Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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Celgene Corp. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Long-term Activity Ratios (Summary)
Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
---|---|---|---|---|---|---|
Net fixed asset turnover | ||||||
Total asset turnover | ||||||
Equity turnover |
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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio exhibits relative stability throughout the period, fluctuating within a narrow range. It starts at 11.77 in 2014, slightly declines to 11.25 in 2015, then rises to peak at 12.12 in 2017 before decreasing again to 11.17 in 2018. This indicates a consistent capacity to generate sales from net fixed assets, with minor variations suggesting stable asset utilization efficiency over the years.
- Total Asset Turnover
- The total asset turnover ratio shows a noticeable decline from 0.44 in 2014 to 0.34 in 2015, followed by a recovery trend, increasing to 0.4 in 2016 and further improving to 0.43 in 2017 and 2018. This pattern implies an initial decrease in overall asset efficiency, possibly due to asset growth outpacing sales, with a subsequent restoration of efficiency as sales growth realigned with asset levels by 2017. The ratio remains constant between 2017 and 2018, indicating a stabilization in asset utilization.
- Equity Turnover
- The equity turnover ratio demonstrates a strong and consistent upward trend, rising significantly from 1.16 in 2014 to 2.48 in 2018. Each year shows a progressive increase, reflecting enhanced efficiency in generating revenue from shareholders' equity. This suggests effective management of equity capital to drive sales growth, with the ratio more than doubling over five years, indicating improving financial leverage or operational performance related to equity usage.
Net Fixed Asset Turnover
Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net product sales | ||||||
Property, plant and equipment, net | ||||||
Long-term Activity Ratio | ||||||
Net fixed asset turnover1 | ||||||
Benchmarks | ||||||
Net Fixed Asset Turnover, Competitors2 | ||||||
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. |
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).
1 2018 Calculation
Net fixed asset turnover = Net product sales ÷ Property, plant and equipment, net
= ÷ =
2 Click competitor name to see calculations.
- Net Product Sales
- There is a consistent upward trend in net product sales over the five-year period. Sales increased from 7,564 million US dollars in 2014 to 15,265 million US dollars in 2018, more than doubling within this timeframe. The growth appears steady year-on-year, suggesting effective sales expansion or increased market demand.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment also shows a steady increase, rising from 643 million US dollars in 2014 to 1,367 million US dollars in 2018. This upward trend indicates ongoing investment in fixed assets, which could be related to expansion or modernization efforts.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio remains relatively stable throughout the period, fluctuating slightly between 11.17 and 12.12. Despite the increase in fixed assets, the ratio suggests that asset utilization efficiency has been maintained without significant improvement or deterioration. The slight decrease to 11.17 by 2018 might indicate a minor decline in the efficiency of generating sales from fixed assets, although the change is not substantial.
Total Asset Turnover
Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net product sales | ||||||
Total assets | ||||||
Long-term Activity Ratio | ||||||
Total asset turnover1 | ||||||
Benchmarks | ||||||
Total Asset Turnover, Competitors2 | ||||||
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. |
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).
1 2018 Calculation
Total asset turnover = Net product sales ÷ Total assets
= ÷ =
2 Click competitor name to see calculations.
- Net Product Sales
- Net product sales demonstrate a consistent upward trend over the five-year period. Starting at $7,564 million in 2014, sales increased steadily each year, reaching $15,265 million by the end of 2018. This represents a more than doubling in sales volume, indicating strong revenue growth and effective market penetration or product demand expansion.
- Total Assets
- Total assets show significant growth over the same period. Beginning at $17,340 million in 2014, the asset base expanded substantially to $35,480 million by 2018. The most notable increase occurred between 2014 and 2015, where total assets surged by over 50%. Afterward, asset growth continued but at a more moderate pace, suggesting ongoing investment or acquisitions contributing to the company's expansion.
- Total Asset Turnover
- Total asset turnover, which measures the efficiency of using assets to generate sales, started at 0.44 in 2014 and dropped to 0.34 in 2015. Following this decline, the ratio improved in subsequent years, reaching 0.43 in both 2017 and 2018, approaching the initial level. This pattern indicates an initial decrease in asset utilization efficiency, possibly due to rapid asset growth outpacing sales temporarily, followed by improved operational effectiveness as sales growth caught up with asset size.
- Overall Observations
- The data reveals a company in a growth phase, successfully increasing net product sales alongside a growing asset base. Asset investments appear to have been significant, particularly early in the period, with operational efficiency measured by asset turnover recovering after an initial dip. The stable and improving turnover ratios in the latter years imply enhanced management of assets to support sales growth, reflecting positively on operational efficiency and strategic resource allocation.
Equity Turnover
Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | Dec 31, 2015 | Dec 31, 2014 | ||
---|---|---|---|---|---|---|
Selected Financial Data (US$ in millions) | ||||||
Net product sales | ||||||
Stockholders’ equity | ||||||
Long-term Activity Ratio | ||||||
Equity turnover1 | ||||||
Benchmarks | ||||||
Equity Turnover, Competitors2 | ||||||
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. |
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).
1 2018 Calculation
Equity turnover = Net product sales ÷ Stockholders’ equity
= ÷ =
2 Click competitor name to see calculations.
- Net Product Sales
- Net product sales demonstrated a consistent upward trend over the five-year period, increasing each year from US$7,564 million at the end of 2014 to US$15,265 million by the end of 2018. This represents a significant growth, more than doubling the sales amount within the timeframe, indicating strong revenue enhancement and market demand expansion.
- Stockholders’ Equity
- Stockholders’ equity exhibited fluctuations during the same period. Starting at US$6,525 million in 2014, equity decreased in 2015 to US$5,919 million, then increased to US$6,599 million in 2016 and US$6,921 million in 2017, before declining again to US$6,161 million in 2018. This pattern suggests some volatility in equity levels, potentially reflecting dividend payments, share repurchases, or other equity-related activities impacting the capital base.
- Equity Turnover
- The equity turnover ratio showed a steady and notable increase, rising from 1.16 in 2014 to 2.48 in 2018. This increase highlights an improved efficiency in using equity to generate sales over time. The increment suggests that despite some fluctuations in equity, the company managed to generate greater levels of revenue per unit of equity, indicating enhancements in operational performance or asset utilization.