Celgene Corp. (CELG, Financial) filed Quarterly Report for the period ended 2012-09-30.
Celgene Corporation has a market cap of $32.44 billion; its shares were traded at around $75.2 with a P/E ratio of 17.7 and P/S ratio of 6.7.
Total net product sales for the three-month period ended September 30, 2012 increased by $168.9 million, or 13.9%, to $1.388 billion compared to the three-month period ended September 30, 2011. The increase was comprised of net volume increases of $123.3 million, price increases of $67.8 million and the unfavorable impact from foreign exchange of $22.2 million. The increase in price was primarily due to price increases on REVLIMID® and VIDAZA® in the U.S. market, partly offset by reductions in other markets, mainly in Europe.
Cost of goods sold (excluding amortization of acquired intangible assets): Cost of goods sold (excluding amortization of acquired intangible assets) decreased by $20.0 million to $74.6 million for the three-month period ended September 30, 2012 compared to the three-month period ended September 30, 2011. The decrease was partly due to a $2.9 million decrease in royalties related to a certain product to be divested. In addition, the three-month period ended September 30, 2011 included a $6.9 million inventory step-up amortization adjustment related to sales of ABRAXANE® and approximately $6.0 million in charges related to a certain manufacturing agreement and a product specific inventory adjustment not repeated in the 2012 quarter. These items were partly offset by an increase in 2012 material costs resulting from a higher level of sales activity. As a percent of net product sales, cost of goods sold (excluding amortization of acquired intangible assets) decreased to 5.4% in the three-month period ended September 30, 2012 compared to 7.8% for the three-month period ended September 30, 2011. Excluding the inventory step-up amortization for ABRAXANE®, the cost of goods sold ratio for the three-month period ended September 30, 2011 was 7.2%. The cost of goods sold ratio for 2012 was also favorably impacted by product mix, as lower cost products made up a larger portion of total net sales.
Total revenue increased by $501.1 million, or 14.1%, to $4.059 billion for the nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011, reflecting increases of $239.3 million, or 11.4%, in the United States, and $261.8 million, or 17.9%, in international markets.
Cost of goods sold (excluding amortization of acquired intangible assets): Cost of goods sold (excluding amortization of acquired intangible assets) decreased by $129.4 million to $219.0 million for the nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011. The decrease was primarily due to the 2011 nine-month period inclusion of a $90.3 million inventory step-up amortization adjustment related to sales of ABRAXANE®, an aggregate $13.2 million in costs related to the sale of non-core Abraxis products which were divested in April 2011 and a $14.8 million higher allocation of prepaid royalties related to sales of VIDAZA®. These items were partly offset by an increase in 2012 material costs resulting from a higher level of sales activity. As a percent of net product sales, cost of goods sold (excluding amortization of acquired intangible assets) decreased to 5.5% in the nine-month period ended September 30, 2012 compared to 10.1% for the nine-month period ended September 30, 2011. Excluding the inventory step-up amortization for ABRAXANE®, the cost of goods sold ratio for the nine-month period ended September 30, 2011 was 7.5%. The cost of goods sold ratio for the nine-month period ended September 30, 2012 was favorably impacted by 0.4% from a reduction in royalties due to the expiration of U.S. patents for VIDAZA® and lower cost products comprising a larger portion of total net sales.
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Celgene Corporation has a market cap of $32.44 billion; its shares were traded at around $75.2 with a P/E ratio of 17.7 and P/S ratio of 6.7.
Highlight of Business Operations:
Total revenue increased by $169.5 million, or 13.6%, to $1.419 billion for the three-month period ended September 30, 2012 compared to the three-month period ended September 30, 2011, reflecting increases of $75.3 million, or 10.4%, in the United States, and $94.2 million, or 18.0%, in international markets.Total net product sales for the three-month period ended September 30, 2012 increased by $168.9 million, or 13.9%, to $1.388 billion compared to the three-month period ended September 30, 2011. The increase was comprised of net volume increases of $123.3 million, price increases of $67.8 million and the unfavorable impact from foreign exchange of $22.2 million. The increase in price was primarily due to price increases on REVLIMID® and VIDAZA® in the U.S. market, partly offset by reductions in other markets, mainly in Europe.
Cost of goods sold (excluding amortization of acquired intangible assets): Cost of goods sold (excluding amortization of acquired intangible assets) decreased by $20.0 million to $74.6 million for the three-month period ended September 30, 2012 compared to the three-month period ended September 30, 2011. The decrease was partly due to a $2.9 million decrease in royalties related to a certain product to be divested. In addition, the three-month period ended September 30, 2011 included a $6.9 million inventory step-up amortization adjustment related to sales of ABRAXANE® and approximately $6.0 million in charges related to a certain manufacturing agreement and a product specific inventory adjustment not repeated in the 2012 quarter. These items were partly offset by an increase in 2012 material costs resulting from a higher level of sales activity. As a percent of net product sales, cost of goods sold (excluding amortization of acquired intangible assets) decreased to 5.4% in the three-month period ended September 30, 2012 compared to 7.8% for the three-month period ended September 30, 2011. Excluding the inventory step-up amortization for ABRAXANE®, the cost of goods sold ratio for the three-month period ended September 30, 2011 was 7.2%. The cost of goods sold ratio for 2012 was also favorably impacted by product mix, as lower cost products made up a larger portion of total net sales.
Total revenue increased by $501.1 million, or 14.1%, to $4.059 billion for the nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011, reflecting increases of $239.3 million, or 11.4%, in the United States, and $261.8 million, or 17.9%, in international markets.
Cost of goods sold (excluding amortization of acquired intangible assets): Cost of goods sold (excluding amortization of acquired intangible assets) decreased by $129.4 million to $219.0 million for the nine-month period ended September 30, 2012 compared to the nine-month period ended September 30, 2011. The decrease was primarily due to the 2011 nine-month period inclusion of a $90.3 million inventory step-up amortization adjustment related to sales of ABRAXANE®, an aggregate $13.2 million in costs related to the sale of non-core Abraxis products which were divested in April 2011 and a $14.8 million higher allocation of prepaid royalties related to sales of VIDAZA®. These items were partly offset by an increase in 2012 material costs resulting from a higher level of sales activity. As a percent of net product sales, cost of goods sold (excluding amortization of acquired intangible assets) decreased to 5.5% in the nine-month period ended September 30, 2012 compared to 10.1% for the nine-month period ended September 30, 2011. Excluding the inventory step-up amortization for ABRAXANE®, the cost of goods sold ratio for the nine-month period ended September 30, 2011 was 7.5%. The cost of goods sold ratio for the nine-month period ended September 30, 2012 was favorably impacted by 0.4% from a reduction in royalties due to the expiration of U.S. patents for VIDAZA® and lower cost products comprising a larger portion of total net sales.
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