Common-Size Income Statement
Quarterly Data
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Celgene Corp. pages available for free this week:
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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Celgene Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
The quarterly financial data reveals several noteworthy trends across the examined periods. Gross profit margin remained consistently strong, generally hovering around 95% of net product sales, with minor fluctuations indicating stable cost control in production excluding amortization. The cost of goods sold showed a slight decreasing trend as a percentage of net sales, supporting the stability in gross profit.
- Revenue and Cost Structure
- Net product sales remained the baseline at 100% throughout the periods. Cost of goods sold consistently represented a small proportion, varying between approximately 5.4% and 3.3%, denoting efficient management of direct costs over time.
- Gross profit fluctuated marginally but stayed close to 95%, with a gradual increase observed especially in later years, reaching up to 96.7% by the end of 2018, reflecting improved profitability from core operations.
- Other Revenue
- Other revenue as a percentage of net sales showed a declining trend from early 2014 levels around 1.3% to almost negligible by 2019, indicating a reduction in non-core income sources or licensing and royalty income contributions.
- Expense Patterns
- Research and development expenses exhibited significant volatility, ranging broadly from approximately -78.7% to -24.6% of net product sales. Periods of heightened investment likely reflect phases of intensified R&D activity or strategic shifts.
- Selling, general, and administrative (SG&A) expenses generally decreased as a percentage of net sales from near -29% in early periods to values near -17% by late 2019, indicating improved efficiency or cost containment in these administrative functions.
- Amortization of acquired intangible assets displayed a decreasing trend from -3.85% to near -2.4%, suggesting possible reductions in acquired asset amortization charges or expiration of related assets.
- Acquisition/integration-related charges and restructuring showed considerable variability, with some quarters reporting unusual spikes (notably a 40.96% charge in December 2017), which may have been driven by significant non-recurring expenses or gains impacting operating results.
- Profitability Indicators
- Operating income fluctuated, with several pressures evident, especially during quarters with heavy acquisition charges. Still, it reached peaks around 47% of net sales by late 2019, demonstrating robust operational profitability.
- Interest and Investment Income/Expense
- Interest and investment income remained low but showed a slight upward trend, peaking at about 1.0% by late 2019. Interest expense showed an overall decrease from about -4.9% to about -4.2% of net sales, suggesting some reduction in borrowing costs or debt levels.
- Other Income and Expense
- Other income (expense) was highly variable, with some quarters exhibiting significant negative impacts such as -14.48% and sizeable positive spikes, which is indicative of occasional non-operational gains and losses affecting financial results and possibly related to one-time events.
- Income Tax and Net Income
- Income tax provision generally reflected approximately -3% to -7% of net product sales, with occasional negative tax rates in certain quarters possibly driven by deferred tax assets, tax benefits, or credits.
- Net income before any extraordinary items demonstrated strong resilience, generally ranging between 16% and 38% of net sales. Despite some fluctuations, profitability was sustained through the periods, with noticeable dips corresponding to high R&D or acquisition-related charges but recovery evident in subsequent quarters.
In summary, the company maintained strong gross margins with effective cost controls over direct expenses. Investment in research and development remained a significant percentage of sales but varied widely, suggesting adaptive resource allocation aligned with corporate strategy or product pipeline cycles. SG&A efficiency improved over time. Volatility in acquisition-related charges and other income or expenses introduced variability into the profitability metrics, but overall operating income and net income figures demonstrated positive trends, pointing to successful operational outcomes and financial management in most periods reviewed.