Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
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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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Long-term Activity Ratios (Summary)
Celgene Corp., long-term (investment) activity ratios (quarterly data)
Based on: 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
The analysis of the turnover ratios over the given periods reveals distinct trends for net fixed asset turnover, total asset turnover, and equity turnover, providing insights into the company's operational efficiency and asset utilization.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio demonstrates a generally stable performance with minor fluctuations. Starting from around 12.18 in early 2015, the ratio remained near this level through 2016 and 2017, with slight increases reaching up to 12.45. However, from early 2018, a decline is noticeable as the ratio decreased to a low near 10.83, before recovering somewhat towards the end of 2019, reaching 12. This pattern indicates some variability in the efficiency of using fixed assets to generate revenue, possibly reflecting changes in fixed asset base or revenue generation capacity during this period.
- Total Asset Turnover
- The total asset turnover ratio shows lower and more volatile values compared to net fixed asset turnover. Commencing at approximately 0.45 in early 2015, the ratio exhibited a drop to around 0.32-0.34 in late 2015 but gradually improved to stabilize near 0.40 throughout 2016 and 2017. A slight increase to 0.43 is seen in early 2018, followed by minor drops around 0.41-0.42 in the subsequent periods. Overall, total asset turnover reflects a modest upward trend in asset utilization efficiency, maintaining a range between 0.40 and 0.43 across most of the later periods, suggesting consistent moderate effectiveness in generating sales from total assets.
- Equity Turnover
- The equity turnover ratio exhibits notable volatility and significant fluctuations over the observed quarters. Beginning at around 1.17 in early 2015, the ratio surged through 2015 and 2016 to peak near 1.90 but experienced a decline in 2017 to values near 1.27 before making a marked rise again in early 2018, reaching an elevated peak of approximately 4.11 mid-2018. This spike is short-lived as the ratio subsequently decreases, falling to about 1.40 by late 2019. The sharp increases followed by declines suggest episodes of substantial changes in equity base relative to sales or fluctuating sales performance impacting the equity turnover, indicating periods of stronger or weaker capital efficiency.
In summary, the company sustained relatively stable operational efficiency with fixed assets, moderate total asset utilization improvements, and highly variable equity turnover indicating fluctuations in capital efficiency or sales performance relative to equity employed. These patterns suggest strategic or operational factors impacting asset and equity use efficiency across the examined quarters.
Net Fixed Asset Turnover
Celgene Corp., net fixed asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q3 2019 Calculation
Net fixed asset turnover
= (Net product salesQ3 2019
+ Net product salesQ2 2019
+ Net product salesQ1 2019
+ Net product salesQ4 2018)
÷ Property, plant and equipment, net
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Product Sales
- Net product sales demonstrated a generally upward trend over the observed periods. Starting at $2,055 million in March 2015, sales steadily increased, peaking at $4,518 million by September 2019. Notably, quarterly sales showed consistent growth, with some acceleration in growth rates occurring between 2017 and 2019. This pattern indicates a strong demand for products and effective market expansion or pricing strategies during the analyzed timeframe.
- Property, Plant and Equipment, Net
- The net value of property, plant, and equipment exhibited a gradual increase over time, rising from $650 million in March 2015 to $1,415 million in September 2019. This growth suggests ongoing investment in fixed assets, possibly to support production capacity expansion, modernization, or operational efficiency improvements. The increases were relatively consistent, without abrupt changes or declines, indicating a planned and sustained capital expenditure policy.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio showed modest fluctuation during the periods analyzed. It started at 12.18 in March 2015, fluctuated around this level with some minor declines and recoveries, reaching the lowest point of approximately 10.83 in March 2018. After this dip, the ratio improved steadily, rising back to 12.00 by September 2019. This ratio trend implies that while asset utilization efficiency slightly declined during the middle periods, the company managed to regain and maintain efficient use of its fixed assets in generating revenue towards the end of the timeline.
- Overall Insights
- Across the period, the company displayed strong sales growth supported by steady investment in fixed assets. Despite some fluctuations, the net fixed asset turnover ratio remained relatively high, indicating effective asset management. The interplay between increasing sales and growing fixed assets points to scaling operations with maintained efficiency. The temporary dip in asset turnover ratio around early 2018 may warrant further investigation, although the subsequent recovery suggests responsive management actions.
Total Asset Turnover
Celgene Corp., total asset turnover calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q3 2019 Calculation
Total asset turnover
= (Net product salesQ3 2019
+ Net product salesQ2 2019
+ Net product salesQ1 2019
+ Net product salesQ4 2018)
÷ Total assets
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Product Sales
- Net product sales demonstrate a consistent upward trend over the examined quarters. Beginning at approximately $2,055 million in the first quarter of 2015, sales exhibited steady growth, surpassing $4,500 million by the third quarter of 2019. Notable increases occurred in mid-2016 through 2017 and again through 2018 into 2019, indicating sustained market demand and potential expansion in product offerings or market reach.
- Total Assets
- Total assets experienced significant growth during the period. Starting near $17,481 million at the beginning of 2015, the asset base saw a sharp increase in late 2015 to over $27,000 million, followed by a moderate rise and some fluctuations thereafter. The asset value continued to expand steadily, reaching approximately $41,363 million by the third quarter of 2019. This growth suggests ongoing investment in assets, possibly through acquisitions, capital expenditures, or increased working capital.
- Total Asset Turnover
- The total asset turnover ratio, representing the efficiency of asset utilization to generate sales, generally remained stable throughout the periods analyzed. Initially around 0.45 in early 2015, the ratio declined to approximately 0.32-0.34 by late 2015. Subsequently, it recovered modestly and stabilized near the 0.40–0.43 range until 2019. Despite the considerable increase in total assets, the turnover ratio’s relative stability implies proportional growth in sales alongside asset expansion, maintaining operational efficiency at a consistent level.
Equity Turnover
Celgene Corp., equity turnover calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31).
1 Q3 2019 Calculation
Equity turnover
= (Net product salesQ3 2019
+ Net product salesQ2 2019
+ Net product salesQ1 2019
+ Net product salesQ4 2018)
÷ Stockholders’ equity
= ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Product Sales
- Net product sales exhibited a consistent upward trend over the observed periods, increasing from approximately $2,055 million at the beginning of 2015 to around $4,518 million by the third quarter of 2019. This represents more than a twofold increase over the five-year span. Sales growth was steady on a quarterly basis, with no significant declines observed, indicating robust market demand and successful product performance.
- Stockholders’ Equity
- Stockholders' equity demonstrated notable fluctuations throughout the period. Initially, equity decreased from $6,765 million in early 2015 to a low of $3,430 million in mid-2018, suggesting possible share repurchases, dividend payments, or other equity changes. However, following this trough, equity rebounded sharply, increasing to around $12,087 million by the third quarter of 2019, marking a substantial increase. This recovery phase indicates improved financial position or infusions of capital during the latter part of the timeline.
- Equity Turnover Ratio
- The equity turnover ratio, which relates net product sales to stockholders’ equity, showed considerable variability. It increased from approximately 1.17 at the start of 2015 to a peak of 4.11 in mid-2018, then gradually declined to 1.4 by late 2019. The peak in mid-2018 coincided with the low point in equity, reflecting high sales relative to equity at that time. The subsequent decline corresponds with the bounce-back in equity and continued sales growth, indicating a normalization of asset utilization efficiency.
- Overall Analysis
- Overall, the financial data suggest strong and sustained sales growth supported by varying levels of equity financing. The initial decrease in equity may imply strategic financing or shareholder return activities, while the later increase points to balance sheet strengthening. The equity turnover fluctuations reveal changes in asset efficiency, likely impacted by the shifting capital structure and expanding sales base. These patterns indicate a dynamic financial management approach aligned with growth objectives.