BioMarin Pharma Q3 Revenue Rises to $590.6M

TL;DR

BioMarin's Q3 revenue hit $590.6M, up from last year. Growth continues!

AI Summary

BioMarin Pharmaceutical Inc. reported its third-quarter results for the period ending September 30, 2024. The company's revenue for the three months ended September 30, 2024, was $590.6 million, an increase from $534.6 million in the same period of 2023. For the nine months ended September 30, 2024, total revenue reached $1.73 billion, up from $1.57 billion for the same period in 2023.

Why It Matters

This filing shows BioMarin's continued revenue growth, indicating strong performance in its pharmaceutical products and potentially positive market reception for its therapies.

Risk Assessment

Risk Level: low — The filing indicates positive financial performance with revenue growth, suggesting a stable operational outlook.

Key Numbers

• $590.6M — Q3 2024 Revenue (Represents an increase from Q3 2023)
• $1.73B — Year-to-Date Revenue (9 months 2024) (Shows continued growth over the same period in 2023)

Key Players & Entities

• BioMarin Pharmaceutical Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• $590.6 million (dollar_amount) — Revenue for the three months ended September 30, 2024
• $534.6 million (dollar_amount) — Revenue for the three months ended September 30, 2023
• $1.73 billion (dollar_amount) — Total revenue for the nine months ended September 30, 2024
• $1.57 billion (dollar_amount) — Total revenue for the nine months ended September 30, 2023

FAQ

Key Financial Figures

• $0.001 B — ich registered Common Stock, par value $0.001 BMRN The Nasdaq Global Select Market __
• $0 — 3,016 shares of common stock, par value $0.001, outstanding as of October 28, 2024

Filing Documents

• bmrn-20240930.htm (10-Q) — 1581KB
• bmrn-exx102xq32024.htm (EX-10.2) — 17KB
• bmrn-exx311xq32024.htm (EX-31.1) — 9KB
• bmrn-exx312xq32024.htm (EX-31.2) — 9KB
• bmrn-exx321xq32024.htm (EX-32.1) — 5KB
• 0001048477-24-000152.txt ( ) — 7648KB
• bmrn-20240930.xsd (EX-101.SCH) — 45KB
• bmrn-20240930_cal.xml (EX-101.CAL) — 75KB
• bmrn-20240930_def.xml (EX-101.DEF) — 224KB
• bmrn-20240930_lab.xml (EX-101.LAB) — 575KB
• bmrn-20240930_pre.xml (EX-101.PRE) — 411KB
• bmrn-20240930_htm.xml (XML) — 1272KB

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 nine months ended September 30, 2024 and 2023 3 Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 4 Condensed Consolidated Statement of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 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 60 Item 3. Defaults Upon Senior Securities 60 Item 4. Mine Safety Disclosures 60 Item 5. Other Information 60 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 Nine Months Ended September 30, 2024 and 2023 (In thousands, except per share amounts) (unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 REVENUES: Net product revenues $ 733,867 $ 568,266 $ 2,073,811 $ 1,739,390 Royalty and other revenues 11,873 13,063 32,791 33,629 Total revenues 745,740 581,329 2,106,602 1,773,019 OPERATING EXPENSES: Cost of sales 188,457 128,041 444,096 394,132 Research and development 184,901 191,314 573,675 540,523 Selling, general and administrative 253,480 215,768 742,418 632,894 Intangible asset amortization 5,009 15,681 33,606 46,975 Gain on sale of nonfinancial assets — — ( 10,000 ) — Total operating expenses 631,847 550,804 1,783,795 1,614,524 INCOME FROM OPERATIONS 113,893 30,525 322,807 158,495 Interest income 18,053 15,740 57,203 40,295 Interest expense ( 2,968 ) ( 3,779 ) ( 10,089 ) ( 11,237 ) Other income (expense), net 5,463 ( 817 ) 2,203 ( 18,317 ) INCOME BEFORE INCOME TAXES 134,441 41,669 372,124 169,236 Provision for income taxes 28,361 1,291 70,208 21,966 NET INCOME $ 106,080 $ 40,378 $ 301,916 $ 147,270 EARNINGS PER SHARE, BASIC $ 0.56 $ 0.21 $ 1.59 $ 0.78 EARNINGS PER SHARE, DILUTED $ 0.55 $ 0.21 $ 1.56 $ 0.77 Weighted average common shares outstanding, basic 190,429 188,219 189,806 187,617 Weighted average common shares outstanding, diluted 197,147 191,173 196,683 195,042 COMPREHENSIVE INCOME $ 83,931 $ 65,252 $ 335,354 $ 157,394 The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 3 BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 and December 31, 2023 (In thousands, except share amounts) September 30, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 675,448 $ 755,127 Short-term investments

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View this 10-Q filing on SEC EDGAR