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As Celgene struggles to recover from several setbacks that have battered its stock, one Wall Street analyst issued a sobering assessment of its pipeline performance that suggests the lack of investor confidence is well deserved.

In explaining his rationale, Leerink analyst Geoffrey Porges started out by pointing to a cataclysmic event last fall. The biotech discontinued development of a drug for combating Crohn’s disease, a treatment that had been expected to provide an important new revenue stream.

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