I have been looking for a solid pharmaceutical company to add to my stock portfolio.  I had owned Pfizer previously but Pfizer appears to be a drug company with a dearth of drugs in its pipeline. The days of growth appear over and I am looking for a drug company with a brighter future. One of the stocks that has piqued my interest is Celgene (CELG). Celgene is a biotechnology company that discovers and produces therapies to treat cancer and other diseases. Celgene has a solid balance sheet and a promising pipeline of cancer drugs such as Vidaza, Revlimid and Thalomid. Celgene has virtually no debt and the company has over $5 per share in cash alone. The company has double digit profit margins and operating margins. Year over year earnings growth has been over 30%. My primary concerns are the astronomical P/E ratio and weakness in Q1 sales. Celgene currently has a P/E of 74. Analysts believe that the poor economy is to blame for lower Q1 sales and expect an increase due to a strengthening economy in Q3 and Q4. Celgene is still a little too expensive for me at its current price of $44. I don’t like a P/E ratio that is more then 2x the growth rate. If the stock were to weaken to the mid 30′s; I would see that as a great opportunity to pick up shares.