Starting dose of 1.0 mg/kg subcutaneous injection every 3 weeks

Arm B: Placebo (Subcutaneous injection every 3 weeks))

Primary Endpoint Overall Survival Red Blood Cell Transfusion Independence (RBC-TI) ≥ 8 weeks

Status Trial enrolling Trial enrolling

48


Patient Population Red Blood Cell Transfusion Dependent Beta-Thalassemia IDH2 Mutant AML

Molecule Luspatercept AG-221 (CC-90007)

T i l N BELIEVETM IDHENTIFYTMTrial Name BELIEVETM IDHENTIFYTM

Phase III III


DesignArm A: Luspatercept (1mg/kg plus Best Supportive

CareArm B: Placebo plus Best Supportive Care

Arm A: AG 221 (100 mg daily , 28-day cycle) + Best supportive care

Arm B: Best supportive care

Proportion of subjects with hematological improvement from Week 13 to Week 24 compared

Primary Endpointimprovement from Week 13 to Week 24 compared

to 12-week prior to randomizationHematological improvement from Week 13 to Week

24 compared to the 12-week.

Overall survival

Status Trial enrolling Trial enrolling

49

REVLIMID® Chronic Lymphocytic Leukemia Late Stage Program

Patient Population Maintenance in 2nd Line CLL

Trial NameCLL-002

CONTINUUM®

Phase III


DesignArm A: REVLIMID® (starting dosage 2.5mg/day escalated to

10mg/day) until disease progression - 28-day cycleArm B: Placebo

Primary Endpoint Overall Survival and ProgressionFree Survival

StatusEnrollment complete

Data in 2016EData in 2016E

50

REVLIMID® Lymphoma Late Stage Programs

Patient Population Maintenance in Patients with DLBCL responding to R-CHOP to induction therapy Newly Diagnosed Follicular Lymphoma

Trial Name REMARC RELEVANCE®

Phase III III

Target Enrollment 621 1,000

DesignArm A: REVLIMID® D1-21 of 28-day

cycle for 24 monthsArm B: Placebo D1-21 of 28-day

cycle for 24 months

Arm A: REVLIMID® (starting dose 20mg) D2-22 for up to 18 28-day cycles and Rituximab (starting

dose 375 mg/m2) weekly for up to 12 28-day cyclesArm B: Physician’s choice of rituximab-CHOP, rituximab-CVP cycle for 24 months or rituximab-bendamustine

Primary Endpoint Progression Free Survival Complete Response Rate and Progression Free Survival

E ll t l t E ll t l tStatus

Enrollment completeData in 2016E


51


Patient Population Relapsed or Refractory Follicular Lymphoma Untreated Activated B-Cell DLBCL

Trial NameAUGMENTTM

NHL-007ROBUST®

DLC-002

Phase III III


Design

Arm A: REVLIMID® (10-20mg) D1-21 / Rituximab 375 mg/m2 weekly for cycle 1 then D 1 of cycles 2-5 for 5

28-day cyclesArm B: Placebo D1-21, / Rituximab 375 mg/m2 weeklyfor cycle 1 then D 1 of cycles 2-5 for 5 28-day cycles

Arm a: REVLIMID® (15mg) D1-14/+ R-CHOP21 for 6 21-day cycles

Arm B: Placebo + R-CHOP21 for 6 cycles

Primary Endpoint Progression Free Survival Progression Free Survival

StatusTrial enrollingData in 2017E

Trial enrolling

52


Patient Population Relapsed or Refractory Indolent Lymphoma

Trial NameMAGNIFYTM

NHL 008NHL-008

Phase III


Arm A: REVLIMID® (10 20mg) D1 21 / Rituximab 375 mg/m2 weekly for cycle 1 then D 1 of cycles 3 5 7 9 and

Design

Arm A: REVLIMID® (10-20mg) D1-21 / Rituximab 375 mg/m2 weekly for cycle 1 then D 1 of cycles 3, 5, 7,9 and 11 for 12 28-day cycles followed by REVLIMID® (10mg) D1-21 / Rituximab 375 mg/m2 D 1 of cycles 13, 15,

17,19, 21, 23, 25, 27 and 29 for 18 28-day cycles followed by REVLIMID® (10mg) D 1-21 until disease progression – 28 day cycle

Arm B: REVLIMID® (10-20mg) D1-21 / Rituximab 375 mg/m2 weekly for cycle 1 then D 1 of cycles 3, 5, 7,9 and 11 for 12 28-day cycles followed by REVLIMID® (10mg) D1-21 / Rituximab 375 mg/m2 D 1 of cycles 13, 15,

17,19, 21, 23, 25, 27 and 29 for 18 28-day cycles y y


St tStatus Trial enrolling

53

ABRAXANE® Solid Tumor Late Stage Programs

Patient Population Maintenance After Induction in Squamous Non-Small Cell Lung Cancer

Adjuvant Therapy in Surgically Resected Pancreatic Cancer

Trial Name NSCL-003PANC-003

apact®

Phase III III


Induction: ABRAXANE® (100 mg/m2) D 1, 8,

Design

and 15 / Carboplatin (6 mg min/mL) D 1 for 4 21-day cyclesMaintenance:

Arm A: ABRAXANE® (100 mg/m2) D 1 and 8 plus BSC until disease progression –

21-day cycle

Arm A: ABRAXANE® (125 mg/m2) / Gemcitabine (1000 mg/m2) D 1, 8 and 15 for 6 28-day cycles

Arm B: Gemcitabine (1000 mg/m2) D 1, 8 and 15 for 6 28-day cycles.

21 day cycleArm B: BSC until disease progression

Primary Endpoint Progression Free Survival Disease Free Survival

E ll t l tStatus Trial enrolling


54

ABRAXANE® Solid Tumor Late Stage Programs

Patient Population First-Line Triple Negative Metastatic Breast Cancer First Line Stage IIIB / IV Squamous NSCLC

Trial NametnAcity®

ABI-007-MBC-001NSCL-003

Abound.sqm®q

Phase II/III III

Target Enrollment 240/550 260

Phase IIA A ABRAXANE® 1(25 / 2) / G it bi (1000 / 2) D 1

Design

Arm A: ABRAXANE® 1(25mg/m2) / Gemcitabine (1000 mg/m2) D 1 and 8 – 21-day cycle

Arm B: ABRAXANE® (125mg/m2) / Carboplatin AUC 2 IV, D 1 and 8 – 21-day cycle

Arm C: Gemcitabine (1000 mg/m2) / Carboplatin AUC 2 IV, D 1 and 8 – 21-day cycle

Phase III

Arm A: Induction – ABRAXANE® (100 mg/m2) D 1, 8 and 15 / Carboplatin (6 mg/min/ml) D 1 of a 21-day cycle;

Maintenance – ABRAXANE® (100 mg/m) D 1 and 8 of a 21-day cycle or Best supportive care

Arm B: Induction – ABRAXANE® (100 mg/m2) D 1, 8 and 15 / Carboplatin (6 mg/min/ml) D 1 of a 21 day cycle;Phase III

Arm 1: Selected phase II ABRAXANE® armArm 2: Gemcitabine (1000 mg/m2) / Carboplatin AUC 2 IV, D 1

and 8 – 21-day cycle

/ Carboplatin (6 mg/min/ml) D 1 of a 21-day cycle; Maintenance – Best supportive care

Primary Endpoint Progression Free Survival Progression Free Survival

Status Trial enrollingTrial enrollingData in 2017E

55

I&I Late Stage Programs

Patient Population Untreated Moderate-to-SevereLate Stage Psoriatic Arthritis Active Behçet’s Disease

Molecule OTEZLA® OTEZLA®Molecule OTEZLA OTEZLA

Trial Name PSA-006BCT-002RELIEFTM

Phase III III


DesignArm A: OTEZLA® single agent (30mg)

twice dailyArm B: Placebo

Arm A; Placebo for 12 weeks followed by 30mg OTEZLA® twice daily for 52-weeksArm B: 30mg OTEZLA® twice daily for 64

weeks

Primary Endpoint ACR 20 at Week 16Area under the curve (AUC) for the number of oral ulcers from baseline through week

12

StatusPrimary endpoint met

Data at an major medical congressTrial enrollingD i 2017EData at an major medical congress

expected Data in 2017E

56


Patient Population Active Crohn’s Disease Active Crohn’s Disease

Molecule GED-0301 GED-0301

Trial Name CD-002 CD-003

Phase III III

Target Enrollment 1,064 1,300

Arm A: GED 301 160mg daily 12 weeks/GED 301

Design

Arm A: GED-301 160mg daily 12 weeks/GED-301 40mg daily 40 weeks

Arm B: GED-301 160mg daily 12 weeks/GED-301 40mg daily 4 weeks on/4 weeks off 40 weeks

Arm C: GED-301 160mg daily 12 weeks/GED-301 160mg daily 4 weeks on/4 weeks off 40 weeks

Arm A: GED-301 160mg daily 12 weeks/GED-301 40mg daily 40 weeks

Arm B: GED-301 160mg daily 12 weeks/GED-301 40mg daily 4 weeks on/4 weeks off 40 weeks

Arm C: GED-301 160mg daily 12 weeks/GED-301 160mg daily 4 weeks on/4 weeks off 40 weeks160mg daily 4 weeks on/4 weeks off 40 weeks

Primary Endpoint Clinical remission defined by Crohn's Disease Activity Index (CDAI)

Clinical remission defined by Crohn's Disease Activity Index (CDAI)

StatusEnrolling

Data in 2018EEnrolling

Data in 2018E

57


Patient Population Relapsing Multiple Sclerosis Relapsing Multiple Sclerosis

Molecule Ozanimod Ozanimod

Trial Name SUNBEAM RADIANCE

Phase III II/III


DesignArm A: Ozanimod (0.5mg) daily/placebo IM weeklyArm B: Ozanimod (1mg) daily/placebo IM weekly

C O / f

Phase IIArm A: Ozanimod (0.5mg) dailyArm B: Ozanimod (1mg) daily

Arm C: Placebo dailyPhase III

Arm C: Oral placebo daily/Beta-interferon IM weeklyArm A: Ozanimod (0.5mg) daily/placebo IM weeklyArm B: Ozanimod (1mg) daily/placebo IM weekly

Arm C: Oral placebo daily/Beta-interferon IM weekly

Primary Endpoint Annualized relapse rate at month 12 Annualized relapse rate at month 24

StatusEnrollment complete

Data expected in H1:17Enrollment complete

Data expected in H1:17

58


Patient Population Moderate to Severe Ulcerative Colitis

Molecule OzanimodMolecule Ozanimod

Trial Name TRUE NORTH

Phase III

Target Enrollment 900Target Enrollment 900

DesignArm A: Ozanimod 1mg (daily for induction and maintenance)

Arm B: Placebo (induction and maintenance)

Primary EndpointClinical remission assessed by Mayo component sub-scores

at week 10Clinical remission assessed by Mayo component sub-scores

at week 52

E lliStatus

EnrollingData in 2018E

59

Reconciliation Tables


55.2

25.6

80.8

04.0

06.0

29.2

63.6

19.0

21.8

59.0 9.0 49.2) 8.3 27.1

08.2

18.9

0.90

0.86

98.9

34.1

r 31,

51.9

64.4

61.4

19.0

ed t

2016

2015

2,494.

7$

2,0 5$

16.9

2

2,5

11.6

2,08

105.9

1 0

733

.2

50

543.0

52

91.

8

6

36.2

1,510.

1

1,22

1,001.

5

8 5

6.8

(121.9

)

(4

35.2

921.6

82

120.9

1 0

800.7

$

7

$

1.03

$

0$

0.99

$

0$

780.6

7 9

807

.7

83

March

31,

Decem

ber201

6201

5

5,707.

3$

6,5 5$

25,963.

9

26,9

6

14,2

68.3

14,16

5,074.

8

5,9

March

31,

Three-

Month

Period

s Ende

tion of

ASU 2

015-03

in the

first

ebt.

d Subs

idiarie

sem

ents o

f Incom

e

are da

ta)

d to ref

lect th

e retroa

ctive a

dopt

s as a r

eductio

n of lo

ng-term

de

lgene

Corpo

ration

and

nsed C

onsolid

ated S

tat(Un

audited

)(In

millio

ns, ex

cept pe

r sha

ber 31

, 2015

have b

een ad

justed

esenta

tion of

debt iss

uance

costs

xcludin

g amo

rtizatio

n of

ble ass

ets)pm

entdm

inistrat

iveired

intang

ible as

setshar

ges an

d restru

cturing

, net

expens

es

nt inco

me, ne

t

se), ne

t

e taxes

mon s

hare:

ares:

s: valent

s & ma

rketab

le secu

rities

* ers' eq

uity

CeCo

nden

nd long

-term d

ebt as

of Dece

mb AS

U 2015

-03 req

uires th

e pre

61

Net pr

oduct s

ales

Other r

evenue

Total r

evenue

Cost o

f goods

sold (

exacq

uired in

tangib

Resea

rch an

d deve

lopSel

ling, ge

neral a

nd ad

Amorti

zation

of acqu

iAc

quisitio

n relate

d ch

Total c

osts an

d e

Opera

ting inc

ome

Interes

t and in

vestme

Interes

t (expe

nse)

Other i

ncome

(expen

s

Incom

e befo

re inco

me

Incom

e tax p

rovisio

n

Net in

come

Net in

come p

er com

mBas

icDilu

ted

Weight

ed ave

rage s

haBas

icDilu

ted

Balan

ce she

et item

sCas

h, cash

equiv

Total a

ssets*

Long-te

rm deb

t*Tot

al stoc

kholde

* Tota

l asset

s anqua

rter of

2016.

Reconciliation Tables201

6201

5

800.7

718.9

$

9.0

6.7

62.2

56.2

80.

0

19.

0

75.3

65.9

91.8

63.6

33.0

19.0

3.2

-

(90.9)

(58.3)

1,0

64.3

891.0

$

1.36

1.1

2$

1.32

1.0

7$

$128.8

for the

three-

month

als, Inc

. (Glou

cester)

, Abra

xis ant

icel).

ila, No

gra Ph

arma L

imited

and

well a

s cost

s asso

ciated

er non-

operati

ng tax

adjust

ment

djustm

ents re

lated to

the ga

in on

djuste

d fina

ncial m

easure

s anc

e and

trends

that

sures

are no

n-GAA

P and

S. GAA

P. We

typica

lly he

GAAP

defin

ition o

f

March

31,

Three-

Month

Period

s Ende

d

$

(1)

(1)

(2)

(1)

(3)

(4)

(5)

(6) $ $ $

eriod e

nded M

arch 3

1, 2016

and $

angem

ents.

Corp.,

Glouc

ester P

harma

ceutica

nticel P

harma

ceutica

ls, Inc.

(Qua

tions o

f Glou

cester,

Abrax

is, Avil

ur two

Summ

it, NJ lo

cation

s as w

nts an

d the im

pact of

certai

n othe

unreco

gnized

tax be

nefits,

and ad

press r

elease

also c

ontain

s adj

relatin

g to op

erating

perfo

rmaThe

se adj

usted

financ

ial me

asepa

red in

accord

ance w

ith U.S

eration

s and

that do

not m

eet th

fferen

t ways

.

ubsidia

ries

sted N

et Inco

medat

a)

T

uring, n

et:on ng

$146.5

for the

three-

month

pe

nd dev

elopm

ent co

llabora

tion arr

ad in

the ac

quisitio

ns of P

harmio

n CRe

search

, Inc. (

Avila)

, and Q

uanons

iderati

on rela

ted to

the ac

quisit

ation o

f certai

n oper

ations

into ou

tax eff

ect of

the ab

ove ad

justme

ners

, adjust

ments

to the

amoun

t of

cordan

ce wit

h U.S.

GAAP

, this

with s

upplem

ental i

nforma

tion r

spect t

o proj

ected

inform

ation.

bstitut

e for, t

he inf

ormatio

n pr

not be

lieve a

ffect o

ur bas

ic ope

may d

efine th

ese me

asures

in dif

gene C

orpora

tion a

nd Su

ation

of GA

AP to

Adjus

(In mi

llions,

excep

t per s

hare d

tments

:old

(exclu

ding a

mortiz

ation

angible

asset

s):com

pensat

ion ex

pense

evelop

ment:

compen

sation

expen

seabo

ration

expens

e

and ad

ministr

ative:

compen

sation

expen

se

acquire

d intan

gible a

ssets

ted (ga

ins) ch

arges

and res

tructu

ir valu

e of co

ntingen

t consid

eratio

g char

ges

adjust

ments

d on sha

re - A

djuste

d

ments

:ase

d com

pensat

ion ex

pense

totalin

arch 3

1, 2015

. pay

ment e

xpense

for res

earch

anatio

n of in

tangib

le asse

ts acqu

iredc. (

Abrax

is), Ce

lgene

Avilom

ics R

in the

fair va

lue of

conting

ent co

uring c

harges

relate

d to ou

r reloc

aadc

ount re

duction

s.adj

ustme

nts ref

lect th

e estim

ated

ffects

of acq

uisition

relate

d matte

ain as

sets.

ial inf

ormatio

n prep

ared in

acc

de inv

estors

and m

anagem

ent w

s betw

een pe

riods

and wi

th res

d in ad

dition

to, but

not as

a su

P item

s that m

anagem

ent do

es n

rring it

ems. O

ther c

ompan

ies m

Celg

Recon

cilia

62

Net in

come -

GAAP

Befor

e tax a

djust

Cost

of goo

ds so

of ac

quired

inta

Sh

are-ba

sed

Rese

arch a

nd de

Sh

are-ba

sed

Up

front c

olla

Selling

, gener

al a

Share

-based

Amo

rtizatio

n of

Acqu

isition

relat

Ch

ange in

fai

Restru

cturing

Net in

come ta

x aNe

t incom

e - Ad

justed

Net in

come p

er com

moBa

sicDil

uted

Explan

ation o

f adjust

m(1)

Exclud

e shar

e-ba

period

ended

Ma

(2)Exc

lude u

pfront

p(3)

Exclud

e amo

rtiza

BioS

cience

Inc(4)

Exclud

e chan

ges

Quan

ticel.

(5)Exc

lude re

structu

with

certain

hea

(6)Ne

t incom

e tax a

inclu

ding th

e ef

the s

ale of

certa

In add

ition to

financ

itha

t we b

elieve

provid

facilita

te com

pariso

nsho

uld be

consi

dered

exclud

e cert

ain GA

APunu

sual or

non-r

ecur


.7 .0 .7 .0 .8 .6 .4 .0 .5) .7 56 70 .0 et

Low

High

3,453.

6$

3,700 .

$

36.8

35 .

291.3

276.

130.0

130.

341.9

324.

381.6

348.

132.0

119.

30.0

15.

(255.6

)

(327 .

4,541.

6$

4,622 .

$

4.26

$

4. 5$

5.60

$

5. 7$

811.0

811.

asset a

cquisit

ions, i

ntangi

ble as

seur

after

the da

y prior

to the

date

Incom

e

Range

(1)

tions, c

ollabor

ation a

greem

ents, a

quisiti

on of

Abrax

is that

may o

ccu

Subsi

diarie

sGA

AP to

Adjus

ted Ne

t are

data)

f acqu

ired int

angible

asset

s):

net:

ation

AAP

Adjus

ted

effect

of an

y busi

ness c

ombin

atr C

VRs is

sued a

s part

of the

acq

elgene

Corpo

ration

and

ll-Year

2016

Proje

cted

(In mi

llions,

excep

t per s

ha

e - GA

AP

ustme

nts:

ds sol

d (exc

luding

amort

ization

ofsed

comp

ensatio

n expe

nse

d Deve

lopme

nt:sed

comp

ensatio

n expe

nse

collab

oration

expen

se

ral and

admin

istrativ

e:sed

comp

ensatio

n expe

nse

of acq

uired in

tangib

le asse

ts

elated

charg

es and

restru

cturing

, fair

value

of co

ntingen

t consi

dera

ng cha

rges

x adju

stment

s

e - Ad

justed

e per

diluted

comm

on sha

re - G

A

e per

diluted

comm

on sha

re - A

averag

e dilut

ed sha

res

2016 e

arning

s do n

ot incl

ude the

r c

hanges

in the

fair v

alue o

f our

lease.

CeRe

concili

ation

of Fu

l

63

Projec

ted ne

t incom

e

Befor

e tax a

djuCo

st of g

ood S

hare-b

as

Resea

rch an

d S

hare-b

as U

pfront

c

Selling

, gener

Shar

e-bas

Amo

rtizatio

n

Acqu

isition

r e C

hange

in f R

estruc

turin

Net in

come ta

x

Projec

ted ne

t incom

e

Projec

ted ne

t incom

e

Projec

ted ne

t incom

e

Projec

ted we

ighted

a

(1)Ou

r proje

cted 2

impairm

ents, o

rof

this pr

ess re

q1 2016 conference call · q1 - 2015 q2 - 2015 q3 - 2015 q4 - 2015 q1 - 2016 q2 - 2016 q3 - 2016 q4...

Documents