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I hesitate to call any single earnings report a do-or-die event, but for troubled Celgene (CELG), Friday’s first-quarter financial update comes pretty close.

Celgene CEO Mark Alles and his team must convince investors that the horrible run of mistakes that started last fall is finally over and won’t happen again. A positive regulatory update on the delayed multiple sclerosis drug candidate ozanimod would be welcome news.

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