Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Celgene Corp., consolidated income statement (quarterly data)

US$ in millions

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	4,518)	4,399)	4,024)	4,036)	3,890)	3,808)	3,531)	3,479)	3,283)	3,259)	2,952)	2,977)	2,969)	2,745)	2,495)	2,539)	2,313)	2,254)	2,055)	2,055)	1,957)	1,845)	1,708)
Cost of goods sold, excluding amortization of acquired intangible assets	(167)	(151)	(140)	(169)	(157)	(126)	(135)	(119)	(118)	(111)	(113)	(114)	(108)	(111)	(106)	(105)	(110)	(101)	(104)	(103)	(98)	(99)	(86)
Gross profit	4,351)	4,248)	3,884)	3,867)	3,733)	3,682)	3,396)	3,360)	3,165)	3,148)	2,839)	2,863)	2,861)	2,634)	2,389)	2,434)	2,203)	2,153)	1,951)	1,952)	1,859)	1,746)	1,621)
Other revenue	2)	1)	1)	1)	2)	6)	7)	4)	4)	12)	10)	4)	14)	10)	17)	24)	22)	24)	26)	31)	25)	28)	23)
Research and development	(1,167)	(1,100)	(1,216)	(1,138)	(1,081)	(1,251)	(2,203)	(2,738)	(1,347)	(835)	(995)	(1,135)	(1,654)	(949)	(733)	(777)	(1,305)	(1,110)	(506)	(585)	(675)	(457)	(714)
Selling, general and administrative	(781)	(793)	(773)	(850)	(746)	(790)	(864)	(774)	(608)	(939)	(620)	(685)	(698)	(732)	(543)	(609)	(550)	(617)	(529)	(544)	(498)	(492)	(494)
Amortization of acquired intangible assets	(109)	(109)	(109)	(127)	(127)	(127)	(87)	(79)	(80)	(88)	(82)	(105)	(87)	(175)	(92)	(88)	(64)	(64)	(64)	(64)	(64)	(65)	(66)
Acquisition/integration related income (charges) and restructuring, net	(32)	(136)	(77)	54)	(101)	(34)	(31)	1,425)	(49)	13)	(39)	(12)	(25)	36)	(36)	(84)	(226)	29)	(19)	(38)	(2)	(1)	(9)
Operating income	2,264)	2,111)	1,710)	1,807)	1,680)	1,486)	218)	1,198)	1,085)	1,311)	1,113)	930)	412)	824)	1,002)	900)	80)	416)	859)	752)	647)	759)	362)
Interest and investment income, net	45)	38)	34)	15)	8)	9)	13)	33)	33)	24)	15)	9)	7)	7)	7)	5)	9)	9)	9)	8)	7)	7)	6)
Interest expense	(190)	(192)	(192)	(190)	(193)	(192)	(166)	(142)	(127)	(126)	(127)	(127)	(128)	(123)	(122)	(125)	(89)	(48)	(49)	(52)	(54)	(42)	(29)
Other income (expense), net	(202)	(136)	262)	(515)	(117)	4)	965)	42)	—)	(31)	13)	(313)	(34)	(13)	35)	(35)	(20)	95)	8)	3)	(23)	(18)	(7)
Other income and (expense)	(347)	(290)	104)	(690)	(302)	(179)	812)	(67)	(94)	(133)	(99)	(431)	(155)	(129)	(80)	(155)	(100)	55)	(32)	(41)	(69)	(52)	(30)
Income (loss) before income taxes	1,917)	1,821)	1,814)	1,117)	1,378)	1,307)	1,030)	1,131)	991)	1,178)	1,014)	499)	257)	695)	922)	746)	(20)	471)	827)	711)	578)	707)	332)
Income tax provision	(226)	(250)	(269)	(44)	(296)	(262)	(184)	(1,212)	(3)	(77)	(82)	(70)	(85)	(97)	(121)	(185)	(14)	(115)	(108)	(97)	(69)	(109)	(53)
Net income (loss)	1,691)	1,571)	1,545)	1,073)	1,082)	1,045)	846)	(81)	988)	1,101)	932)	429)	171)	598)	801)	561)	(34)	356)	719)	614)	509)	598)	280)

Net product sales demonstrate a generally positive trajectory over the observed period, increasing from $1,708 million in March 2014 to $4,518 million in June 2019. While fluctuations exist, particularly between December 2016 and March 2018, the overall trend indicates substantial revenue growth. Cost of goods sold, excluding amortization, also increased over time, though at a slower rate than net product sales, resulting in expanding gross profit margins initially. However, a significant increase in cost of goods sold is observed from September 2018 onwards, impacting gross profit.

Operating income exhibits considerable volatility. Initial growth from March 2014 to December 2015 is followed by a sharp decline in the first half of 2016. A recovery is then seen through 2017, before a substantial drop in December 2017, largely attributable to significant acquisition/integration related income (charges) and restructuring. The period from March 2018 to June 2019 shows a return to growth in operating income, though with continued fluctuations.

Gross Margin: Gross margin, calculated from net product sales and cost of goods sold, generally improved from approximately 95% in March 2014 to a peak of around 97.5% in December 2015. However, this margin began to contract from September 2018, falling to approximately 94.5% by June 2019, reflecting the increased cost of goods sold.
Research and Development (R&D) Spending: R&D expenditure demonstrates significant variability. While initially high, it decreased in the latter half of 2014 and the first half of 2015. A substantial increase is then observed in the second half of 2015, peaking in September 2015, followed by another large increase in December 2017, driven by the acquisition/integration related charges. R&D spending then decreased in 2018 and 2019, but remained a substantial expense.
Selling, General and Administrative (SG&A) Expenses: SG&A expenses generally increased over the period, mirroring the growth in net product sales. A notable surge in SG&A is observed in the first half of 2017, contributing to a decrease in operating income during that period. The expense remained high through 2019.
Net Income: Net income mirrors the trends in operating income, with significant fluctuations. A substantial loss is recorded in December 2017, primarily due to the large acquisition/integration related income (charges) and restructuring, and a significant income tax provision. Overall, net income demonstrates a positive trend from 2014 to 2019, despite the volatility.

Other income and expense items contribute to volatility in the income statement. Specifically, acquisition/integration related income (charges) and restructuring, and other income and expense, show large swings, significantly impacting net income in certain quarters. Interest expense remained relatively stable for most of the period, with a noticeable increase in later periods. Interest and investment income, net, provided a consistent, though smaller, positive contribution.

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Celgene Corp. (NASDAQ:CELG)

Income StatementQuarterly Data

Income Statement
Quarterly Data