Celgene (CELG) is the only large-cap biotech that provides investors with long-range financial guidance. It’s a risky strategy that pays off well when the business is humming but can backfire quickly if plans run off the rails.

The latter just happened to Celgene. A weaker outlook for several of its drugs plus one big pipeline blowup forced Celgene to make a deep cut in its 2020 revenue guidance on Thursday.

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