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Celgene Corp. (NASDAQ:CELG)

This company has been moved to the archive! The financial data has not been updated since October 31, 2019.

Common-Size Income Statement
Quarterly Data

Celgene Corp., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014
Net product sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of goods sold, excluding amortization of acquired intangible assets -3.70 -3.43 -3.48 -4.19 -4.04 -3.31 -3.82 -3.42 -3.59 -3.41 -3.83 -3.81 -3.63 -4.04 -4.24 -4.15 -4.75 -4.47 -5.06 -5.02 -4.99 -5.36 -5.04
Gross profit 96.30% 96.57% 96.52% 95.81% 95.96% 96.69% 96.18% 96.58% 96.41% 96.59% 96.17% 96.19% 96.37% 95.96% 95.76% 95.85% 95.25% 95.53% 94.94% 94.98% 95.01% 94.64% 94.96%
Other revenue 0.04 0.02 0.02 0.02 0.05 0.16 0.20 0.11 0.12 0.37 0.34 0.12 0.48 0.36 0.68 0.95 0.93 1.05 1.25 1.49 1.30 1.52 1.32
Research and development -25.83 -25.01 -30.22 -28.20 -27.79 -32.85 -62.39 -78.70 -41.03 -25.62 -33.71 -38.12 -55.70 -34.57 -29.39 -30.59 -56.41 -49.24 -24.62 -28.46 -34.50 -24.77 -41.80
Selling, general and administrative -17.29 -18.03 -19.21 -21.06 -19.18 -20.75 -24.47 -22.25 -18.52 -28.81 -21.00 -23.00 -23.51 -26.68 -21.77 -23.99 -23.80 -27.36 -25.75 -26.49 -25.43 -26.66 -28.94
Amortization of acquired intangible assets -2.41 -2.48 -2.71 -3.15 -3.26 -3.34 -2.46 -2.27 -2.44 -2.70 -2.78 -3.54 -2.93 -6.37 -3.68 -3.47 -2.75 -2.83 -3.09 -3.10 -3.26 -3.54 -3.85
Acquisition/integration related income (charges) and restructuring, net -0.71 -3.09 -1.91 1.34 -2.60 -0.89 -0.88 40.96 -1.49 0.40 -1.32 -0.42 -0.84 1.31 -1.45 -3.30 -9.78 1.30 -0.92 -1.83 -0.08 -0.05 -0.50
Operating income 50.11% 47.99% 42.50% 44.77% 43.19% 39.02% 6.17% 34.44% 33.05% 40.23% 37.70% 31.24% 13.86% 30.01% 40.15% 35.45% 3.44% 18.45% 41.80% 36.58% 33.04% 41.14% 21.19%
Interest and investment income, net 1.00 0.86 0.84 0.37 0.21 0.24 0.37 0.95 1.01 0.74 0.51 0.30 0.25 0.26 0.27 0.19 0.37 0.39 0.44 0.37 0.35 0.40 0.37
Interest expense -4.21 -4.36 -4.77 -4.71 -4.96 -5.04 -4.70 -4.08 -3.87 -3.87 -4.30 -4.27 -4.31 -4.49 -4.89 -4.91 -3.83 -2.14 -2.39 -2.52 -2.73 -2.26 -1.72
Other income (expense), net -4.47 -3.09 6.51 -12.76 -3.01 0.11 27.33 1.21 0.00 -0.95 0.44 -10.51 -1.15 -0.46 1.41 -1.37 -0.85 4.19 0.40 0.16 -1.15 -0.96 -0.39
Other income and (expense) -7.68% -6.59% 2.58% -17.10% -7.76% -4.70% 23.00% -1.93% -2.86% -4.08% -3.35% -14.48% -5.21% -4.69% -3.20% -6.09% -4.30% 2.44% -1.55% -1.99% -3.53% -2.82% -1.73%
Income (loss) before income taxes 42.43% 41.40% 45.08% 27.68% 35.42% 34.32% 29.17% 32.51% 30.19% 36.15% 34.35% 16.76% 8.65% 25.33% 36.94% 29.36% -0.86% 20.89% 40.24% 34.59% 29.51% 38.32% 19.46%
Income tax provision -5.00 -5.68 -6.68 -1.09 -7.61 -6.88 -5.21 -34.84 -0.09 -2.36 -2.78 -2.35 -2.88 -3.53 -4.85 -7.27 -0.61 -5.08 -5.26 -4.72 -3.53 -5.91 -3.08
Net income (loss) 37.43% 35.71% 38.39% 26.59% 27.81% 27.44% 23.96% -2.33% 30.09% 33.78% 31.57% 14.41% 5.77% 21.80% 32.10% 22.09% -1.47% 15.80% 34.98% 29.87% 25.99% 32.41% 16.38%

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 financial trajectory from 2014 through 2019 is characterized by exceptionally high and stable gross margins, offset by significant volatility in research and development expenditures and non-operating items. While the company maintained a consistent ability to generate gross profit, net profitability was periodically impacted by strategic investments and one-time fiscal events.

Gross Margin and Direct Costs
Gross profit margins remained consistently high, fluctuating within a narrow band between 94.64% and 96.69%. Cost of goods sold exhibited a gradual downward trend, decreasing from approximately 5.04% in early 2014 to 3.70% by September 2019. This indicates strong pricing power and a highly efficient direct cost structure relative to net product sales.
Operating Expense Trends
Research and development (R&D) spending represents the most volatile component of the operating structure. Expenditures spiked significantly in specific quarters, notably reaching 56.41% in September 2015, 55.70% in June 2016, and peaking at 78.70% in December 2017. Conversely, selling, general, and administrative (SG&A) expenses showed a consistent long-term decline, falling from 28.94% in March 2014 to 17.29% in September 2019, suggesting an improvement in operational leverage.
Operating Income Performance
Operating income margins were highly sensitive to the R&D cycles mentioned above. After a period of instability between 2015 and 2017—including a low of 3.44% in September 2015—the company experienced a sustained expansion in operating profitability. From March 2018 onward, operating income margins trended upward, culminating in a peak of 50.11% by September 2019.
Non-Operating Items and Net Profitability
Net income was influenced by sporadic non-operating gains and losses and significant tax adjustments. A notable anomaly occurred in December 2017, where a tax provision of 34.84% of net product sales led to a net loss of 2.33% for the quarter. Other income and expenses also showed extreme variance, particularly in early 2018 with a positive swing of 27.33% in March. Despite these fluctuations, the overall trend in net income was positive, moving from 16.38% in March 2014 to 37.43% in September 2019.

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