BioMarin Pharmaceutical Inc. Files 10-Q for Q1 2024

TL;DR

<b>BioMarin Pharmaceutical Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and business operations.</b>

AI Summary

BIOMARIN PHARMACEUTICAL INC (BMRN) filed a Quarterly Report (10-Q) with the SEC on April 26, 2024. BioMarin Pharmaceutical Inc. reported its Q1 2024 results on April 26, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31st. The filing is a 10-Q, indicating a quarterly report. The company's principal executive offices are located in Novato, California.

Why It Matters

For investors and stakeholders tracking BIOMARIN PHARMACEUTICAL INC, this filing contains several important signals. This 10-Q filing provides investors with an updated view of BioMarin's financial health and operational progress for the first quarter of 2024. Key financial data and disclosures within this report are crucial for understanding the company's current standing and future prospects in the pharmaceutical sector.

Risk Assessment

Risk Level: low — BIOMARIN PHARMACEUTICAL INC shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant negative developments, indicating a routine disclosure.

Analyst Insight

Monitor future filings for revenue growth, net income trends, and updates on product development pipelines to assess BioMarin's ongoing performance.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period of Report (Quarterly report end date)
• 2024-01-01 — Quarterly report start date (Q1 2024)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period)

Key Players & Entities

• BIOMARIN PHARMACEUTICAL INC (company) — Filer name
• BMRN (company) — Ticker symbol
• 10-Q (regulator) — Form type
• 20240331 (date) — Period of report
• 20240426 (date) — Filing date
• Novato, CA (location) — Business address
• 4155066700 (phone) — Business phone
• 2834 (industry) — Standard Industrial Classification

FAQ

Industry Context

BioMarin Pharmaceutical Inc. operates in the pharmaceutical industry, focusing on developing and commercializing therapies for rare genetic diseases.

Regulatory Implications

As a publicly traded company, BioMarin Pharmaceutical Inc. is subject to SEC regulations and reporting requirements, including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements, including revenue, net income, and cash flow.
2. Analyze management's discussion and analysis (MD&A) for insights into business performance and future outlook.
3. Examine any disclosed risk factors and their potential impact on the company's operations and financial results.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-04-26: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, following the 2023 annual report (10-K).

Key Financial Figures

• $0.001 B — ich registered Common Stock, par value $0.001 BMRN The Nasdaq Global Select Market __
• $0 — 9,803 shares of common stock, par value $0.001, outstanding as of April 22, 2024.

Filing Documents

• bmrn-20240331.htm (10-Q) — 1260KB
• bmrn-exx101xq12024.htm (EX-10.1) — 15KB
• bmrn-exx181xq12024.htm (EX-18.1) — 8KB
• bmrn-exx311xq12024.htm (EX-31.1) — 9KB
• bmrn-exx312xq12024.htm (EX-31.2) — 9KB
• bmrn-exx321xq12024.htm (EX-32.1) — 5KB
• image.jpg (GRAPHIC) — 2KB
• image1.jpg (GRAPHIC) — 5KB
• 0001048477-24-000070.txt (&nbsp;) — 6382KB
• bmrn-20240331.xsd (EX-101.SCH) — 42KB
• bmrn-20240331_cal.xml (EX-101.CAL) — 70KB
• bmrn-20240331_def.xml (EX-101.DEF) — 206KB
• bmrn-20240331_lab.xml (EX-101.LAB) — 530KB
• bmrn-20240331_pre.xml (EX-101.PRE) — 375KB
• bmrn-20240331_htm.xml (XML) — 938KB

Forward-Looking Statements

Forward-Looking Statements This Quarterly Report on Form 10-Q contains "forward-looking statements" as defined under securities laws. Many of these statements can be identified by the use of terminology such as "believes," "expects," "intends," "anticipates," "plans," "may," "will," "could," would," "projects," "continues," "estimates," "potential," "opportunity" or the negative versions of these terms and other similar expressions. Our actual results or experience could differ significantly from the forward-looking statements. Factors that could cause or contribute to these differences include those discussed in "Risk Factors," in Part II, Item 1A of this Quarterly Report on Form 10-Q as well as information provided elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the Securities and Exchange Commission (the SEC) on February 26, 2024. You should carefully consider that information before you make an investment decision. You should not place undue reliance on these types of forward-looking statements, which speak only as of the date that they were made. These forward-looking statements are based on the beliefs and assumptions of the Company's management based on information currently available to management and should be considered in connection with any written or oral forward-looking statements that the Company may issue in the future as well as other cautionary statements the Company has made and may make. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to these forward-looking statements after completion of the filing of this Quarterly Report on Form 10-Q to reflect later events or circumstances or the occurrence of unanticipated events. The discussion of the Company's financial condition and results of operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and t

Financial Statements 3

Financial Statements 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures about Market Risk 30

Quantitative and Qualitative Disclosures about Market Risk 30 Item 4.

Controls and Procedures 30

Controls and Procedures 30 PART II. OTHER INFORMATION 31 Item 1. Legal Proceedings 31 Item 1A. Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 59 Item 3. Defaults Upon Senior Securities 59 Item 4. Mine Safety Disclosures 59 Item 5. Other Information 59 Item 6. Exhibits 61 SIGNATURES 63 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2024 and 2023 (In thousands, except per share amounts) (unaudited) Three Months Ended March 31, 2024 2023 REVENUES: Net product revenues $ 637,815 $ 586,426 Royalty and other revenues 11,018 9,989 Total revenues 648,833 596,415 OPERATING EXPENSES: Cost of sales 125,180 135,472 Research and development 204,987 171,846 Selling, general and administrative 225,906 211,023 Intangible asset amortization 14,298 15,670 Gain on sale of nonfinancial assets ( 10,000 ) — Total operating expenses 560,371 534,011 INCOME FROM OPERATIONS 88,462 62,404 Interest income 19,365 11,943 Interest expense ( 3,547 ) ( 3,703 ) Other income (expense), net 1,267 ( 13,887 ) INCOME BEFORE INCOME TAXES 105,547 56,757 Provision for income taxes 16,885 5,905 NET INCOME $ 88,662 $ 50,852 EARNINGS PER SHARE, BASIC $ 0.47 $ 0.27 EARNINGS PER SHARE, DILUTED $ 0.46 $ 0.27 Weighted average common shares outstanding, basic 188,866 186,667 Weighted average common shares outstanding, diluted 199,262 194,363 COMPREHENSIVE INCOME $ 116,404 $ 43,997 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 and December 31, 2023 (In thousands, except share amounts) March 31, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 746,996 $ 755,127 Short-term investments 299,584 318,683 Accounts receivable, net 637,163 633,704 Inventory 1,137,982 1,107,183 Other current assets 163,287 141,391 Total current assets 2,985,012 2,956,088 Noncurrent assets: Long-term investments 620,551 611,135 Property, plant and equipment, net 1,060,425 1,066,133 Intangible assets, net 279,653 294,701 Goodwill 196,199 196,199 Deferred tax assets 1,546,043 1,545,809 Other assets 18

View Full Filing

View this 10-Q filing on SEC EDGAR