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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 19, 2025

BioMarin Pharmaceutical Inc.
(Exact name of registrant as specified in its charter)
Delaware
000-26727
68-0397820
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
770 Lindaro Street
San Rafael
California
94901
(Address of Principal Executive Offices)
(Zip Code)
(415) 506-6700
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001BMRNThe Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition.

On February 19, 2025, BioMarin Pharmaceutical Inc. (the Company) announced financial results for its fourth quarter ended December 31, 2024. The Company’s press release issued on February 19, 2025 is attached hereto as Exhibit 99.1 and is incorporated by reference herein.

The information in this Form 8-K, including in the press release furnished as Exhibit 99.1 hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities under that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended (the Securities Act), nor shall it be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, whether made before or after the date hereof, regardless of any general incorporation language in such filing.


Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.
Exhibit NumberDescription
Press Release of the Company dated February 19, 2025
104Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

BioMarin Pharmaceutical Inc.,
a Delaware corporation
Date: February 19, 2025
By:/s/ G. Eric Davis
G. Eric Davis
Executive Vice President, Chief Legal Officer


Exhibit 99.1


    




bmrnlogoa01.jpg

Contact:
Investors:Media:
Traci McCartyMarni Kottle
BioMarin Pharmaceutical Inc.BioMarin Pharmaceutical Inc.
(415) 455-7558(650) 374-2803



BioMarin Reports Fourth Quarter and Full Year 2024 Results; Sets Full Year 2025 Guidance
Strong Execution and Operational Transformation in 2024 Delivered Record Full Year Results and Provides Momentum for Double-Digit Revenue and Profitability Growth in 2025
4Q 2024 Total Revenues of $747 million (+16% Y/Y and +21% at Constant Currency Y/Y); FY 2024 Total Revenues of $2.85 billion (+18% Y/Y and +22% at Constant Currency Y/Y)
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET

SAN RAFAEL, Calif., February 19, 2025 – BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the fourth quarter and full year ended December 31, 2024.
“Our operational transformation and strong financial execution in 2024 is the first step in BioMarin’s ambitious multiyear growth plan,” said Alexander Hardy, President and Chief Executive Officer of BioMarin. “We begin 2025 ready to build on our leadership in treating genetically defined conditions and deliver breakthrough medicines to the patients we serve. This year, we expect a number of innovative pipeline candidates to advance, including BMN 351 for Duchenne Muscular Dystrophy, and BMN 333 for multiple skeletal conditions, that will yield early clinical data read-outs, as well as results from the Phase 3 PALYNZIQ® study for the treatment of adolescents with phenylketonuria between the ages of 12 and 17. We plan to submit applications to expand the age eligibility in the United States and Europe in the second half of 2025, should the PALYNZIQ data be supportive.”

Mr. Hardy continued, “We expect 2025 to be another year of strong execution and growth in our Skeletal Conditions business unit, led by the continued global expansion of VOXZOGO for achondroplasia. Across our Enzyme Therapies, we are implementing new initiatives to reach an even greater number of patients around the world. In addition to this commercial performance, we intend to execute on our business development strategy as well as advance five new VOXZOGO indications within our CANOPY clinical program. In summary, we expect continued high performance as we benefit from BioMarin’s revamped corporate strategy and operating model in 2025 and beyond.”







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Fourth Quarter Financial Highlights:
•Total Revenues for the fourth quarter of 2024 were $747 million, an increase of 16%, compared to the same period in 2023, driven by strong VOXZOGO contributions from new patient starts in all regions. In the quarter, revenues from BioMarin’s Enzyme Therapies (ALDURAZYME®, BRINEURA®, NAGLAZYME®, PALYNZIQ and VIMIZIM®) increased 9% compared to the fourth quarter of 2023. The increase in revenues from Enzyme Therapies was driven by a combination of increased patient demand in all regions and the timing of large government orders in certain regions outside the U.S.

•GAAP Net Income increased by $105 million to $125 million in the fourth quarter of 2024 compared to the same period in 2023. The increase was primarily due to higher gross profit driven by the factors noted above and reduced research and development (R&D) spend on terminated programs following the company’s strategic portfolio review. The increase was partially offset by higher spend in Selling, General and Administrative (SG&A), primarily due to increased bad debt expense.

•Non-GAAP Income increased by $85 million to $180 million in the fourth quarter of 2024 compared to the same period in 2023. The increase in Non-GAAP Income was primarily due to the factors noted above.

Fourth Quarter and Full-year 2024 Highlights and 2025 Outlook

Innovation
•Skeletal Conditions: Recently published data highlight the importance of early treatment with VOXZOGO. As published in the December 2024 issue of MED, VOXZOGO contributes to benefits beyond height, a key area of focus for caregivers and health care professionals. With three years of follow-up, VOXZOGO-treated children had statistically significant improvements in body proportionality compared with untreated children of the same age range and gender. VOXZOGO is the only treatment for achondroplasia to have demonstrated, and been published in a peer-reviewed journal, statistically significant improvement in proportionality versus an untreated control arm.

•In January 2025, new international treatment guidelines were published in the journal Nature Reviews Endocrinology recommending early screening for achondroplasia followed by VOXZOGO treatment soon after diagnosis to provide children with the maximal opportunity for clinical benefit. These guidelines are expected to provide health care professionals and families confidence in VOXZOGO as the treatment of choice when making the important decision to pursue therapy, from infancy, for children with achondroplasia.

•Also in January 2025, dosing was initiated for the first-in-human study with BMN 333, a long-acting C-type natriuretic peptide (CNP). Initial pharmacokinetic (PK) data is expected by year-end 2025, with detailed data to be presented at a scientific conference in the first half of 2026. BioMarin is encouraged by the pre-clinical profile of BMN 333 in non-human primates, where sustained 100 pM concentrations for free CNP were observed, representing an approximate 2-3 fold increase versus published data in an analogous pre-clinical model for other long-acting CNP analogs.

•During the quarter, BioMarin also advanced development across its CANOPY clinical program with VOXZOGO in hypochondroplasia, idiopathic short stature, Noonan syndrome, Turner syndrome, and SHOX deficiency. The pivotal study in hypochondroplasia is expected to complete enrollment in the first half of 2025 and remains on track to launch in 2027.

•Other Clinical Pipeline Programs: BioMarin’s next generation oligonucleotide for Duchenne Muscular Dystrophy, BMN 351, is expected to report initial proof-of-concept data at a scientific congress in the second half of 2025 (including muscle dystrophin levels after 25 weeks of dosing). Results from the phase 3 study with PALYNZIQ in adolescents ages 12-17 are expected in mid-2025 to support potential submissions for age label expansions in the U.S. and Europe in the second half of the year. With BMN 349, an oral therapeutic for Alpha-1 antitrypsin deficiency (AATD)-associated liver disease, the single-ascending dose (SAD) phase of the first-in-human study is complete and dosing in the multiple-ascending dose (MAD) phase of the study began in December 2024.


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Growth
•In 2024, strong global demand drove 42% fourth quarter growth and 56% full-year growth for VOXZOGO revenues, compared to the same periods in 2023. VOXZOGO's extensive safety and efficacy profile led more families to begin therapeutic intervention early to potentially improve craniofacial volume, foramen magnum area, body proportionality and quality of life, in addition to durable increases in growth velocity. As of the end of 2024, 47 countries were contributing to VOXZOGO’s global revenues, and the company expects VOXZOGO to be available in more than 60 countries by 2027. With its expected growth trajectory, VOXZOGO is on track to achieve a revenue compound annual growth rate (CAGR) exceeding 25% for the period 2023 - 2027.

•To provide additional insight into the dynamics of VOXZOGO’s ongoing global expansion, today BioMarin provided the percentage of actual total VOXZOGO revenues split between the U.S. and the combined contributions from outside of the U.S. (OUS). In fourth quarter 2024, VOXZOGO global revenues were $208 million, including a 26% contribution from the U.S. and a 74% contribution from OUS. In the full year 2024, VOXZOGO global revenues were $735 million, including a 24% contribution from the U.S. and a 76% contribution from OUS.

•In the U.S., the largest single market opportunity for achondroplasia, the majority of new patient starts in the quarter were for children under the age of 5 years. In 2025, launch momentum across the U.S. is expected to contribute meaningfully to the continued global expansion of VOXZOGO across all ages from infancy.

•Enzyme Therapies continue to be a significant driver of growth, with revenues increasing 9% in the fourth quarter and 12% for the full-year 2024, compared to the same periods in 2023. 2024 benefited from the timing of ALDURAZYME orders, resulting in 40% Y/Y revenue growth in ALDURAZYME. Enzyme Therapies excluding ALDURAZYME contributed 10% Y/Y growth in full year 2024. Double-digit increases in PALYNZIQ revenue throughout 2024, and solid growth from BioMarin’s other enzyme treatments are expected to continue into 2025, with Enzyme Therapies on track toward its long-term growth outlook of high single-digit CAGR.

Value Commitment

•In 2024, BioMarin delivered record performance across the business. Total revenues for the full-year 2024 grew 18%. BioMarin’s full-year GAAP Operating Margin of 17.0% expanded 9.3 percentage points Y/Y while GAAP Diluted EPS of $2.21 increased 154% Y/Y. Full-year Non-GAAP Operating Margin of 28.6% expanded 9.2 percentage points Y/Y while Non-GAAP Diluted EPS of $3.52 increased 69% Y/Y. These measures of profitability increased at rates faster than revenue growth, representing the company’s focus on operational efficiency.

•In 2025, the company will continue to implement additional components of the $500 million cost transformation program announced in September of 2024, with full realization of benefits expected in 2026. This ongoing integration of efficiencies in 2025 is expected to enable BioMarin to realize 40% Non-GAAP Operating Margin in 2026.

•In 2025, full year Total Revenues guidance represents 10% Y/Y growth at the mid-point, expected to be driven by VOXZOGO’s continued global expansion and solid demand across Enzyme Therapies. The company is on track to deliver its previously targeted Total Revenues of approximately $4 billion in 2027. Non-GAAP Operating Margin is expected to grow 14% (3.9 percentage points) Y/Y at the mid-point of guidance and Non-GAAP Diluted EPS is expected to increase 22% Y/Y at the mid-point of guidance, as a result of continued strong commercial execution and focus on operational efficiencies across the business.

•The company generated operating cash flows totaling $573 million in full year 2024, an increase of 260% compared to full year 2023. Total cash and investments at the end of the fourth quarter were approximately $1.7 billion, and with anticipated increasing profitability, BioMarin is positioned to generate increasing operating cash flow into the future, targeting more than $1.25 billion operating cash flows per year starting in 2027.

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Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
20242023% Change20242023% Change
Total Revenues$747$64616%$2,854$2,41918%
Net Product Revenues by Product:
VOXZOGO$208$14642%$735$47056%
Enzyme Therapies:
VIMIZIM$191$1769%$740$7016%
NAGLAZYME1109812%48042014%
PALYNZIQ1008814%35530417%
BRINEURA48449%1691624%
ALDURAZYME3943(9)%18413140%
Total Enzyme Therapies Revenue$488$4499%$1,928$1,71812%
KUVAN$28$37(24)%$121$181(33)%
ROCTAVIAN®
$11$3267%$26$3767%
GAAP Net Income$125$20525%$427$168154%
Non-GAAP Income (1)
$180$9589%$686$40569%
GAAP Operating Margin % (2)
21.6%4.2%17.0%7.7%
Non-GAAP Operating Margin % (1)
31.1%17.2%28.6%19.4%
GAAP Diluted Earnings per Share (EPS)$0.64$0.11482%$2.21$0.87154%
Non-GAAP Diluted EPS (1)
$0.92$0.4988%$3.52$2.0869%
December 31,
2024		December 31,
2023
Total cash, cash equivalents & investments$1,659 $1,685 
(1)    Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP.
(2)     GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues.

4

Forward-Looking Non-GAAP Financial Information
BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.

2025 Full-Year Financial Guidance (in millions, except % and EPS amounts)
Item
2025 Guidance
Total Revenues (1)
$3,100to$3,200
Non-GAAP Operating Margin % (2)
32%to33%
Non-GAAP Diluted EPS (2)(3)
$4.20to$4.40
(1)    VOXZOGO contribution to full-year 2025 Total Revenues expected to be in the range of $900 million to $950 million.
(2)    Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Operating Margin and Non-GAAP Diluted EPS.
(3)    Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.

BioMarin will host a conference call and webcast to discuss fourth quarter and full-year 2024 financial results today, Wednesday, February 19, 2025, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
U.S./Canada Dial-in Number: 800-715-9871Replay Dial-in Number: 800-770-2030
International Dial-in Number: 646-307-1963
Replay International Dial-in Number: 609-800-9909
Conference ID: 1878833
Conference ID: 1878833
About BioMarin
BioMarin is a global biotechnology company dedicated to translating the promise of genetic discovery into medicines that make a profound impact on the life of each patient. The San Rafael, California-based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin pursues treatments that offer new possibilities for patients and families around the world navigating rare or difficult to treat genetic conditions. To learn more, please visit www.biomarin.com. 

5

Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS and Operating Cash Flow for, in certain instances, the full-year 2025 and future periods, as well as double-digit revenue and profitability growth in 2025, and the underlying drivers of those results, such as the revenue opportunity represented by treatments for Skeletal Conditions, namely VOXZOGO, the expected demand and continued growth potential of BioMarin’s Enzyme Therapies portfolio, including PALYNZIQ, and the expectation regarding the full realization of the benefits of BioMarin’s cost transformation program and the integration of efficiencies; plans regarding BioMarin’s revamped corporate strategy and operating model in 2025 and beyond, including expected growth in the Skeletal Conditions business unit and execution of BioMarin’s business development strategy, and its anticipated benefits; expectations regarding the Revenue Compound Annual Growth Rate (CAGR) of VOXZOGO and Enzyme Therapies for future periods; the timing of orders for commercial products; BioMarin’s ability to meet product demand; the timing of BioMarin’s clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin’s product candidates and commercial products, including (i) expected advancements of pipeline candidates, including BMN 333, BMN 349 and BMN 351, and expected early clinical data read-outs in 2025 for BMN 333 and BMN 351; (ii) expected results from Phase 3 PALYNZIQ study for the treatment of adolescents with phenylketonuria between the ages of 12 and 17 in 2025 and plans to submit applications to expand age eligibility in the U.S. and Europe in the second half of 2025; (iii) plans for the pivotal study in hypochondroplasia to complete enrollment in the first half of 2025 and launch in 2027; (iv) the expectations regarding global expansion of VOXZOGO and that VOXZOGO will be available in more than 60 countries by 2027; (v) plans to advance five new VOXZOGO indications with BioMarin’s CANOPY clinical program; and (vi) plans to reach greater number of patients around the world across BioMarin’s Enzyme Therapies; the expected benefits and availability of BioMarin’s commercial products and product candidates; and potential growth opportunities and trends.

These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin’s success in the commercialization of its commercial products; impacts of macroeconomic and other external factors on BioMarin’s operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin’s ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the Food and Drug Administration, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin’s commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, ROCTAVIAN®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
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BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three and Twelve Months Ended December 31, 2024 and 2023
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
REVENUES:
Net product revenues$735,634 $633,148 $2,809,445 $2,372,538 
Royalty and other revenues11,679 13,059 44,470 46,688 
Total revenues747,313 646,207 2,853,915 2,419,226 
OPERATING EXPENSES:
Cost of sales 136,139 137,930 580,235 532,062 
Research and development173,509 206,250 747,184 746,773 
Selling, general and administrative266,607 259,512 1,009,025 892,406 
Intangible asset amortization9,651 15,236 43,257 62,211 
Gain on sale of nonfinancial assets— — (10,000)— 
Total operating expenses585,906 618,928 2,369,701 2,233,452 
INCOME FROM OPERATIONS161,407 27,279 484,214 185,774 
Interest income17,680 18,044 74,883 58,339 
Interest expense(2,577)(6,098)(12,666)(17,335)
Other expense, net(6,871)(19,898)(4,668)(38,215)
INCOME BEFORE INCOME TAXES169,639 19,327 541,763 188,563 
Provision for (benefit from) income taxes44,696 (1,048)114,904 20,918 
NET INCOME$124,943 $20,375 $426,859 $167,645 
EARNINGS PER SHARE, BASIC$0.66 $0.11 $2.25 $0.89 
EARNINGS PER SHARE, DILUTED$0.64 $0.11 $2.21 $0.87 
Weighted average common shares outstanding, basic190,688 188,479 190,027 187,834 
Weighted average common shares outstanding, diluted196,581 191,838 196,708 191,595 

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BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2024 and 2023
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
December 31, 2024December 31, 2023 ⁽¹⁾
ASSETS
Current assets:
Cash and cash equivalents$942,842 $755,127 
Short-term investments194,864 318,683 
Accounts receivable, net660,535 633,704 
Inventory1,232,653 1,107,183 
Other current assets201,533 141,391 
Total current assets3,232,427 2,956,088 
Noncurrent assets:
Long-term investments521,238 611,135 
Property, plant and equipment, net1,043,041 1,066,133 
Intangible assets, net255,278 294,701 
Goodwill196,199 196,199 
Deferred tax assets1,489,366 1,545,809 
Other assets251,391 171,538 
Total assets$6,988,940 $6,841,603 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$606,988 $683,147 
Short-term convertible debt, net— 493,877 
Total current liabilities606,988 1,177,024 
Noncurrent liabilities:
Long-term convertible debt, net595,138 593,095 
Other long-term liabilities128,824 119,935 
Total liabilities1,330,950 1,890,054 
Stockholders’ equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 190,761,349 and 188,598,154 shares issued and outstanding, respectively
191 189 
Additional paid-in capital5,802,068 5,611,562 
Company common stock held by the Nonqualified Deferred Compensation Plan(11,227)(9,860)
Accumulated other comprehensive income (loss)61,653 (28,788)
Accumulated deficit(194,695)(621,554)
Total stockholders’ equity5,657,990 4,951,549 
Total liabilities and stockholders’ equity$6,988,940 $6,841,603 
(1)    December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 26, 2024.
8

BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended December 31, 2024 and 2023
(In thousands of U.S. dollars)
(Unaudited)

Twelve Months Ended December 31,
20242023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$426,859 $167,645 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization96,426 104,386 
Non-cash interest expense3,359 4,188 
Amortization of premium (accretion of discount) on investments(8,345)(9,228)
Stock-based compensation201,571 207,099 
Gain on sale of nonfinancial assets(10,000)— 
Impairment of assets and other non-cash adjustments19,889 38,608 
Deferred income taxes56,096 (44,981)
Unrealized foreign exchange loss (gain)(16,753)28,446 
Other20,135 (365)
Changes in operating assets and liabilities:
Accounts receivable, net(57,909)(190,435)
Inventory(63,530)(157,058)
Other current assets(3,778)(50,335)
Other assets(73,700)(31,149)
Accounts payable and other short-term liabilities(32,240)68,853 
Other long-term liabilities14,761 23,585 
Net cash provided by operating activities572,841 159,259 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(85,424)(96,691)
Maturities and sales of investments633,018 864,863 
Purchases of investments(410,250)(868,496)
Proceeds from sale of nonfinancial assets10,000 — 
Purchase of intangible assets(11,994)(10,920)
Other1,141 — 
Net cash provided by (used in) investing activities136,491 (111,244)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans49,277 69,353 
Taxes paid related to net share settlement of equity awards(77,560)(76,319)
Repayments of convertible debt(494,987)— 
Payments of contingent consideration— (9,475)
Other(3,177)(2,286)
Net cash used in financing activities(526,447)(18,727)
Effect of exchange rate changes on cash4,830 1,308 
NET INCREASE IN CASH AND CASH EQUIVALENTS187,715 30,596 
Cash and cash equivalents:
Beginning of period$755,127 $724,531 
End of period$942,842 $755,127 

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Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP R&D expenses and Non-GAAP SG&A expenses are defined by the company as GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company’s equity plans and convertible debt in periods when they are dilutive under Non-GAAP. The company’s presentation of percentage changes in total revenues at Constant Currency rates, which is computed using current period local currency sales at the prior period’s foreign exchange rates, is also a Non-GAAP financial measure. This measure provides information about growth (or declines) in the company’s total revenue as if foreign currency exchange rates had not changed between the prior period and the current period.
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP R&D expenses, Non-GAAP SG&A expenses, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS, Non-GAAP Weighted-Average Diluted Shares Outstanding and Constant Currency are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin’s GAAP information enhances investors’ and analysts’ ability to meaningfully compare the company’s results from period to period and to its forward-looking guidance, and to identify operating trends in the company’s principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company’s results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
10

Reconciliation of GAAP Reported Information to Non-GAAP Information (1)
(In millions of U.S. dollars, except per share data)
(unaudited)
Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
GAAP Reported Net Income$125 $20 $427 $168 
Adjustments
Stock-based compensation expense - COS3 5 15 18 
Stock-based compensation expense - R&D14 16 60 66 
Stock-based compensation expense - SG&A34 34 127 124 
Amortization of intangible assets10 15 43 62 
Gain on sale of nonfinancial assets (2)
— — (10)— 
Severance and restructuring costs (3)
10 — 96 (1)
Asset impairments (4)
— 14 — 14 
Loss on investments (5)
— 12 5 25 
Income tax effect of adjustments(16)(21)(76)(70)
Non-GAAP Income$180 $95 $686 $405 


Three Months Ended
December 31,		Twelve Months Ended
December 31,
20242024
Dollar
Percentage
Dollar
Percentage
GAAP Change in Total Revenues
$101 16 %$435 18 %
Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars
33 108 
Non-GAAP change in Total Revenues at Constant Currency
$134 21 %$543 22 %


Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
R&DSG&AR&DSG&AR&DSG&AR&DSG&A
GAAP expenses$174 $267 $206 $260 $747 $1,009 $747 $892 
Adjustments
Stock-based compensation expense(14)(34)(16)(34)(60)(127)(66)(124)
Severance and restructuring costs (3)
— (10)— — — (96)— — 
Asset impairments (4)
— — — (14)— — — (14)
Non-GAAP expenses$159 $222 $190 $212 $688 $786 $681 $755 

11

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024Percent of GAAP Total Revenue2023Percent of GAAP Total Revenue2024Percent of GAAP Total Revenue2023Percent of GAAP Total Revenue
GAAP Income from Operations$161 21.6 %$27 4.2 %$484 17.0 %$186 7.7 %
Adjustments
Stock-based compensation expense51 6.8 55 8.5 202 7.1 207 8.6 
Amortization of intangible assets10 1.3 15 2.3 43 1.5 62 2.6 
Gain on sale of nonfinancial assets (2)
— — — — (10)(0.4)— — 
Severance and restructuring costs (3)
10 1.3 — — 96 3.4 (1)— 
Asset impairments (4)
— — 14 2.2 — — 14 0.6 
Non-GAAP Income from Operations$232 31.1 %$111 17.2 %$815 28.6 %$469 19.4 %


Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
GAAP Diluted EPS$0.64 $0.11 $2.21 $0.87 
Adjustments
Stock-based compensation expense0.26 0.27 1.03 1.04 
Amortization of intangible assets0.05 0.08 0.22 0.31 
Gain on sale of nonfinancial assets (2)
— — (0.05)— 
Severance and restructuring costs (3)
0.05 — 0.49 — 
Asset impairments (4)
— 0.07 — 0.07 
Loss on investments (5)
— 0.06 0.03 0.12 
Income tax effect of adjustments(0.08)(0.10)(0.39)(0.33)
Non-GAAP Diluted EPS$0.92 $0.49 $3.52 $2.08 
    
(1)    Certain amounts may not sum or recalculate due to rounding.
(2)     Represents a payment triggered by a third party's attainment of a regulatory approval milestone related to previously sold intangible assets.
(3)    These amounts were included in SG&A and represent severance and restructuring costs related to the company's 2024 portfolio strategy review and the associated organizational redesign efforts announced in the second and third quarters of 2024. These amounts also include impairments of certain right-of-use and fixed assets.
(4)     Represents the write-off of capitalized tooling and fixed assets in SG&A associated with the company’s decision to cease development of the first generation VOXZOGO pen device in the fourth quarter of 2023.
(5)    The current period represents a downward adjustment to non-marketable equity securities recorded in Other income (expense), net in the first quarter of 2024. The prior year represents the impairment losses on an investment in non-marketable equity securities and a convertible note recorded in Other expense, net in the first and fourth quarter of 2023, respectively.

Three Months Ended
December 31,		Twelve Months Ended
December 31,
2024202320242023
GAAP Weighted-Average Diluted Shares Outstanding196.6 191.8 196.7 191.6 
Adjustments
Common stock issuable under the company’s convertible debt (1)
— 8.4 — 8.4 
Non-GAAP Weighted-Average Diluted Shares Outstanding196.6 200.2 196.7 200.0 
12

(1)     Common stock issuable under the company’s convertible debt was excluded from the computation of GAAP Weighted-Average Diluted Shares Outstanding when they were anti-dilutive. If converted, for the prior year comparative period, the company would have issued approximately 4.4 million shares under the convertible notes due in 2027 and 4 million shares under the convertible notes that matured on August 1, 2024.

13
v3.25.0.1
Document and Entity Information Document
Feb. 19, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 19, 2025
Entity Registrant Name BioMarin Pharmaceutical Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 000-26727
Entity Tax Identification Number 68-0397820
Entity Address, Address Line One 770 Lindaro Street
Entity Address, City or Town San Rafael
Entity Address, State or Province CA
Entity Address, Postal Zip Code 94901
City Area Code 415
Local Phone Number 506-6700
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, par value $0.001
Trading Symbol BMRN
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001048477
BioMarin Pharmaceutical (NASDAQ:BMRN)
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