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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- Cash Flow Statement
- Common-Size Income Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Net Profit Margin since 2005
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- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
The analysis of the given financial ratios reveals several key trends over the periods from 2014 to 2019.
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio starts from a blank state before March 31, 2015, after which it consistently remains above 11.0. From March 2015 until September 2017, it shows mild fluctuations but generally remains stable around a level slightly above 12. Between March 2018 and March 2019, the ratio dips somewhat, with a noticeable decline around June 2018 to March 2019, reaching lows close to 10.83–11.17 before recovering towards the end of 2019. This suggests a period of relatively efficient use of fixed assets followed by a slight decline in turnover efficiency in the later years, before a modest recovery.
- Total Asset Turnover
- The total asset turnover ratio appears from March 2015 onwards, starting around 0.44. It exhibits moderate growth and stability between 0.32 and 0.47 through the timeline, with a dip at the end of 2015 and early 2016, followed by recovery and stabilization around 0.40 to 0.43 in the following years. The ratio remains relatively consistent from 2016 to 2019, showing resilience and stable efficiency in generating sales from total assets.
- Equity Turnover
- The equity turnover ratio demonstrates more pronounced variability. Starting at 1.16 in March 2015, it rises steadily to a peak of 1.61 in December 2014, before falling to 1.27 by September 2017. There is a significant increase from March 2018 onwards, reaching spikes as high as 4.11 in June 2018, followed by a decline yet remaining elevated compared to earlier years, ending at 1.40 by September 2019. This volatility may indicate changes in equity management or leverage practices impacting the rate at which equity finances sales over time.
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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 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-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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
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.
The quarterly financial data reveals a generally positive trajectory in net product sales over the analyzed period. Beginning at US$1,708 million in the first quarter of 2014, sales exhibited consistent growth, reaching US$4,518 million by the third quarter of 2019. This upward trend indicates sustained demand and effective market penetration for the company's products.
Regarding property, plant, and equipment (net), there is a steady increase from US$596 million in the first quarter of 2014 to US$1,415 million by the third quarter of 2019. This rise suggests continuous investment in fixed assets, potentially reflecting expansion and modernization efforts aimed at supporting production capacity and operational efficiency.
The net fixed asset turnover ratio, available from the fourth quarter of 2014 onward, fluctuates within a moderate range but demonstrates relative stability. Initially recorded at 11.77, the ratio peaked at 12.45 in the third quarter of 2017 before experiencing a slight decline, bottoming out near 10.83 in the first quarter of 2018. From that point forward, it gradually recovered to a level of 12.00 by the third quarter of 2019. This pattern implies that while asset utilization efficiency experienced minor variations, the company maintained an overall effective conversion of fixed assets into sales revenue throughout the period.
In summary, the data reflects a robust expansion in sales supported by proportional investments in fixed assets, with the company preserving effective asset turnover efficiency despite some short-term fluctuations. The consistent growth in both sales and asset base underscores a strategic focus on scaling operations and enhancing productive capacity.
Total Asset Turnover
Celgene Corp., total asset turnover calculation (quarterly data)
| Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 31, 2014 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ 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-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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
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 generally upward trend throughout the observed periods. Beginning at 1,708 million US dollars in the first quarter of 2014, sales increased each quarter with only minor fluctuations, reaching 4,518 million US dollars by the third quarter of 2019. This reflects a substantial growth in sales volume over the six-year span. There are periodic quarters where sales growth appears to plateau or grow at a slower pace, yet the overall direction is consistent growth.
- Total Assets
-
Total assets experienced significant growth from 2014 through 2019. Initial asset levels were at 12,705 million US dollars in the first quarter of 2014. A notable surge occurred between mid-2015 and 2016, where assets jumped from 17,746 million to 27,369 million US dollars, indicating a possible acquisition, substantial investment, or revaluation during this period. Following this spike, total assets continued to increase steadily, reaching 41,363 million US dollars by the third quarter of 2019. Despite some quarter-to-quarter fluctuations, the long-term asset base expanded considerably.
- Total Asset Turnover
-
Total asset turnover, a measure of efficiency in using assets to generate sales, shows moderate variation over the available data points. The ratio started around 0.44 to 0.45 in late 2014 and experienced a dip to approximately 0.32 to 0.34 in late 2014 and early 2015, possibly linked to the surge in assets observed during a similar timeframe. Thereafter, turnover ratios generally stabilized around 0.39 to 0.43, indicating consistent asset utilization efficiency. The slight downward trend towards 0.41 in the latter part of 2019 signals a marginal decrease in asset use efficiency despite increasing sales and asset base.
- Overall Analysis
-
The data indicates strong revenue growth paired with substantial asset growth, particularly marked by a significant asset base increase around 2015-2016. While sales increased considerably, the total asset turnover ratio suggests that the company maintained relatively consistent efficiency in deploying assets to generate sales, though with some volatility. The decline in turnover ratio in later periods may warrant further investigation to understand the drivers behind potentially diminishing returns on asset investments. Overall, the financial data depicts a company growing in scale at both the sales and asset levels, with asset efficiency maintained within a stable range.
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 | Dec 31, 2014 | Sep 30, 2014 | Jun 30, 2014 | Mar 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-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), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31).
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.
The analysis of the financial data reveals several notable trends in company performance across the reported periods.
- Net Product Sales
- Net product sales exhibited an overall upward trajectory from March 31, 2014, to September 30, 2019. Starting at US$1,708 million in early 2014, sales consistently increased with minor fluctuations, reaching US$4,518 million by the third quarter of 2019. The growth accelerated particularly after 2015, with several quarters reflecting double-digit increases, suggesting a strengthening market demand or effective sales strategies. Despite occasional quarter-to-quarter variations, the general pattern indicates a robust expansion in product sales over the period.
- Stockholders’ Equity
- Stockholders’ equity demonstrated a more volatile pattern compared to net product sales. It initially rose from US$4,485 million in March 2014 to peak at US$9,850 million by September 2017. Following this peak, equity declined sharply to US$3,430 million by June 2018, indicating potential share repurchases, dividends, losses, or other capital structure adjustments. However, after this trough, equity rebounded substantially, rising to US$12,087 million by September 2019, the highest value on record, reflecting a strong recovery or significant capital infusion during the latter part of the timeframe.
- Equity Turnover Ratio
- Equity turnover shows the relationship between net sales and stockholders’ equity and is available from late 2014 onwards. The ratio generally increased from 1.16 to a peak of 4.11 by September 2018, indicating enhanced efficiency in the use of equity to generate sales. This trend points to improved utilization of equity capital in revenue generation. After peaking, the turnover declined steadily to 1.4 by the third quarter of 2019. This reduction signals a relative increase in equity compared to sales growth or a moderation in sales efficiency per unit of equity.
In summary, the company demonstrated strong growth in net product sales with a more fluctuating pattern in stockholders’ equity. The equity turnover ratio's rise and subsequent decline reflect changing efficiency in equity utilization, likely influenced by the volatility in equity levels. Overall, the data suggests an expanding business supported by variable but recovering equity capitalization and changing capital efficiency dynamics.