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Celgene Corp. (CELG)
Analysis of Revenues
Advanced level
Accounting Policy on Revenue Recognition
Revenue from the sale of products is recognized in a manner that depicts the transfer of those promised goods to customers in an amount that reflects the consideration to which Celgene expects to be entitled in exchange for these good or services. To achieve this core principle, Celgene follows a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations and recognizing revenue when, or as, Celgene satisfies a performance obligation. In addition, Celgene recognizes revenue from other product sales and royalties based on licensees’ sales of the products or products using Celgene’s technologies. Celgene does not consider royalty revenue to be a material source of the consolidated revenue.
Celgene records gross-to-net sales accruals for government rebates, chargebacks, distributor services fees, other rebates and administrative fees, sales returns and allowances and sales discounts.
Source: 10-K (filing date: 2019-02-26).
Revenues as Reported
Celgene Corp., Income Statement, Revenues
US$ in millions
Based on: 10-K (filing date: 2019-02-26), 10-K (filing date: 2018-02-07), 10-K (filing date: 2017-02-10), 10-K (filing date: 2016-02-11), 10-K (filing date: 2015-02-20).
| Item | Description | The company |
|---|---|---|
| Net product sales | Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). | Celgene Corp.’s net product sales increased from 2016 to 2017 and from 2017 to 2018. |