BioMarin Announces 28% Y/Y Total Revenue Growth in the Third Quarter and Increase in Full-year 2024 Guidance; Reaffirms Long-term Guidance and Outlook
Third Quarter 2024 Total Revenues of
During the Quarter, Strong Demand Drove 54% Y/Y Revenue Growth for VOXZOGO®
During the Quarter, Revenues from Enzyme Therapies Portfolio Increased 27% Y/Y
Third Quarter 2024 GAAP Diluted Earnings Per Share (EPS) of
Third Quarter 2024 Non-GAAP Diluted EPS of
Conference Call and Webcast Scheduled Today at
"The strategic and operational decisions we have made over the last nine months are driving strong performance, reflected in year-over-year revenue growth in the third quarter of 28% and accelerated profitability," said
Financial Highlights:
-
Total Revenues for the third quarter of 2024 were
$746 million , an increase of 28%, compared to the same period in 2023, driven by strong VOXZOGO contributions from new patient starts in all regions. In the quarter, revenues fromBioMarin's Enzyme Therapies (VIMIZIM®, NAGLAZYME®, ALDURAZYME®, BRINEURA® and PALYNZIQ®) increased 27% compared to the third quarter of 2023. The increase was driven by a combination of the timing of order fulfillment to Sanofi as the company recognizes ALDURAZYME revenues when the product is released and control is transferred to Sanofi, increased patient demand, and the timing of large government orders in certain regions outside theU.S. Partially offsetting the increase were lower KUVAN® product revenues attributed to continued generic competition as a result of the loss of market exclusivity in 2022. -
GAAP Net Income increased by
$66 million to$106 million in the third 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. The increase was partially offset by higher spend in Selling, General and Administrative (SG&A), primarily due to severance and other restructuring costs associated with organizational redesign efforts executed during the third quarter of 2024, higher income tax expense and the impact of ROCTAVIAN® inventory reserves on Cost of Sales.
-
Non-GAAP Income increased by
$89 million to$178 million in the third quarter of 2024 compared to the same period in 2023. The increase in Non-GAAP Income was primarily due to higher gross profit and lower SG&A expenses primarily related to sales and marketing activities for ROCTAVIAN outside of theU.S. ,Germany andItaly as the company executes on its updated strategy to focus commercial launch efforts on those three countries. The increase was partially offset by higher income tax expense and the impact of ROCTAVIAN inventory reserves on Cost of Sales.
3Q'24 Execution on New Corporate Strategy: Innovation, Growth, and Value Commitment
Innovation
-
Skeletal Conditions: During the quarter,
BioMarin advanced development across its CANOPY clinical program with VOXZOGO (vosoritide) in idiopathic short stature, Noonan syndrome, Turner syndrome, and SHOX deficiency, with the pivotal study in hypochondroplasia expected to complete enrollment in the first half of 2025.BioMarin's long-acting C-type natriuretic peptide (CNP), BMN 333, remains on track for initiation of the first-in-human study in early 2025.
At the 16th
-
Other Clinical Pipeline Programs: With BMN 351,
BioMarin's next generation oligonucleotide for Duchenne Muscular Dystrophy, the program has completed enrollment into the first dose cohort and initial proof-of-concept data is expected in 2025 (including muscle dystrophin levels after 25 weeks of dosing). With BMN 349, an oral therapeutic for Alpha-1 antitrypsin deficiency (AATD)-associated liver disease, the program completed the single-ascending dose (SAD) phase of the first-in-human study and is expected to start dosing the multiple-ascending dose (MAD) phase of the study by end of the year. Enrollment is complete in the phase 3 study with PALYNZIQ in adolescents ages 12-17, and the study is on track for data readout in 2025 to support a potentialU.S. Supplemental Biologics License Application (sBLA) in the second half of the year.
- Pre-clinical Programs: With BMN 390, a compound for phenylketonuria which may lower hypersensitivity and enhance exposure, an IND is expected to be submitted in the second half of 2025. With BMN 370, a targeted nanobody for the prevention of bleeding in patients with low levels of von Willebrand factor levels, the company is progressing with pre-clinical work and targeting a potential IND submission for the second half of 2025.
Growth
- As of the end of the third quarter, over 3,800 children globally, many from infancy, were receiving VOXZOGO for the treatment of achondroplasia. VOXZOGO's broad label has been especially important to those families pursuing maximum therapeutic benefit by beginning therapy at an early age.
- In the
U.S. , the largest single market opportunity, the majority of new patient starts in the quarter were for children under the age of 5 years. VOXZOGO's extensive safety and efficacy profile led more families to begin therapeutic intervention early to potentially impact craniofacial volume, foramen magnum area, body proportionality and quality of life, in addition to durable increases in growth velocity.
- Achondroplasia represents a global 24,000 total addressable patient population (TAPP). While the
U.S. is the largest single market opportunity, markets outside of theU.S. represent approximately 90% of eligible patients.BioMarin is in the process of pursuing VOXZOGO access into more than 20 additional countries by 2027, providing the opportunity for even more children of all ages to benefit from the only approved medicine for the treatment of achondroplasia.
- Enzyme Therapies continue to be a significant driver of growth, with revenues increasing 13% year-to-date, compared to the same period in 2023. As outlined at Investor Day,
BioMarin is implementing new initiatives to drive sustained growth of the Enzyme Therapies across the approximately 80 countries where these medicines are available.
Value Commitment
- During the quarter, the company made significant progress executing its financial strategy to deliver on its value commitment to stakeholders. Year-to-date,
BioMarin's GAAP Operating Margin of 15.3% expanded 6.4 percentage points Y/Y and Non-GAAP Operating Margin of 27.7% expanded 7.6 percentage points Y/Y while GAAP Diluted EPS of$1.56 increased 103% Y/Y and Non-GAAP Diluted EPS of$2.60 increased 63% Y/Y. These measures of profitability increased at rates faster than revenue growth, representing the company's focus on operational efficiency.
- During the quarter, the company continued to benefit from its ongoing
$500 million cost transformation program announced at Investor Day through the impact of prioritized program decisions and ongoing execution of the enterprise-wide reorganization.
- The company generated operating cash flows totaling
$221 million in the third quarter, an increase of 63% compared to the same period last year. Total cash and investments at the end of the third quarter were approximately$1.5 billion , and with its increasing profitability,BioMarin is positioned to generate increasing operating cash flow into the future. In addition,BioMarin settled$495 million of convertible debt in cash during the quarter as planned, resulting in the retirement of approximately four million potentially dilutive shares. This was the first time thatBioMarin retired a convertible note without issuing a new convertible instrument, thereby returning value to shareholders.
- Today,
BioMarin increased full-year 2024 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS. The updated guidance highlights the sustained strong demand for VOXZOGO and growth trajectory of Enzyme Therapies, as well asBioMarin's commitment to expand profitability while investing in innovation.
- During the quarter,
BioMarin reaffirmed long-term guidance and outlook previously provided at Investor Day onSeptember 4, 2024 , targeting:
-
- Approximately
$4 billion in Total Revenues in 2027;
- Approximately
-
- 40% Non-GAAP Operating Margin(1) starting in 2026 and growing to the low- to mid-40% range over time;
-
- More than
$1.25 billion operating cash flow per year starting in 2027;
- More than
-
- Mid-teen compound annual growth rate (CAGR) for total revenues through 2034; and
-
- Treatments for Skeletal Conditions to represent a greater than
$5 billion revenue opportunity over time.
- Treatments for Skeletal Conditions to represent a greater than
|
|
|
|
|
|
(1) |
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. Reconciliation of forward-looking Non-GAAP financial measures to the comparable information reported under |
Financial Highlights (in millions of
|
||||||||||||
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
|
|
|
|
28 % |
|
|
|
|
|
19 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Product Revenues by Product: |
|
|
|
|
|
|
|
|
|
|
|
|
VOXZOGO |
|
|
|
|
|
54 % |
|
|
|
|
|
63 % |
VIMIZIM |
|
|
|
|
|
12 % |
|
|
|
|
|
4 % |
NAGLAZYME |
|
|
|
|
|
21 % |
|
|
|
|
|
15 % |
PALYNZIQ |
|
|
|
|
|
15 % |
|
|
|
|
|
18 % |
ALDURAZYME |
|
|
|
|
|
407 % |
|
|
|
|
|
63 % |
BRINEURA |
|
|
|
|
|
(10) % |
|
|
|
|
|
3 % |
KUVAN |
|
|
|
|
|
(35) % |
|
|
|
|
|
(35) % |
ROCTAVIAN |
|
|
|
|
|
600 % |
|
|
|
|
|
1,500 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
|
|
|
|
165 % |
|
|
|
|
|
105 % |
Non-GAAP Income (1) |
|
|
|
|
|
100 % |
|
|
|
|
|
63 % |
GAAP Operating Margin %(2) |
|
15.3 % |
|
5.3 % |
|
|
|
15.3 % |
|
8.9 % |
|
|
Non-GAAP Operating Margin %(2) |
|
27.7 % |
|
16.2 % |
|
|
|
27.7 % |
|
20.1 % |
|
|
GAAP Diluted Earnings per Share (EPS) |
|
|
|
|
|
162 % |
|
|
|
|
|
103 % |
Non-GAAP Diluted EPS (3) |
|
|
|
|
|
98 % |
|
|
|
|
|
63 % |
|
|||||
|
|
|
|
|
|
Total cash, cash equivalents & investments |
|
|
$ 1,492 |
|
$ 1,685 |
|
|
(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 |
(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 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. |
|
|
Forward-Looking Non-GAAP Financial Information
2024 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
Item |
|
Provided |
|
Updated |
||||||||
Total Revenues |
|
|
|
to |
|
|
|
|
|
to |
|
|
Non-GAAP Operating Margin % (1) |
|
26 % |
|
to |
|
27 % |
|
26.5 % |
|
to |
|
27.5 % |
Non-GAAP Diluted EPS (1)(2) |
|
|
|
to |
|
|
|
|
|
to |
|
|
|
|
(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. |
|
|
International Dial-in Number: 646-968-2525 |
|
Conference ID: 4980126 |
Conference ID: 4980126 |
About
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of
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:
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three and Nine Months Ended
(In thousands of (Unaudited)
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
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 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands of
|
|||
|
|
|
|
ASSETS |
(unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 675,448 |
|
$ 755,127 |
Short-term investments |
254,996 |
|
318,683 |
Accounts receivable, net |
777,547 |
|
633,704 |
Inventory |
1,179,339 |
|
1,107,183 |
Other current assets |
169,260 |
|
141,391 |
Total current assets |
3,056,590 |
|
2,956,088 |
Noncurrent assets: |
|
|
|
Long-term investments |
561,985 |
|
611,135 |
Property, plant and equipment, net |
1,045,408 |
|
1,066,133 |
Intangible assets, net |
260,920 |
|
294,701 |
|
196,199 |
|
196,199 |
Deferred tax assets |
1,530,779 |
|
1,545,809 |
Other assets |
199,314 |
|
171,538 |
Total assets |
$ 6,851,195 |
|
$ 6,841,603 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ 715,658 |
|
$ 683,147 |
Short-term convertible debt, net |
— |
|
493,877 |
Total current liabilities |
715,658 |
|
1,177,024 |
Noncurrent liabilities: |
|
|
|
Long-term convertible debt, net |
594,627 |
|
593,095 |
Other long-term liabilities |
127,514 |
|
119,935 |
Total liabilities |
1,437,799 |
|
1,890,054 |
Stockholders' equity: |
|
|
|
Common stock, 188,598,154 shares issued and outstanding, respectively |
191 |
|
189 |
Additional paid-in capital |
5,739,910 |
|
5,611,562 |
Company common stock held by the Nonqualified Deferred Compensation Plan |
(11,717) |
|
(9,860) |
Accumulated other comprehensive income (loss) |
4,650 |
|
(28,788) |
Accumulated deficit |
(319,638) |
|
(621,554) |
Total stockholders' equity |
5,413,396 |
|
4,951,549 |
Total liabilities and stockholders' equity |
$ 6,851,195 |
|
$ 6,841,603 |
|
|
|
|
(1) |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended
(In thousands of (unaudited)
|
|||
|
Nine Months Ended |
||
|
2024 |
|
2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income |
$ 301,916 |
|
$ 147,270 |
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
72,819 |
|
77,525 |
Non-cash interest expense |
2,699 |
|
3,198 |
Accretion of discount on investments |
(6,619) |
|
(6,781) |
Stock-based compensation |
149,652 |
|
152,244 |
Gain on sale of nonfinancial assets |
(10,000) |
|
— |
Impairment of assets and other non-cash adjustments |
19,889 |
|
12,650 |
Deferred income taxes |
13,709 |
|
(20,137) |
Unrealized foreign exchange loss (gain) |
(22,352) |
|
5,454 |
Other |
(1,254) |
|
(224) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
(130,456) |
|
(131,940) |
Inventory |
(29,259) |
|
(97,948) |
Other current assets |
(19,939) |
|
(59,389) |
Other assets |
(31,839) |
|
(20,812) |
Accounts payable and other short-term liabilities |
68,019 |
|
56,333 |
Other long-term liabilities |
10,229 |
|
14,333 |
Net cash provided by operating activities |
387,214 |
|
131,776 |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of property, plant and equipment |
(65,894) |
|
(67,774) |
Maturities and sales of investments |
478,436 |
|
751,677 |
Purchases of investments |
(352,371) |
|
(727,043) |
Proceeds from sale of nonfinancial assets |
10,000 |
|
— |
Purchase of intangible assets |
(11,225) |
|
(3,141) |
Other |
1,141 |
|
— |
Net cash provided by (used in) investing activities |
60,087 |
|
(46,281) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from exercises of awards under equity incentive plans |
41,415 |
|
54,548 |
Taxes paid related to net share settlement of equity awards |
(72,651) |
|
(72,399) |
Repayments of convertible debt |
(494,987) |
|
— |
Payments of contingent consideration |
— |
|
(9,475) |
Other |
(3,083) |
|
(2,241) |
Net cash used in financing activities |
(529,306) |
|
(29,567) |
Effect of exchange rate changes on cash |
2,326 |
|
4,955 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
(79,679) |
|
60,883 |
Cash and cash equivalents: |
|
|
|
Beginning of period |
$ 755,127 |
|
$ 724,531 |
End of period |
$ 675,448 |
|
$ 785,414 |
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 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.
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
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 (unaudited)
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP Reported Net Income |
$ 106 |
|
$ 40 |
|
$ 302 |
|
$ 147 |
Adjustments |
|
|
|
|
|
|
|
Stock-based compensation expense - COS |
5 |
|
4 |
|
12 |
|
13 |
Stock-based compensation expense - R&D |
11 |
|
14 |
|
45 |
|
49 |
Stock-based compensation expense - SG&A |
27 |
|
30 |
|
93 |
|
90 |
Amortization of intangible assets |
5 |
|
16 |
|
34 |
|
47 |
Gain on sale of nonfinancial assets (2) |
— |
|
— |
|
(10) |
|
— |
Severance and restructuring costs (3) |
44 |
|
(1) |
|
86 |
|
(1) |
Loss on investments (4) |
— |
|
— |
|
5 |
|
13 |
Income tax effect of adjustments |
(20) |
|
(16) |
|
(61) |
|
(48) |
Non-GAAP Income |
$ 178 |
|
$ 89 |
|
$ 506 |
|
$ 310 |
Reconciliation of Certain GAAP Reported Information to Non-GAAP Information(1)
(in millions of (unaudited)
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2024 |
||||
|
Dollar |
|
Percentage |
|
Dollar |
|
Percentage |
GAAP Change in Total Revenues |
$ 165 |
|
28 % |
|
$ 334 |
|
19 % |
Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies
other than |
23 |
|
|
|
75 |
|
|
Non-GAAP change in Total Revenues at Constant Currency |
$ 188 |
|
32 % |
|
$ 409 |
|
23 % |
|
|||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||
|
2024 |
Percent of GAAP Total Revenue |
2023 |
Percent of GAAP Total Revenue |
|
2024 |
Percent of GAAP Total Revenue |
2023 |
Percent of GAAP Total Revenue |
|
|
|
|
|
|
|
|
|
|
GAAP Income from Operations |
$ 114 |
15.3 % |
$ 31 |
5.3 % |
|
$ 323 |
15.3 % |
$ 158 |
8.9 % |
Adjustments |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
43 |
5.7 |
48 |
8.3 |
|
150 |
7.2 |
152 |
8.6 |
Amortization of intangible assets |
5 |
0.7 |
16 |
2.8 |
|
34 |
1.6 |
47 |
2.7 |
Gain on sale of nonfinancial assets (2) |
— |
— |
— |
— |
|
(10) |
(0.5) |
— |
— |
Severance and restructuring costs (3) |
45 |
6.0 |
(1) |
(0.2) |
|
87 |
4.1 |
(1) |
(0.1) |
Non-GAAP Income from Operations |
$ 207 |
27.7 % |
$ 94 |
16.2 % |
|
$ 583 |
27.7 % |
$ 357 |
20.1 % |
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP Diluted EPS |
$ 0.55 |
|
$ 0.21 |
|
$ 1.56 |
|
$ 0.77 |
Adjustments |
|
|
|
|
|
|
|
Stock-based compensation expense |
0.22 |
|
0.24 |
|
0.76 |
|
0.76 |
Amortization of intangible assets |
0.03 |
|
0.08 |
|
0.17 |
|
0.24 |
Gain on sale of nonfinancial assets (2) |
— |
|
— |
|
(0.05) |
|
— |
Severance and restructuring costs (3) |
0.22 |
|
— |
|
0.44 |
|
— |
Loss on investments (4) |
— |
|
— |
|
0.03 |
|
0.06 |
Income tax effect of adjustments |
(0.11) |
|
(0.07) |
|
(0.31) |
|
(0.23) |
Non-GAAP Diluted EPS |
$ 0.91 |
|
$ 0.46 |
|
$ 2.60 |
|
$ 1.60 |
|
|
(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 a downward adjustment to non-marketable equity securities recorded in Other income (expense), net. |
|
|||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP Weighted-Average Diluted Shares Outstanding |
197.1 |
|
191.2 |
|
196.7 |
|
195.0 |
Adjustments |
|
|
|
|
|
|
|
Common stock issuable under the company's convertible debt (1) |
— |
|
8.4 |
|
— |
|
4.4 |
Non-GAAP Weighted-Average Diluted Shares Outstanding |
197.1 |
|
199.6 |
|
196.7 |
|
199.4 |
|
|
(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 |
|
|
|
Contact: |
|
|
Investors: |
|
Media: |
|
|
|
|
|
|
(415) 455-7558 |
|
(650) 374-2803 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/biomarin-announces-28-yy-total-revenue-growth-in-the-third-quarter-and-increase-in-full-year-2024-guidance-reaffirms-long-term-guidance-and-outlook-302289451.html
SOURCE