Price to Book Value (P/BV)
since 2005
Calculation
Celgene Corp., P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Stockholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2019 | 10.22 | = | 89.71 | ÷ | 8.77 | 8.77 | = | 6,161 | ÷ | 702,164,345 | |
| Feb 7, 2018 | 10.34 | = | 95.16 | ÷ | 9.20 | 9.20 | = | 6,921 | ÷ | 752,175,608 | |
| Feb 10, 2017 | 13.63 | = | 115.61 | ÷ | 8.48 | 8.48 | = | 6,599 | ÷ | 777,966,471 | |
| Feb 11, 2016 | 13.15 | = | 99.59 | ÷ | 7.57 | 7.57 | = | 5,919 | ÷ | 781,664,535 | |
| Feb 20, 2015 | 15.14 | = | 123.43 | ÷ | 8.15 | 8.15 | = | 6,525 | ÷ | 800,590,656 | |
| Feb 13, 2014 | 11.97 | = | 82.37 | ÷ | 6.88 | 6.88 | = | 5,590 | ÷ | 812,040,158 | |
| Feb 15, 2013 | 7.26 | = | 49.39 | ÷ | 6.80 | 6.80 | = | 5,694 | ÷ | 837,488,894 | |
| Feb 22, 2012 | 5.94 | = | 37.32 | ÷ | 6.28 | 6.28 | = | 5,513 | ÷ | 877,620,608 | |
| Mar 1, 2011 | 4.12 | = | 26.51 | ÷ | 6.44 | 6.44 | = | 5,984 | ÷ | 929,797,930 | |
| Feb 18, 2010 | 6.27 | = | 29.95 | ÷ | 4.78 | 4.78 | = | 4,395 | ÷ | 919,461,836 | |
| Feb 17, 2009 | 6.83 | = | 25.94 | ÷ | 3.80 | 3.80 | = | 3,491 | ÷ | 918,926,334 | |
| Feb 20, 2008 | 7.79 | = | 27.44 | ÷ | 3.52 | 3.52 | = | 2,844 | ÷ | 807,518,156 | |
| Feb 27, 2007 | 10.16 | = | 26.59 | ÷ | 2.62 | 2.62 | = | 1,976 | ÷ | 755,105,544 | |
| Mar 15, 2006 | 22.25 | = | 20.50 | ÷ | 0.92 | 0.92 | = | 636 | ÷ | 689,939,580 |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Celgene Corp. Annual Report.
The Price to Book Value (P/BV) ratio exhibited significant volatility between 2006 and 2019, characterized by an initial sharp contraction, a period of expansion, and a subsequent stabilization phase.
- P/BV Ratio Trajectory
- A substantial downward trend is observed from 2006 to 2011, where the P/BV ratio declined from a peak of 22.25 to a low of 4.12. This compression reversed between 2012 and 2015, as the ratio climbed back to 15.14. In the final period from 2016 to 2019, the ratio underwent a moderate correction, ending the period at 10.22.
- Book Value per Share (BVPS) Analysis
- BVPS showed consistent growth throughout the entire timeframe, rising from 0.92 in 2006 to 8.77 in 2019. The most aggressive expansion in book value occurred between 2006 and 2011, which served as a primary driver for the reduction in the P/BV ratio during those years, as the underlying accounting value grew faster than the market price.
- Share Price Influence
- Market valuation drove the P/BV expansion observed after 2011. The share price rose from 26.51 in 2011 to a peak of 123.43 in 2015, far outstripping the growth rate of the book value per share. This divergence caused the P/BV ratio to spike. The subsequent decline in share price to 89.71 by 2019 contributed to the normalization of the valuation multiple toward the 10x range.
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Comparison to Competitors
Celgene Corp., P/BV, long-term trends, comparison to competitors
| Celgene Corp. | AbbVie Inc. | Amgen Inc. | Bristol-Myers Squibb Co. | Danaher Corp. | Eli Lilly & Co. | Gilead Sciences Inc. | Johnson & Johnson | Merck & Co. Inc. | Pfizer Inc. | Regeneron Pharmaceuticals Inc. | Thermo Fisher Scientific Inc. | Vertex Pharmaceuticals Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 26, 2019 | 10.22 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 6.08 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 7, 2018 | 10.34 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 5.79 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 10, 2017 | 13.63 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.72 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 11, 2016 | 13.15 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 4.07 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 20, 2015 | 15.14 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 4.01 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 13, 2014 | 11.97 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.50 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 15, 2013 | 7.26 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 7.01 | 3.29 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 22, 2012 | 5.94 | — | 2.83 | 3.50 | 2.17 | 3.35 | 5.08 | 3.13 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Mar 1, 2011 | 4.12 | — | 2.04 | 2.76 | 2.39 | 3.21 | 5.29 | 2.88 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Feb 18, 2010 | 6.27 | — | 2.46 | 2.88 | 2.07 | 4.17 | 6.74 | 3.45 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 17, 2009 | 6.83 | — | 2.48 | 3.29 | 1.69 | 5.01 | 9.83 | 3.56 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 20, 2008 | 7.79 | — | 2.77 | 4.22 | 2.62 | 4.16 | 11.76 | 4.17 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 27, 2007 | 10.16 | — | 3.96 | 5.50 | 3.32 | 5.43 | 18.07 | 4.78 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 15, 2006 | 22.25 | — | 4.26 | 4.00 | 3.78 | 5.85 | 9.18 | 4.66 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)
Celgene Corp., P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Celgene Corp. | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 26, 2019 | 10.22 | 6.02 |
| Feb 7, 2018 | 10.34 | 5.14 |
| Feb 10, 2017 | 13.63 | 4.58 |
| Feb 11, 2016 | 13.15 | 4.15 |
| Feb 20, 2015 | 15.14 | 4.47 |
| Feb 13, 2014 | 11.97 | 3.97 |
| Feb 15, 2013 | 7.26 | 3.21 |
| Feb 22, 2012 | 5.94 | 2.55 |
| Mar 1, 2011 | 4.12 | 2.25 |
| Feb 18, 2010 | 6.27 | 2.37 |
| Feb 17, 2009 | 6.83 | 2.60 |
| Feb 20, 2008 | 7.79 | 3.42 |
| Feb 27, 2007 | 10.16 | 3.82 |
| Mar 15, 2006 | 22.25 | 4.00 |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Health Care)
Celgene Corp., P/BV, long-term trends, comparison to industry (health care)
| Celgene Corp. | Health Care | |
|---|---|---|
| Feb 26, 2019 | 10.22 | 5.17 |
| Feb 7, 2018 | 10.34 | 4.55 |
| Feb 10, 2017 | 13.63 | 4.06 |
| Feb 11, 2016 | 13.15 | 3.62 |
| Feb 20, 2015 | 15.14 | 4.10 |
| Feb 13, 2014 | 11.97 | 3.51 |
| Feb 15, 2013 | 7.26 | 2.87 |
| Feb 22, 2012 | 5.94 | 2.51 |
| Mar 1, 2011 | 4.12 | 2.24 |
| Feb 18, 2010 | 6.27 | 2.36 |
| Feb 17, 2009 | 6.83 | 2.65 |
| Feb 20, 2008 | 7.79 | 3.45 |
| Feb 27, 2007 | 10.16 | 3.81 |
| Mar 15, 2006 | 22.25 | 3.97 |
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), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).