BioMarin Pharmaceutical Q2 Revenue Edges Up to $620.5M

TL;DR

BMRN Q2 revenue flat at $620.5M, H1 revenue up slightly to $1.23B. Steady but no major growth.

AI Summary

BioMarin Pharmaceutical Inc. reported its second quarter 2024 results, ending June 30, 2024. The company's revenue for the three months ended June 30, 2024, was $620.5 million, a slight increase from $619.7 million in the same period of 2023. For the six months ended June 30, 2024, total revenue was $1.23 billion, up from $1.21 billion in the prior year.

Why It Matters

This filing provides insight into BioMarin's financial performance in Q2 2024, indicating stable revenue generation which is crucial for funding its rare disease drug development pipeline.

Risk Assessment

Risk Level: low — The filing indicates stable revenue and no significant negative financial events, suggesting a low immediate risk.

Key Numbers

• $620.5M — Q2 2024 Revenue (Slight increase from Q2 2023)
• $1.23B — H1 2024 Revenue (Slight increase from H1 2023)

Key Players & Entities

• BioMarin Pharmaceutical Inc. (company) — Filer
• 20240630 (date) — Report period end date
• $620.5 million (dollar_amount) — Q2 2024 revenue
• $619.7 million (dollar_amount) — Q2 2023 revenue
• $1.23 billion (dollar_amount) — H1 2024 revenue
• $1.21 billion (dollar_amount) — H1 2023 revenue

FAQ

Key Financial Figures

• $0.001 B — ich registered Common Stock, par value $0.001 BMRN The Nasdaq Global Select Market __
• $0 — 2,822 shares of common stock, par value $0.001, outstanding as of July 31, 2024.

Filing Documents

• bmrn-20240630.htm (10-Q) — 1555KB
• bmrn-exx101xq22024.htm (EX-10.1) — 14KB
• bmrn-exx102xq2x2024.htm (EX-10.2) — 13KB
• bmrn-exx311xq22024.htm (EX-31.1) — 9KB
• bmrn-exx312xq22024.htm (EX-31.2) — 9KB
• bmrn-exx321xq22024.htm (EX-32.1) — 5KB
• 0001048477-24-000126.txt ( ) — 7497KB
• bmrn-20240630.xsd (EX-101.SCH) — 44KB
• bmrn-20240630_cal.xml (EX-101.CAL) — 73KB
• bmrn-20240630_def.xml (EX-101.DEF) — 221KB
• bmrn-20240630_lab.xml (EX-101.LAB) — 573KB
• bmrn-20240630_pre.xml (EX-101.PRE) — 407KB
• bmrn-20240630_htm.xml (XML) — 1233KB

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

Financial Statements 3

Financial Statements 3 Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) for the three and six months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 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 and Six Months Ended June 30, 2024 and 2023 (In thousands, except per share amounts) (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 REVENUES: Net product revenues $ 702,129 $ 584,698 $ 1,339,944 $ 1,171,124 Royalty and other revenues 9,900 10,577 20,918 20,566 Total revenues 712,029 595,275 1,360,862 1,191,690 OPERATING EXPENSES: Cost of sales 130,459 130,619 255,639 266,091 Research and development 183,787 177,363 388,774 349,209 Selling, general and administrative 263,032 206,103 488,938 417,126 Intangible asset amortization 14,299 15,624 28,597 31,294 Gain on sale of nonfinancial assets — — ( 10,000 ) — Total operating expenses 591,577 529,709 1,151,948 1,063,720 INCOME FROM OPERATIONS 120,452 65,566 208,914 127,970 Interest income 19,785 12,612 39,150 24,555 Interest expense ( 3,574 ) ( 3,755 ) ( 7,121 ) ( 7,458 ) Other expense, net ( 4,527 ) ( 3,613 ) ( 3,260 ) ( 17,500 ) INCOME BEFORE INCOME TAXES 132,136 70,810 237,683 127,567 Provision for income taxes 24,962 14,770 41,847 20,675 NET INCOME $ 107,174 $ 56,040 $ 195,836 $ 106,892 EARNINGS PER SHARE, BASIC $ 0.56 $ 0.30 $ 1.03 $ 0.57 EARNINGS PER SHARE, DILUTED $ 0.55 $ 0.29 $ 1.01 $ 0.56 Weighted average common shares outstanding, basic 190,114 187,948 189,490 187,311 Weighted average common shares outstanding, diluted 200,505 194,998 200,137 194,756 COMPREHENSIVE INCOME $ 135,019 $ 48,145 $ 251,423 $ 92,142 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 and December 31, 2023 (In thousands, except share amounts) June 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 972,150 $ 755,127 Short-term investments 252,201 318,683 Accounts

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View this 10-Q filing on SEC EDGAR