Stock Analysis on Net
Stock Analysis on Net

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 Balance Sheet: Liabilities and Stockholders’ Equity

Celgene Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2018 Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014
Short-term borrowings and current portion of long-term debt 1.41 0.00 1.78 0.00 3.49
Accounts payable 1.18 1.01 0.88 0.89 1.14
Rebates, distributor chargebacks and distributor services 3.12 2.70 2.00 1.36 1.34
Compensation 1.10 1.19 1.47 1.31 1.83
Clinical trial costs and grants 1.34 2.06 1.22 0.94 1.09
Litigation-related loss contingency 0.00 0.00 0.71 0.00 0.00
Interest 0.67 0.57 0.60 0.63 0.34
Sales, use, value added, and other taxes 0.19 0.20 0.36 0.26 0.38
Milestones payable 0.00 0.21 0.00 0.00 0.00
Success payment liability 0.20 0.00 0.00 0.00 0.00
Short-term contingent consideration and success payments 0.17 0.00 0.17 0.40 0.20
Royalties, license fees and collaboration agreements 0.32 0.17 0.00 0.00 0.00
Deferred tax liability 0.00 0.00 0.00 0.00 0.76
Other 1.31 1.27 1.01 1.20 1.36
Accrued expenses and other current liabilities 8.42% 8.37% 7.53% 6.09% 7.31%
Income taxes payable 0.22 0.28 0.15 0.07 0.07
Current portion of deferred revenue 0.21 0.25 0.20 0.22 0.16
Current liabilities 11.43% 9.91% 10.54% 7.28% 12.18%
Deferred revenue, net of current portion 0.21 0.11 0.10 0.11 0.16
Income taxes payable 6.17 8.26 1.50 1.20 1.57
Deferred income tax liabilities 7.76 4.40 0.00 1.40 3.20
Other non-current tax liabilities 0.00 0.00 8.97 9.31 0.00
Contingent consideration 0.29 0.27 5.14 5.22 7.18
Deferred compensation and long-term incentives 0.68 0.80 0.77 0.63 0.87
Contingent value rights 0.05 0.14 0.16 0.19 0.79
Derivative contracts 0.06 0.44 0.00 0.00 0.00
Other 0.26 0.16 0.24 0.11 0.29
Other non-current liabilities 1.34% 1.80% 6.31% 6.15% 9.12%
Long-term debt, net of discount, excluding current portion 55.72 52.55 49.09 52.68 36.13
Non-current liabilities 71.20% 67.13% 65.97% 70.84% 50.19%
Total liabilities 82.64% 77.04% 76.50% 78.12% 62.37%
Preferred stock, $.01 par value per share; none outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, $.01 par value per share 0.03 0.03 0.03 0.03 0.05
Common stock in treasury, at cost -74.23 -67.16 -57.97 -51.94 -61.70
Additional paid-in capital 42.22 45.80 44.07 41.10 56.67
Retained earnings 49.49 43.33 35.87 29.85 37.33
Accumulated other comprehensive income (loss) -0.14 0.95 1.49 2.84 5.28
Stockholders’ equity 17.36% 22.96% 23.50% 21.88% 37.63%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31).

The capital structure of the organization demonstrates a significant shift toward debt-financed operations between 2014 and 2018. Total liabilities increased from 62.37% to 82.64% of total liabilities and stockholders' equity, while stockholders' equity concurrently declined from 37.63% to 17.36% over the same period.

Long-Term Debt and Non-Current Liabilities
Long-term debt, excluding the current portion, represents the most substantial component of the balance sheet, increasing from 36.13% in 2014 to 55.72% in 2018. This upward trajectory indicates a heavy reliance on long-term borrowing to fund operations or strategic initiatives. Conversely, other non-current liabilities saw a marked decrease, falling from 9.12% to 1.34%. This is primarily attributed to a sharp reduction in contingent consideration, which dropped from 7.18% in 2014 to 0.29% by 2018, suggesting the resolution of prior acquisition-related obligations.
Equity Composition and Share Repurchases
A distinct pattern of aggressive share buybacks is evident in the treasury stock account, which expanded from -61.70% in 2014 to -74.23% in 2018. While retained earnings showed a steady increase from 37.33% to 49.49%, the overall stockholders' equity was compressed by the scale of these repurchases. This suggests a corporate strategy focused on returning value to shareholders through buybacks, financed in part by the increase in long-term debt.
Current Liability Trends
Current liabilities remained relatively stable, fluctuating between 7.28% and 12.18% of the total balance sheet. Within this category, accrued expenses and other current liabilities consistently represented the largest portion, ending at 8.42% in 2018. A notable upward trend is observed in rebates, distributor chargebacks, and distributor services, which grew from 1.34% in 2014 to 3.12% in 2018, potentially reflecting increased sales volume or changes in distribution agreements.
Tax Obligations
Non-current tax liabilities exhibited significant volatility. Other non-current tax liabilities peaked at 9.31% in 2015 before disappearing from the common-size reporting in later years. However, deferred income tax liabilities showed a marked increase toward the end of the period, rising from 3.20% in 2014 to 7.76% in 2018, indicating a growing gap between accounting and tax-based reporting of assets and liabilities.

AI Ask an analyst for more

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.

How can I help you?