Full Press Release Details
Third Quarter 2024 Total Revenues of $746 million (+28% Y/Y and +32% at Constant Currency Y/Y); Year-to-date 2024 Total Revenues of $2.11 billion (+19% Y/Y and +23% at Constant Currency Y/Y)
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 $0.55 (+162% Y/Y); Year-to-date 2024 GAAP Diluted EPS of $1.56 (+103% Y/Y)
Third Quarter 2024 Non-GAAP Diluted EPS of $0.91 (+98% Y/Y); Year-to-date 2024 Non-GAAP Diluted EPS of $2.60 (+63% Y/Y)
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET
SAN RAFAEL, Calif. , Oct. 29, 2024 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN ) today announced financial results for the quarter and nine months ended September 30, 2024.
Mr. Hardy added, "Strong global demand for VOXZOGO led to over 3,800 infants and children receiving treatment as of the end of the third quarter. In the U.S., the majority of new patient starts in the third quarter were for children under 5 years of age, reflecting strong adoption from families seeking VOXZOGO therapy for their infants and young children. Our Enzyme Therapies portfolio also delivered impressive results, with third quarter revenue growth of 27% year-over-year, evidence of the continued growth potential of this portfolio," added Mr. Hardy. "Additionally, we made good progress advancing all of our innovative therapies under development. Within our CANOPY clinical program, we advanced our studies in five new indications with VOXZOGO. For hypochondroplasia, we are on track to complete enrollment in the Phase 3 registration-enabling study in the first half of 2025."
Financial Highlights:
3Q'24 Execution on New Corporate Strategy: Innovation, Growth, and Value Commitment
At the 16th International Skeletal Dysplasia Society meeting (ISDS) in September, BioMarin and its external research partners contributed to eight presentations (including four orals) discussing the value of vosoritide and the burden of illness in achondroplasia and related disorders. These data included showing that children with achondroplasia treated with VOXZOGO experienced meaningful improvements in addition to height, such as gains in health-related quality of life (HRQoL), and increased bone length while maintaining bone strength. Researchers also presented encouraging data from ongoing investigator-led studies of treatment in children with other genetic skeletal conditions, including hypochondroplasia and Noonan syndrome, as well as those with genetic variants often associated with idiopathic short stature such as aggrecan (ACAN) deficiency and heterozygous NPR2 mutations.
Value Commitment
| Financial Highlights (in millions of U.S. dollars, except per share data, unaudited) | ||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||
| Total Revenues | $746 | $581 | 28 % | $2,107 | $1,773 | 19 % | ||||||
| Net Product Revenues by Product: | ||||||||||||
| VOXZOGO | $190 | $123 | 54 % | $527 | $324 | 63 % | ||||||
| VIMIZIM | $178 | $159 | 12 % | $549 | $526 | 4 % | ||||||
| NAGLAZYME | $132 | $109 | 21 % | $370 | $322 | 15 % | ||||||
| PALYNZIQ | $91 | $79 | 15 % | $255 | $216 | 18 % | ||||||
| ALDURAZYME | $71 | $14 | 407 % | $145 | $89 | 63 % | ||||||
| BRINEURA | $37 | $41 | (10) % | $121 | $118 | 3 % | ||||||
| KUVAN | $28 | $43 | (35) % | $93 | $144 | (35) % | ||||||
| ROCTAVIAN | $7 | $1 | 600 % | $16 | $1 | 1,500 % | ||||||
| GAAP Net Income | $106 | $40 | 165 % | $302 | $147 | 105 % | ||||||
| Non-GAAP Income (1) | $178 | $89 | 100 % | $506 | $310 | 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) | $0.55 | $0.21 | 162 % | $1.56 | $0.77 | 103 % | ||||||
| Non-GAAP Diluted EPS (3) | $0.91 | $0.46 | 98 % | $2.60 | $1.60 | 63 % |
| September 30, 2024 | December 31, 2023 | ||||
| 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 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 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 August 5, 2024 | Updated October 29, 2024 | ||||||||||
| Total Revenues | $2,750 | to | $2,825 | $2,790 | to | $2,825 | ||||||
| Non-GAAP Operating Margin % (1) | 26 % | to | 27 % | 26.5 % | to | 27.5 % | ||||||
| Non-GAAP Diluted EPS (1)(2) | $3.10 | to | $3.25 | $3.25 | to | $3.35 |
| (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 third quarter 2024 financial results today, Tuesday, October 29, 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 |
| Conference ID: 4980126 | Conference ID: 4980126 |
BioMarin is a global biotechnology company dedicated to translating the promise of genetic discovery into medicines that make a profound impact on the life of each patient. The San Rafael, California -based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin pursues treatments that offer new possibilities for patients and families around the world navigating rare or difficult to treat genetic conditions. To learn more, 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, such as the revenue opportunity represented by treatments for skeletal conditions, as well as the expectations relating to operating cash flow per year starting in 2027 and BioMarin's compound annual growth rate (CAGR) for total revenues through 2034; BioMarin's new corporate strategy and belief that such strategy will build on BioMarin's legacy of innovation to deliver even greater value to the patients it serves around the world and position BioMarin for significant growth; BioMarin's commitment to expand profitability while investing in innovation; BioMarin's ability to accelerate the VOXZOGO opportunity; the continued growth potential of BioMarin's Enzyme Therapies portfolio; the anticipated benefits from its organizational redesign efforts; BioMarin's updated strategy for ROCTAVIAN and its anticipated benefits; 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 completion of enrollment for the pivotal study of VOXZOGO in hypochondroplasia in the first half of 2025, (iii) the expected expansion of VOXZOGO in the U.S. and BioMarin's ability to enable VOXZOGO access into more than 20 additional countries by 2027, (iv) BioMarin's expectation to initiate the first-in-human study for BMN 333 in early 2025, (v) BioMarin's expectation to receive initial proof-of-concept data regarding BMN 351 in 2025, (vi) BioMarin's expectation to start dosing the multiple-ascending dose phase of the study for BMN 349 by the end of the year, (vii) BioMarin's expectation to receive data from the phase 3 study with PALYNZIQ in adolescents ages 12-17 in 2025 to support a potential U.S. Supplemental Biologics License Application in the second half of the year, (viii) BioMarin's expectations to submit an IND for BMN 390 in the second half of 2025, and (ix) BioMarin's expectation to potentially submit an IND for BMN 370 during the second half of 2025; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends, including BioMarin's plans to drive growth of its Enzyme Therapies across the 80 countries in which they are available.
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.
| BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three and Nine Months Ended September 30, 2024 and 2023 (In thousands of U.S. dollars, 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 |
| BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 and December 31, 2023 (In thousands of U.S. dollars, except per share amounts) | |||
| September 30, 2024 | December 31, 2023 ⁽¹⁾ | ||
| 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 | |
| Goodwill | 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, $0.001 par value: 500,000,000 shares authorized; 190,553,918 and 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 |
| BIOMARIN PHARMACEUTICAL INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2024 and 2023 (In thousands of U.S. dollars) (unaudited) | |||
| Nine Months Ended September 30, | |||
| 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 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 September 30, | Nine Months Ended September 30, | ||||||
| 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 U.S. dollars, except per share data) (unaudited) | |||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
| 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 U.S. dollars | 23 | 75 | |||||
| Non-GAAP change in Total Revenues at Constant Currency | $ 188 | 32 % | $ 409 | 23 % |
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||
| 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 September 30, | Nine Months Ended September 30, | ||||||
| 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 September 30, | Nine Months Ended September 30, | ||||||
| 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 |
| Contact: | ||
| Investors: | Media: | |
| Traci McCarty | Marni Kottle | |
| BioMarin Pharmaceutical Inc. | BioMarin Pharmaceutical Inc. | |
| (415) 455-7558 | (650) 374-2803 |
SOURCE BioMarin Pharmaceutical Inc.