Since the lows of last summer, Celgene has outperformed its industry peers and index benchmarks. And the same can be said during much of the Barer as CEO/Chair years. A perusal of the relative performance of Celgene vs. S&P 500 vs. iShares Nasdaq Biotech Index Fund during primary trends in the general market while Dr Barer was the boss reveals mixed results during a volatile period of historic proportions.

May 1, 2006 ==> Oct 1, 2007 SB takes over for JJ during the end stage of the "Goldilocks Economy" and the subprime crisis rears its ugly head
SP500 1305 ==> 1547 +18.5%
CELG 40.63 ==> 71.74 +76.6%
IBB 76.99 ==> 83.79 +8.8%

Oct 1, 2007 ==> Mar 1, 2009 Subprime crisis morphs into financial armageddon
SP500 1547 ==> 701 -45.3%
CELG 71.74 ==> 45.84 -36.1%
IBB 83.79 ==> 63.80 -23.9%

Mar 1, 2009 ==> Apr 1, 2010 Fed throws liquidity of historic proportions at financial institutions to save economy from the brink of Depression
SP500 701 ==> 1178 +68.0%
CELG 45.84 ==> 62.56 +36.5%
IBB 63.80 ==> 91.86 +44.0%

Apr 1, 2010 ==> Jul 1, 2010 Euro PIGS arrive on the scene to conjure up images of global deflation once again, and BH takes the CEO reins from SB
SP500 1178 ==> 1027 -12.8%
CELG 62.56 ==> 51.97 -16.9%
IBB 91.86 ==> 78.39 -14.7%

Jul 1, 2010 ==> Jan 1, 2011 BH adds CB to title of CEO
SP500 1027 ==> 1272 +23.9%
CELG 51.97 ==> 59.35 +14.2%
IBB 78.39 ==> 94.38 +20.4%

Jan 1, 2011 ==> May 1, 2011 Completion of recovery from first PIGS scare
SP500 1272 ==> 1361 +7.0%
CELG 59.35 ==> 58.98 -0.6%
IBB 94.38 ==> 106.91 +13.3%

May 1, 2011 ==> Oct 1, 2011 PIGS II rekindles fears of another global financial calamity
SP500 1360 ==> 1099 -29.3%
CELG 58.98 ==> 62.67 +6.3%
IBB 106.91 ==> 93.76 -12.3%

Oct 1, 2011 ==> Mar 12, 2012 Continuation of recovery to new post-fincancial crisis highs
SP500 1099 ==> 1372 +24.8%
CELG 62.67 ==> 74.56 +19.7%
IBB 93.76 ==> 119.36 +27.3%

Say whatever you want, but when Dr. Barer assumed the top post at Celgene in May 2006, there was another 17 months of mega momentum remaining in its meteoric eight-plus year rise from $1.31 (split adjusted) in July 1999 to over $70 in October 2007! How many businesses have experienced such rapid change in valuation in the history of the modern, post-industrial economy? A prolonged and healthy consolidation period is to be expected after such a run. Let's not forget that SB led Celgene as President and COO since well before the meteoric rise. And when you add to the corrective phase a concurrent financial marketplace that teetered on the brink of total collapse while reflecting a critically handicapped economy for almost three years of SB's four year and two month tenure, it is very hard to understand how anyone could honestly and in good conscience bash Dr. Barer in the manner he has been belittled at times in this forum.

The man is a biotech icon who will go down in history as one of the great scientific pioneers in the industry. When Celgene does reach the lofty financial goals of 8 and 8 in 15, or before, just remember who had the most significant impact in achieving this remarkable accomplishment.

Go Summit.