Celgene Corp., current enterprise value calculation

Current share price (P)	$108.03
No. shares of common stock outstanding	711,714,480
US$ in millions
Common equity (market value)¹	76,887)
Add: Preferred stock, $.01 par value per share; none outstanding (per books)	—)
Total equity	76,887)
Add: Short-term borrowings and current portion of long-term debt (per books)	501)
Add: Long-term debt, net of discount, excluding current portion (per books)	19,769)
Total equity and debt	97,157)
Less: Cash and cash equivalents	4,234)
Less: Debt securities available-for-sale	496)
Less: Equity investments with readily determinable fair values	1,312)
Less: Marketable securities available-for-sale	—)
Enterprise value (EV)	91,115)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 108.03 × 711,714,480

Celgene Corp., EV calculation

	Dec 31, 2018	Dec 31, 2017	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014
Share price^1, 2	$89.71	$95.16	$115.61	$99.59	$123.43
No. shares of common stock outstanding¹	702,164,345	752,175,608	777,966,471	781,664,535	800,590,656
US$ in millions
Common equity (market value)³	62,991)	71,577)	89,941)	77,846)	98,817)
Add: Preferred stock, $.01 par value per share; none outstanding (book value)	—)	—)	—)	—)	—)
Total equity	62,991)	71,577)	89,941)	77,846)	98,817)
Add: Short-term borrowings and current portion of long-term debt (book value)	501)	—)	501)	—)	606)
Add: Long-term debt, net of discount, excluding current portion (book value)	19,769)	15,838)	13,789)	14,250)	6,266)
Total equity and debt	83,261)	87,415)	104,230)	92,096)	105,689)
Less: Cash and cash equivalents	4,234)	7,013)	6,170)	4,880)	4,122)
Less: Debt securities available-for-sale	496)	3,219)	—)	—)	—)
Less: Equity investments with readily determinable fair values	1,312)	1,810)	—)	—)	—)
Less: Marketable securities available-for-sale	—)	—)	1,800)	1,672)	3,425)
Enterprise value (EV)	77,219)	75,373)	96,260)	85,544)	98,142)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Celgene Corp. Annual Report.

³ 2018 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 89.71 × 702,164,345

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Celgene Corp. EV decreased from 2016 to 2017 but then slightly increased from 2017 to 2018.

Celgene Corp. (NASDAQ:CELG)

Enterprise Value (EV)