Selected Financial Data
since 2005
Income Statement
Celgene Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net product sales | Operating income (loss) | Net income (loss) attributable to Celgene |
|---|---|---|---|
| Dec 31, 2018 | 15,265) | 5,191) | 4,046) |
| Dec 31, 2017 | 12,973) | 4,707) | 2,940) |
| Dec 31, 2016 | 11,185) | 3,167) | 1,999) |
| Dec 31, 2015 | 9,161) | 2,255) | 1,602) |
| Dec 31, 2014 | 7,564) | 2,519) | 2,000) |
| Dec 31, 2013 | 6,362) | 1,809) | 1,450) |
| Dec 31, 2012 | 5,386) | 1,746) | 1,456) |
| Dec 31, 2011 | 4,700) | 1,443) | 1,318) |
| Dec 31, 2010 | 3,508) | 990) | 881) |
| Dec 31, 2009 | 2,567) | 842) | 777) |
| Dec 31, 2008 | 2,138) | (1,464) | (1,534) |
| Dec 31, 2007 | 1,300) | 425) | 226) |
| Dec 31, 2006 | 812) | 175) | 69) |
| Dec 31, 2005 | 446) | 84) | 64) |
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).
Celgene Corp. demonstrated substantial revenue growth over the thirteen-year period ending December 31, 2018. The financial trajectory is characterized by an uninterrupted increase in net product sales, coupled with a general rise in profitability despite a significant outlier in 2008.
- Revenue Expansion
- Net product sales exhibited consistent annual growth, ascending from US$ 446 million in 2005 to US$ 15,265 million in 2018. This represents a continuous and aggressive expansion of top-line performance throughout the analyzed period.
- Operating Income Performance
- Operating income grew from US$ 84 million in 2005 to US$ 5,191 million in 2018. A severe volatility event occurred in 2008, resulting in an operating loss of US$ 1,464 million. Following this contraction, operating income returned to positive territory in 2009 and maintained a steady upward trajectory, reflecting improved operational scale.
- Net Income Analysis
- Net income attributable to the company rose from US$ 64 million in 2005 to US$ 4,046 million in 2018. Mirroring the operating results, a significant net loss of US$ 1,534 million was recorded in 2008. Subsequent to this period, net income recovered and grew consistently, with notable acceleration in profitability observed between 2016 and 2018.
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Balance Sheet: Assets
Celgene Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2018 | 9,067) | 35,480) |
| Dec 31, 2017 | 14,892) | 30,141) |
| Dec 31, 2016 | 10,868) | 28,086) |
| Dec 31, 2015 | 9,401) | 27,053) |
| Dec 31, 2014 | 9,713) | 17,340) |
| Dec 31, 2013 | 7,551) | 13,378) |
| Dec 31, 2012 | 5,534) | 11,734) |
| Dec 31, 2011 | 4,353) | 10,006) |
| Dec 31, 2010 | 4,343) | 10,177) |
| Dec 31, 2009 | 3,845) | 5,389) |
| Dec 31, 2008 | 2,841) | 4,445) |
| Dec 31, 2007 | 3,084) | 3,611) |
| Dec 31, 2006 | 2,311) | 2,736) |
| Dec 31, 2005 | 973) | 1,247) |
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).
The asset profile exhibits a period of sustained and aggressive expansion between 2005 and 2018, characterized by a substantial increase in the total asset base and an evolving composition of asset types.
- Total Asset Expansion
- Total assets grew from 1,247 million USD in 2005 to 35,480 million USD by 2018. Notable escalations occurred in 2010, where assets nearly doubled from the previous year, and in 2015, where an increase of approximately 9,713 million USD was recorded. This trajectory indicates a consistent long-term scaling of the organization's resource base.
- Current Asset Dynamics
- Current assets followed a general upward trend for the majority of the period, rising from 973 million USD in 2005 to a peak of 14,892 million USD in 2017. However, a significant contraction is observed in 2018, where current assets decreased to 9,067 million USD, representing a sharp decline despite the simultaneous increase in total assets.
- Asset Composition Shift
- A structural shift in the balance sheet is evident as the proportion of current assets relative to total assets declined steadily. In 2005, current assets constituted approximately 78% of total assets. By 2018, this ratio fell to approximately 25%. This pattern indicates a strategic migration toward non-current assets, suggesting increased investment in long-term holdings, such as intangible assets, goodwill, or fixed infrastructure.
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Balance Sheet: Liabilities and Stockholders’ Equity
Celgene Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Total debt | Stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2018 | 4,057) | 29,319) | 20,270) | 6,161) |
| Dec 31, 2017 | 2,987) | 23,220) | 15,838) | 6,921) |
| Dec 31, 2016 | 2,959) | 21,486) | 14,289) | 6,599) |
| Dec 31, 2015 | 1,969) | 21,134) | 14,250) | 5,919) |
| Dec 31, 2014 | 2,112) | 10,815) | 6,872) | 6,525) |
| Dec 31, 2013 | 1,946) | 7,788) | 4,741) | 5,590) |
| Dec 31, 2012 | 1,690) | 6,040) | 3,080) | 5,694) |
| Dec 31, 2011 | 1,540) | 4,493) | 1,802) | 5,513) |
| Dec 31, 2010 | 1,070) | 4,182) | 1,248) | 5,984) |
| Dec 31, 2009 | 495) | 995) | —) | 4,395) |
| Dec 31, 2008 | 527) | 954) | —) | 3,491) |
| Dec 31, 2007 | 433) | 767) | 197) | 2,844) |
| Dec 31, 2006 | 240) | 760) | 400) | 1,976) |
| Dec 31, 2005 | 136) | 611) | 400) | 636) |
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).
An analysis of the balance sheet from 2005 to 2018 reveals a profound shift in the capital structure, characterized by an aggressive expansion of liabilities and a relative stagnation in stockholders' equity during the latter half of the period.
- Liability Trajectory
- Total liabilities exhibited an exponential increase, rising from 611 million USD in 2005 to 29,319 million USD by 2018. A significant inflection point occurred in 2010, where liabilities jumped from 995 million USD to 4,182 million USD. This upward trend accelerated further between 2014 and 2015, with total liabilities nearly doubling from 10,815 million USD to 21,134 million USD within a single fiscal year.
- Debt Accumulation
- Total debt followed a trajectory closely aligned with total liabilities, particularly after 2010. Debt levels rose from 400 million USD in 2005 to 20,270 million USD in 2018. By the end of the period, total debt constituted approximately 69% of total liabilities, indicating that the increase in overall obligations was primarily driven by borrowed funds rather than operational accruals.
- Current Liabilities Trends
- Current liabilities grew steadily from 136 million USD in 2005 to 4,057 million USD in 2018. While the absolute increase is substantial, current liabilities represented a decreasing proportion of total liabilities over time, suggesting a strategic shift toward long-term debt financing over short-term obligations.
- Equity Dynamics and Leverage
- Stockholders' equity grew consistently from 2005 to 2010, increasing from 636 million USD to 5,984 million USD. However, for the subsequent eight years, equity remained largely stagnant, fluctuating between 5,513 million USD and 6,921 million USD. This lack of equity growth, contrasted with the surge in total liabilities, resulted in a dramatic increase in financial leverage. The ratio of total liabilities to stockholders' equity shifted from approximately 0.96 in 2005 to approximately 4.76 in 2018.
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Cash Flow Statement
Celgene Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2018 | 5,171) | (6,418) | (1,540) |
| Dec 31, 2017 | 5,246) | (2,891) | (1,584) |
| Dec 31, 2016 | 3,976) | (1,002) | (1,646) |
| Dec 31, 2015 | 2,484) | (6,259) | 4,585) |
| Dec 31, 2014 | 2,806) | (1,438) | (417) |
| Dec 31, 2013 | 2,226) | (529) | (554) |
| Dec 31, 2012 | 2,019) | (1,554) | (249) |
| Dec 31, 2011 | 1,809) | 378) | (1,655) |
| Dec 31, 2010 | 1,182) | (2,107) | 1,177) |
| Dec 31, 2009 | 910) | (856) | (62) |
| Dec 31, 2008 | 182) | (522) | 282) |
| Dec 31, 2007 | 478) | (990) | 288) |
| Dec 31, 2006 | 84) | 7) | 1,221) |
| Dec 31, 2005 | 42) | (103) | 53) |
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).
Between 2005 and 2018, the company experienced a period of significant expansion in its operational cash generation, evolving from modest inflows to multi-billion dollar annual results. This growth trajectory provided the necessary liquidity to support aggressive investment cycles and varied financing strategies.
- Operational Cash Flow Trends
- A consistent and strong upward trajectory is observed in net cash provided by operating activities. Starting at 42 million US dollars in 2005, operating cash flows grew exponentially, surpassing 1 billion US dollars by 2010 and reaching a peak of 5.246 billion US dollars in 2017. This sustained growth indicates a substantial increase in the core profitability and efficiency of the company's business operations over the analyzed period.
- Investing Activities and Capital Allocation
- Investing activities are characterized by high volatility and a predominant trend of net cash outflows. While 2006 and 2011 showed brief periods of net cash provision, the company engaged in massive capital expenditures or acquisitions during specific intervals. Notable peaks in investment spending occurred in 2015 and 2018, with outflows reaching 6.259 billion and 6.418 billion US dollars, respectively. These patterns suggest a strategic focus on aggressive growth through significant external investments.
- Financing Dynamics
- Financing activities shifted from primarily providing cash in the early period (2005-2008) to primarily utilizing cash in later years. A significant anomaly occurred in 2015, where a net cash inflow of 4.585 billion US dollars was recorded, which corresponds with a period of heavy investment spending. From 2016 through 2018, the company maintained a consistent pattern of net cash outflows in financing, ranging between 1.540 billion and 1.646 billion US dollars, indicating a transition toward debt repayment or shareholder returns.
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Per Share Data
Celgene Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2018 | 5.65 | 5.51 | 0.00 |
| Dec 31, 2017 | 3.77 | 3.64 | 0.00 |
| Dec 31, 2016 | 2.57 | 2.49 | 0.00 |
| Dec 31, 2015 | 2.02 | 1.94 | 0.00 |
| Dec 31, 2014 | 2.49 | 2.39 | 0.00 |
| Dec 31, 2013 | 1.75 | 1.69 | 0.00 |
| Dec 31, 2012 | 1.69 | 1.65 | 0.00 |
| Dec 31, 2011 | 1.45 | 1.43 | 0.00 |
| Dec 31, 2010 | 0.95 | 0.94 | 0.00 |
| Dec 31, 2009 | 0.85 | 0.83 | 0.00 |
| Dec 31, 2008 | -1.73 | -1.73 | 0.00 |
| Dec 31, 2007 | 0.30 | 0.27 | 0.00 |
| Dec 31, 2006 | 0.10 | 0.09 | 0.00 |
| Dec 31, 2005 | 0.10 | 0.09 | 0.00 |
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).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings per share trajectory from 2005 to 2018 is characterized by an overall upward trend, interrupted by a significant deficit in 2008. Following the recovery in 2009, earnings demonstrated consistent growth, culminating in a period of accelerated expansion between 2016 and 2018.
- Basic Earnings Per Share (EPS) Trends
- Initial stability was observed between 2005 and 2006 at 0.10 US$, followed by a marginal increase in 2007. A sharp reversal occurred in 2008, with earnings falling to -1.73 US$. A return to profitability was established in 2009 at 0.85 US$, initiating a long-term growth phase. While a slight contraction was noted in 2015, where EPS dipped to 2.02 US$ from 2.49 US$ the previous year, the subsequent years showed strong acceleration, reaching a period high of 5.65 US$ by December 31, 2018.
- Diluted Earnings Per Share and Dilution Impact
- Diluted EPS closely mirrored the movements of Basic EPS, including the 2008 deficit of -1.73 US$ and the 2018 peak of 5.51 US$. The narrow gap between basic and diluted earnings indicates that the impact of potentially dilutive securities remained relatively low and stable throughout the fourteen-year period.
- Dividend Distribution Policy
- No dividend payments were recorded for any of the fiscal years analyzed. The absence of dividends per share suggests a corporate financial strategy focused on the retention of earnings to fund operations, research, or capital expenditures rather than returning value to shareholders through cash distributions.
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