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Share Name | Share Symbol | Market | Type |
---|---|---|---|
BioMarin Pharmaceutical Inc | NASDAQ:BMRN | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 84.85 | 75.07 | 89.00 | 0 | 12:01:50 |
Second Quarter 2024 Total Revenues of $712 million (+20% Y/Y and +25% at Constant Currency Y/Y); First Half 2024 Total Revenues of $1.36 billion (+14% Y/Y and +19% at Constant Currency Y/Y)
Second Quarter 2024 GAAP Diluted EPS of $0.55 (+90% Y/Y); First Half 2024 GAAP Diluted EPS of $1.01 (+80% Y/Y)
Second Quarter 2024 Non-GAAP Diluted Earnings per Share (EPS) of $0.96 (+78% Y/Y); First Half 2024 Non-GAAP Diluted EPS of $1.67 (+46% Y/Y)
Strong VOXZOGO® Demand in the Quarter Resulted in 73% Y/Y Increase in the Number of Children Receiving Treatment
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET
SAN RAFAEL, Calif., Aug. 5, 2024 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the quarter and six months ended June 30, 2024.
"Strong execution across our business resulted in record double-digit revenue growth in the second quarter and first half of 2024. These top-line results, along with a focus on operational efficiency, resulted in a 78% year-over-year improvement in quarterly non-GAAP earnings per share," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "Strong global demand for VOXZOGO led to nearly 900 new patient starts in the first half of 2024, the highest in VOXZOGO's history. Record VOXZOGO contributions in the quarter, driven by patient growth in all geographies, combined with double-digit growth from our enzyme therapies drove today's increased 2024 full-year guidance."
Mr. Hardy added, "During the quarter, global demand for VOXZOGO continued to increase as more families sought treatment with the only approved and genetically-targeted medicine for achondroplasia. Approximately 3,500 children were receiving VOXZOGO by the end of the second quarter, with more than half of new treatment starts in the United States for children under the age of 5. We are seeing strong interest from families in the United States seeking VOXZOGO treatment for their children and we expect this market to continue to drive significant expansion over the coming quarters." Mr. Hardy continued, "With VOXZOGO's safety and efficacy well-established, based on nearly 6,000 patient years of demonstrated and durable evidence, we are confident in our rapidly expanding leadership. Enrollment in our pivotal study with VOXZOGO for the treatment of hypochondroplasia is proceeding well, and enrollment in our separate studies for idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency are advancing this year as planned, following alignment with health authorities."
Financial Highlights:
2Q Update on 2024 Strategic Priorities
In the second quarter, BioMarin continued to deliver on its four strategic priorities, first outlined in January, and focused on value creation through accelerating growth, optimizing efficiencies and driving operational excellence.
Accelerate and maximize the VOXZOGO opportunity
Establish ROCTAVIAN® opportunity
Focus R&D on the most promising assets
Accelerate EPS growth and expand margins
Investor Day to be held Wednesday, September 4th. Event details will be available later in August.
Financial Highlights (in millions of U.S. dollars, except per share data, unaudited) | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||
Total Revenues | $712.0 | $595.3 | 20 % | $1,360.9 | $1,191.7 | 14 % | |||||
Net Product Revenues by Product: | |||||||||||
VOXZOGO | $183.9 | $113.3 | 62 % | $336.7 | $201.2 | 67 % | |||||
VIMIZIM | $178.0 | $177.4 | 0 % | $370.5 | $366.6 | 1 % | |||||
NAGLAZYME | $132.0 | $90.1 | 47 % | $237.7 | $213.1 | 12 % | |||||
PALYNZIQ | $88.3 | $74.9 | 18 % | $164.0 | $137.2 | 20 % | |||||
BRINEURA | $45.3 | $38.1 | 19 % | $84.4 | $77.2 | 9 % | |||||
ALDURAZYME | $38.6 | $40.3 | (4) % | $73.8 | $74.7 | (1) % | |||||
KUVAN | $28.6 | $50.6 | (43) % | $64.5 | $101.1 | (36) % | |||||
ROCTAVIAN | $7.4 | $— | nm | $8.3 | $— | nm | |||||
GAAP Net Income | $107.2 | $56.0 | 91 % | $195.8 | $106.9 | 83 % | |||||
Non-GAAP Income (1) | $188.9 | $105.2 | 80 % | $328.6 | $221.0 | 49 % | |||||
GAAP Operating Margin %(2) | 16.9 % | 11.0 % | 15.4 % | 10.7 % | |||||||
Non-GAAP Operating Margin %(2) | 31.2 % | 21.7 % | 27.6 % | 22.1 % | |||||||
GAAP Diluted Earnings per Share (EPS) | $0.55 | $0.29 | 90 % | $1.01 | $0.56 | 80 % | |||||
Non-GAAP Diluted EPS (3) | $0.96 | $0.54 | 78 % | $1.67 | $1.14 | 46 % |
June 30, | December 31, | ||
Total cash, cash equivalents & investments | $ 1,781.4 | $ 1,684.9 |
(1) | Non-GAAP Income is defined by the company as reported GAAP Net Income, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items. The company also includes a Non-GAAP adjustment for the estimated income tax impact of reconciling items. Refer to Non-GAAP Information beginning on page 10 of this press release for a complete discussion of the company's Non-GAAP financial information and 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. 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 specified items divided by Total Revenues. |
(3) | Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP diluted weighted-average 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. |
nm | Not meaningful |
2024 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
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.
Item | Provided April 24, 2024 | Updated August 5, 2024 | ||||||||||
Total Revenues | $2,700 | to | $2,800 | $2,750 | to | $2,825 | ||||||
Non-GAAP Operating Margin % (1) | 24 % | to | 25 % | 26 % | to | 27 % | ||||||
Non-GAAP Diluted EPS (1)(2) | $2.75 | to | $2.95 | $3.10 | to | $3.25 |
(1) | 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. |
(2) | Non-GAAP Diluted EPS guidance assumes approximately 200 million weighted-average diluted shares outstanding. |
BioMarin will host a conference call and webcast to discuss second quarter 2024 financial results today, Monday, August 5, 2024, 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: 888-596-4144 | Replay Dial-in Number: 800-770-2030 |
International Dial-in Number: 646-968-2525 | Replay International Dial-in Number: 609-800-9909 |
No Conference ID: 1816377 | Conference ID: 1816377 |
About BioMarin
Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.biomarin.com.
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, and Non-GAAP Diluted EPS for the full-year 2024 and the underlying drivers of those results; BioMarin's new corporate strategy, including the timing of the completion and announcement; BioMarin's ability to accelerate the VOXZOGO opportunity; the anticipated benefits from its ongoing strategic review and the associated organizational redesign efforts; BioMarin's updated strategy for ROCTAVIAN and its anticipated benefits, including BioMarin's expectations regarding reduction of annual direct ROCTAVIAN expenses beginning in 2025 and ROCTAVIAN being profitable by the end of 2025; 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) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, idiopathic short stature, Noonan Syndrome, Turner Syndrome, SHOX deficiency and other genetic short stature pathway conditions, (ii) the expected expansion of VOXZOGO in the U.S. and the anticipated start and growth of commercial sales of VOXZOGO in additional countries, (iii) the commercialization of ROCTAVIAN for the treatment of severe hemophilia A in the U.S., Germany and Italy, (iv) BioMarin's expectation to receive data regarding the first dose cohort for BMN 351 by year-end, (v) BioMarin's plans to enroll its first-in-human study with BMN 349 later this year, and (vi) BioMarin's plans to initiate a clinical program with BMN 333 in early 2025; the expected benefits and availability of BioMarin's product candidates; and potential growth opportunities and trends, including BioMarin's expectation that VOXZOGO product growth will continue to expand rapidly.
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 March 31, 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.
Contact: | ||
Investors: | Media: | |
Traci McCarty | Marni Kottle | |
BioMarin Pharmaceutical Inc. | BioMarin Pharmaceutical Inc. | |
(415) 455-7558 | (650) 374-2803 |
BIOMARIN PHARMACEUTICAL INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
Three and Six Months Ended June 30, 2024 and 2023 | |||||||
(In thousands of U.S. dollars, 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 |
BIOMARIN PHARMACEUTICAL INC. | |||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||
June 30, 2024 and December 31, 2023 | |||
(In thousands of U.S. dollars, except per share amounts) | |||
June 30, 2024 | December 31, 2023 ⁽¹⁾ | ||
ASSETS | (unaudited) | ||
Current assets: | |||
Cash and cash equivalents | $ 972,150 | $ 755,127 | |
Short-term investments | 252,201 | 318,683 | |
Accounts receivable, net | 691,232 | 633,704 | |
Inventory | 1,183,621 | 1,107,183 | |
Other current assets | 160,426 | 141,391 | |
Total current assets | 3,259,630 | 2,956,088 | |
Noncurrent assets: | |||
Long-term investments | 557,083 | 611,135 | |
Property, plant and equipment, net | 1,052,898 | 1,066,133 | |
Intangible assets, net | 265,533 | 294,701 | |
Goodwill | 196,199 | 196,199 | |
Deferred tax assets | 1,545,006 | 1,545,809 | |
Other assets | 190,772 | 171,538 | |
Total assets | $ 7,067,121 | $ 6,841,603 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable and accrued liabilities | $ 572,500 | $ 683,147 | |
Short-term convertible debt, net | 494,837 | 493,877 | |
Total current liabilities | 1,067,337 | 1,177,024 | |
Noncurrent liabilities: | |||
Long-term convertible debt, net | 594,116 | 593,095 | |
Other long-term liabilities | 119,369 | 119,935 | |
Total liabilities | 1,780,822 | 1,890,054 | |
Stockholders' equity: | |||
Common stock, $0.001 par value: 500,000,000 shares authorized; 190,355,517 and 188,598,154 shares issued and outstanding, respectively | 190 | 189 | |
Additional paid-in capital | 5,696,701 | 5,611,562 | |
Company common stock held by the Nonqualified Deferred Compensation Plan | (11,673) | (9,860) | |
Accumulated other comprehensive income (loss) | 26,799 | (28,788) | |
Accumulated deficit | (425,718) | (621,554) | |
Total stockholders' equity | 5,286,299 | 4,951,549 | |
Total liabilities and stockholders' equity | $ 7,067,121 | $ 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 U.S. Securities and Exchange Commission (SEC) on February 26, 2024. |
BIOMARIN PHARMACEUTICAL INC. | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||
Six Months Ended June 30, 2024 and 2023 | |||
(In thousands of U.S. dollars) | |||
(unaudited) | |||
Six Months Ended June 30, | |||
2024 | 2023 | ||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 195,836 | $ 106,892 | |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Depreciation and amortization | 53,813 | 51,840 | |
Non-cash interest expense | 1,981 | 2,058 | |
Accretion of discount on investments | (4,678) | (4,533) | |
Stock-based compensation | 106,163 | 103,857 | |
Gain on sale of nonfinancial assets | (10,000) | — | |
Impairment of assets and other non-cash adjustments | 14,204 | 12,650 | |
Deferred income taxes | 1,537 | (5,108) | |
Unrealized foreign exchange loss (gain) | (19,958) | 7,455 | |
Other | (858) | 361 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | (56,081) | (145,831) | |
Inventory | (47,409) | (56,476) | |
Other current assets | 1,615 | (53,430) | |
Other assets | (22,880) | (5,616) | |
Accounts payable and other short-term liabilities | (54,261) | (25,093) | |
Other long-term liabilities | 6,709 | 7,104 | |
Net cash provided by (used in) operating activities | 165,733 | (3,870) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property, plant and equipment | (47,431) | (46,039) | |
Maturities and sales of investments | 317,649 | 491,063 | |
Purchases of investments | (195,462) | (444,049) | |
Proceeds from sale of nonfinancial assets | 10,000 | — | |
Purchase of intangible assets | (8,512) | (1,457) | |
Net cash provided by (used in) investing activities | 76,244 | (482) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercises of awards under equity incentive plans | 36,618 | 50,193 | |
Taxes paid related to net share settlement of equity awards | (66,739) | (67,862) | |
Payments of contingent consideration | — | (9,475) | |
Principal repayments of financing leases | (60) | (1,635) | |
Net cash used in financing activities | (30,181) | (28,779) | |
Effect of exchange rate changes on cash | 5,227 | 2,981 | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 217,023 | (30,150) | |
Cash and cash equivalents: | |||
Beginning of period | $ 755,127 | $ 724,531 | |
End of period | $ 972,150 | $ 694,381 | |
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 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 diluted shares outstanding. 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 Operating Margin percentage, Non-GAAP Diluted EPS, Non-GAAP 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 Income and its components 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:
Reconciliation of GAAP Reported Net Income to Non-GAAP Income(1) | |||||||
(In millions of U.S. dollars) | |||||||
(unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP Reported Net Income | $ 107.2 | $ 56.0 | $ 195.8 | $ 106.9 | |||
Adjustments | |||||||
Stock-based compensation expense - COS | 3.8 | 4.7 | 7.0 | 9.1 | |||
Stock-based compensation expense - R&D | 12.9 | 15.1 | 33.6 | 34.9 | |||
Stock-based compensation expense - SG&A | 31.2 | 30.4 | 65.6 | 59.9 | |||
Amortization of intangible assets | 14.3 | 15.6 | 28.6 | 31.3 | |||
Gain on sale of nonfinancial assets (2) | — | — | (10.0) | — | |||
Severance and restructuring costs (3) | 39.1 | (2.2) | 42.5 | (0.1) | |||
Loss on investments (4) | 4.5 | — | 4.5 | 12.6 | |||
Income tax effect of adjustments | (24.1) | (14.4) | (39.0) | (33.6) | |||
Non-GAAP Income | $ 188.9 | $ 105.2 | $ 328.6 | $ 221.0 |
Reconciliation of Certain GAAP Reported Information to Non-GAAP Information(1) | |||||||
(in millions of U.S. dollars, except per share data) | |||||||
(unaudited) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2024 | ||||||
Dollar | Percentage | Dollar | Percentage | ||||
GAAP Change in Total Revenues | $ 116.7 | 20 % | $ 169.2 | 14 % | |||
Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars | 29.9 | 52.6 | |||||
Non-GAAP change in Total Revenues at Constant Currency | $ 146.6 | 25 % | $ 221.8 | 19 % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||
2024 | Percent | 2023 | Percent | 2024 | Percent | 2023 | Percent | ||
GAAP Income from Operations | $ 120.5 | 16.9 % | $ 65.6 | 11.0 % | $ 208.9 | 15.4 % | $ 128.0 | 10.7 % | |
Adjustments | |||||||||
Stock-based compensation expense | 47.9 | 6.8 % | 50.2 | 8.5 % | 106.2 | 7.7 % | 103.9 | 8.8 % | |
Amortization of intangible assets | 14.3 | 2.0 % | 15.6 | 2.6 % | 28.6 | 2.1 % | 31.3 | 2.6 % | |
Gain on sale of nonfinancial assets (2) | — | — % | — | — % | (10.0) | (0.7) % | — | — % | |
Severance and restructuring costs (3) | 39.1 | 5.5 % | (2.2) | (0.4) % | 42.5 | 3.1 % | (0.1) | — % | |
Total Non-GAAP adjustments | 101.3 | 14.3 % | 63.6 | 10.7 % | 167.3 | 12.2 % | 135.1 | 11.4 % | |
Non-GAAP Income from Operations | $ 221.8 | 31.2 % | $ 129.2 | 21.7 % | $ 376.2 | 27.6 % | $ 263.1 | 22.1 % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP Diluted EPS | $ 0.55 | $ 0.29 | $ 1.01 | $ 0.56 | |||
Adjustments | |||||||
Stock-based compensation expense | 0.24 | 0.25 | 0.53 | 0.52 | |||
Amortization of intangible assets | 0.07 | 0.08 | 0.14 | 0.16 | |||
Gain on sale of nonfinancial assets (2) | — | — | (0.05) | — | |||
Severance and restructuring costs (3) | 0.20 | (0.01) | 0.21 | — | |||
Loss on investments (4) | 0.02 | — | 0.02 | 0.06 | |||
Income tax effect of adjustments | (0.12) | (0.07) | (0.19) | (0.16) | |||
Non-GAAP Diluted EPS | $ 0.96 | $ 0.54 | $ 1.67 | $ 1.14 |
(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 quarter of 2024. These amounts also include impairments of certain right-of-use and fixed assets. |
(4) | Represents a downward adjustment to non-marketable equity securities recorded in Other expense, net. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
GAAP Weighted-Average Dilutive Shares Outstanding | 200.5 | 195.0 | 200.1 | 194.8 | |||
Adjustments | |||||||
Common stock issuable under the company's convertible debt (1) | — | 4.4 | — | 4.4 | |||
Non-GAAP Weighted-Average Dilutive Shares Outstanding | 200.5 | 199.4 | 200.1 | 199.2 |
(1) | Common stock issuable under the company's convertible debt was excluded from the computation of GAAP Weighted-Average Dilutive Shares Outstanding when they were anti-dilutive. If converted, for the prior year comparative period, the company would have issued 4.4 million shares under the convertible notes due in 2027. |
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SOURCE BioMarin Pharmaceutical Inc.
Copyright 2024 PR Newswire
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