Full Press Release Details
SAN RAFAEL, Calif. , Oct. 27, 2021 /PRNewswire/ --
Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||
| Total Revenues | $ | 408.7 | $ | 476.8 | (14) | % | $ | 1,396.5 | $ | 1,408.3 | (1) | % | |||||||||
| Net Product Revenues Marketed by BioMarin (1) | $ | 369.5 | $ | 419.8 | (12) | % | $ | 1,245.8 | $ | 1,239.9 | — | % | |||||||||
| Vimizim Net Product Revenues | $ | 136.9 | $ | 147.9 | (7) | % | $ | 466.8 | $ | 401.8 | 16 | % | |||||||||
| Naglazyme Net Product Revenues | $ | 71.2 | $ | 76.3 | (7) | % | $ | 297.3 | $ | 271.6 | 9 | % | |||||||||
| Kuvan Net Product Revenues | $ | 67.7 | $ | 124.1 | (45) | % | $ | 217.3 | $ | 368.7 | (41) | % | |||||||||
| Palynziq Net Product Revenues | $ | 60.7 | $ | 46.1 | 32 | % | $ | 173.7 | $ | 121.4 | 43 | % | |||||||||
| Brineura Net Product Revenues | $ | 32.9 | $ | 25.4 | 30 | % | $ | 90.6 | $ | 75.2 | 20 | % | |||||||||
| Voxzogo Net Product Revenues | $ | 0.1 | $ | — | n/a | $ | 0.1 | $ | — | n/a | |||||||||||
| Aldurazyme Net Product Revenues | $ | 24.4 | $ | 40.9 | (40) | % | $ | 102.5 | $ | 128.9 | (20) | % | |||||||||
| GAAP Net Income (Loss) | $ | (36.5) | $ | 784.8 | $ | (6.2) | $ | 837.0 | |||||||||||||
| GAAP Net Income (Loss) per Share – Basic | $ | (0.20) | $ | 4.33 | $ | (0.03) | $ | 4.63 | |||||||||||||
| GAAP Net Income (Loss) per Share – Diluted | $ | (0.20) | $ | 4.01 | $ | (0.03) | $ | 4.39 | |||||||||||||
| Non-GAAP Income (2) | $ | 33.5 | $ | 98.7 | $ | 235.7 | $ | 272.6 |
| September 30, 2021 | December 31, 2020 | |||||||
| Cash, cash equivalents and investments | $ | 1,546.1 | $ | 1,350.9 |
| (1) | Net Product Revenues Marketed by BioMarin is the sum of revenues from Vimizim, Naglazyme, Kuvan, Palynziq, Brineura and Voxzogo (formerly known as vosoritide) for the three and nine months ended September 30, 2021 and includes Firdapse for the nine months ended September 30, 2020, each calculated in accordance with Generally Accepted Accounting Principles in the United States (U.S. GAAP). Sanofi Genzyme (Genzyme) is BioMarin's sole customer for Aldurazyme and is responsible for marketing and selling Aldurazyme to third parties. Refer to page 10 for a table showing Net Product Revenues by product. In January 2020, BioMarin divested the Firdapse assets to a third party in a sale transaction. The sale is reflected in the Company's consolidated financial statements for the nine months ended September 30, 2020; as a result of the transaction BioMarin no longer recognizes Net Product Revenues from Firdapse. |
| (2) | Non-GAAP Income is defined by the Company as reported GAAP Net Income/Loss, excluding net interest expense, provision for (benefit from) income taxes, depreciation expense, amortization expense, stock-based compensation expense, contingent consideration expense and, in certain periods, certain other specified items. Refer to Non-GAAP Information beginning on page 11 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. |
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN ) (BioMarin or the Company) today announced financial results for the third quarter ended September 30, 2021.
"As we begin the last quarter of 2021, we are very pleased to be improving both top and bottom-line financial guidance for the full-year," said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin. "Uneven ordering patterns are a consistent element of our dynamic global commercial business, making full-year results the key indicator of product demand. The essential nature of our medicines to the people who rely on them, gives us confidence in the growth prospects ahead. We plan to finish 2021 strong and expect meaningful growth in revenues in 2022 leading to anticipated GAAP profitability next year. We look forward to providing full guidance for 2022 early next year, especially given early demand signals for Voxzogo, for the treatment of achondroplasia, in Europe , and the potential for Voxzogo to be approved in the U.S. next month."
Mr. Bienaimé continued, "Foundational milestones are tracking to plan, starting with the European approval and launch of Voxzogo in the quarter. The level of interest in Voxzogo following approval has exceeded our expectations. If Voxzogo is approved in the U.S. next month, we expect the global Voxzogo launch to contribute meaningfully to our commercial business. Our next significant read-out, the two-year data from the 134-participant Phase 3 study with valoctocogene roxaparvovec gene therapy for the treatment of severe hemophilia A, will be shared in early 2022. We anticipate resubmitting the U.S. application in the second quarter of 2022, and we continue to anticipate the European opinion in the second quarter of 2022, should data be supportive. The cascade of these potential new product approvals, including global approvals of valoctocogene roxaparvovec and U.S. approval of Voxzogo, sets us up for significant potential growth beginning in 2022."
Financial Highlights:
Late-stage Regulatory Portfolio (Voxzogo and valoctocogene roxaparvovec)
Earlier-stage Development Portfolio (BMN 307, BMN 255, BMN 331, BMN 351, DiNA-001, Allen Institute Collaboration, Deep Genomics)
2021 Full-Year Financial Guidance (in millions, except %)
| Item | Provided July 28, 2021* | Revised October 27, 2021* | ||||||||||
| Total Revenues | $1,790 | to | $1,880 | $1,820 | to | $1,880 | ||||||
| Vimizim Net Product Revenues | $580 | to | $620 | $595 | to | $620 | ||||||
| Naglazyme Net Product Revenues | $375 | to | $405 | Unchanged | ||||||||
| Palynziq Net Product Revenues | $220 | to | $260 | $230 | to | $260 | ||||||
| Kuvan Net Product Revenues | $260 | to | $290 | $265 | to | $290 | ||||||
| Brineura Net Product Revenues | $120 | to | $140 | Unchanged | ||||||||
| Cost of Sales (% of Total Revenues) | 23% | to | 25% | Unchanged | ||||||||
| Research and Development Expense | $645 | to | $685 | $635 | to | $675 | ||||||
| Selling, General and Administrative Expense | $735 | to | $775 | Unchanged | ||||||||
| GAAP Net Loss | ($110) | to | ($60) | ($85) | to | ($45) | ||||||
| Non-GAAP Income (1) | $190 | to | $240 | $215 | to | $255 |
| *2021 Guidance takes into consideration ongoing expected impact from the COVID-19 pandemic assuming consistent trends experienced during 2020 and the nine months ended September 30, 2021. | ||
| (1) | All Financial Guidance items are calculated based on U.S. GAAP with the exception of Non-GAAP Income. Refer to Non-GAAP Information beginning on page 11 of this press release for a complete discussion of the Company's Non-GAAP financial information and reconciliations to the corresponding GAAP reported information. |
BioMarin will host a conference call and webcast to discuss third quarter and year to date 2021 financial results today, Wednesday, October 27, 2021 at 4:30 p.m. ET . This event can be accessed on the investor section of the BioMarin website at www.biomarin.com.
| U.S./Canada Dial-in Number: 866.502.9859 | Replay Dial-in Number: 855.859.2056 |
| International Dial-in Number: 574.990.1362 | Replay International Dial-in Number: 404.537.3406 |
| Conference ID: 2382767 | Conference ID: 2382767 |
BioMarin is a global biotechnology company that develops and commercializes innovative therapies for people with serious and life-threatening rare diseases and medical conditions. The Company selects product candidates for diseases and conditions that represent a significant unmet medical need, have well-understood biology and provide an opportunity to be first-to-market or offer a significant benefit over existing products. The Company's portfolio consists of several commercial therapies and multiple clinical and preclinical product candidates.
For additional information, please visit www.biomarin.com.
Forward-Looking Statements
BioMarin®, Brineura®, Kuvan®, Naglazyme®, Palynziq® and Vimizim® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. VOXZOGO™ is a trademark of BioMarin Pharmaceutical Inc. 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 | Debra Charlesworth | |
| BioMarin Pharmaceutical Inc. | BioMarin Pharmaceutical Inc. | |
| (415) 455-7558 | (415) 455-7451 |
| BIOMARIN PHARMACEUTICAL INC. | |||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| September 30, 2021 and December 31, 2020 | |||||||
| (In thousands of U.S. dollars, except per share amounts) | |||||||
| September 30, 2021 | December 31, 2020(1) | ||||||
| ASSETS | (unaudited) | ||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 617,143 | $ | 649,158 | |||
| Short-term investments | 462,333 | 416,228 | |||||
| Accounts receivable, net | 374,937 | 448,351 | |||||
| Inventory | 749,406 | 698,548 | |||||
| Other current assets | 107,751 | 129,934 | |||||
| Total current assets | 2,311,570 | 2,342,219 | |||||
| Noncurrent assets: | |||||||
| Long-term investments | 466,618 | 285,473 | |||||
| Property, plant and equipment, net | 1,024,787 | 1,032,471 | |||||
| Intangible assets, net | 388,487 | 417,271 | |||||
| Goodwill | 196,199 | 196,199 | |||||
| Deferred tax assets | 1,445,109 | 1,432,150 | |||||
| Other assets | 144,705 | 142,237 | |||||
| Total assets | $ | 5,977,475 | $ | 5,848,020 | |||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
| Current liabilities: | |||||||
| Accounts payable and accrued liabilities | $ | 466,711 | $ | 492,548 | |||
| Short-term contingent consideration | 48,187 | — | |||||
| Total current liabilities | 514,898 | 492,548 | |||||
| Noncurrent liabilities: | |||||||
| Long-term convertible debt, net | 1,078,093 | 1,075,145 | |||||
| Long-term contingent consideration | 15,204 | 60,130 | |||||
| Other long-term liabilities | 103,131 | 114,195 | |||||
| Total liabilities | $ | 1,711,326 | $ | 1,742,018 | |||
| Stockholders' equity: | |||||||
| Common stock, $0.001 par value: 500,000,000 shares authorized; 183,567,424 and 181,740,999 shares issued and outstanding, respectively. | 184 | 182 | |||||
| Additional paid-in capital | 5,133,742 | 4,993,407 | |||||
| Company common stock held by Nonqualified Deferred Compensation Plan | (10,225) | (9,839) | |||||
| Accumulated other comprehensive income (loss) | 10,239 | (16,139) | |||||
| Accumulated deficit | (867,791) | (861,609) | |||||
| Total stockholders' equity | 4,266,149 | 4,106,002 | |||||
| Total liabilities and stockholders' equity | $ | 5,977,475 | $ | 5,848,020 |
| BIOMARIN PHARMACEUTICAL INC. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| Three and Nine Months Ended September 30, 2021 and 2020 | |||||||||||||||
| (In thousands of U.S. dollars, except per share amounts) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||
| REVENUES: | |||||||||||||||
| Net product revenues | $ | 393,840 | $ | 460,741 | $ | 1,348,279 | $ | 1,368,816 | |||||||
| Royalty and other revenues | 14,902 | 16,043 | 48,186 | 39,522 | |||||||||||
| Total revenues | 408,742 | 476,784 | 1,396,465 | 1,408,338 | |||||||||||
| OPERATING EXPENSES: | |||||||||||||||
| Cost of sales | 103,537 | 188,793 | 350,765 | 398,134 | |||||||||||
| Research and development | 157,869 | 147,053 | 467,701 | 471,449 | |||||||||||
| Selling, general and administrative | 183,333 | 179,450 | 541,812 | 542,157 | |||||||||||
| Intangible asset amortization and contingent consideration | 17,222 | 17,429 | 52,648 | 48,018 | |||||||||||
| Gain on sale of nonfinancial assets | — | — | — | (59,495) | |||||||||||
| Total operating expenses | 461,961 | 532,725 | 1,412,926 | 1,400,263 | |||||||||||
| INCOME (LOSS) FROM OPERATIONS | (53,219) | (55,941) | (16,461) | 8,075 | |||||||||||
| Equity in the income (loss) of BioMarin/Genzyme LLC | 177 | (921) | (1,349) | (1,077) | |||||||||||
| Interest income | 1,827 | 4,004 | 8,737 | 13,539 | |||||||||||
| Interest expense | (3,870) | (9,597) | (11,491) | (24,560) | |||||||||||
| Other income, net | 8,925 | 1,239 | 11,788 | 1,886 | |||||||||||
| INCOME (LOSS) BEFORE INCOME TAXES | (46,160) | (61,216) | (8,776) | (2,137) | |||||||||||
| Benefit from income taxes | (9,666) | (846,019) | (2,594) | (839,138) | |||||||||||
| NET INCOME (LOSS) | (36,494) | 784,803 | $ | (6,182) | $ | 837,001 | |||||||||
| NET INCOME (LOSS) PER SHARE, BASIC | $ | (0.20) | $ | 4.33 | $ | (0.03) | $ | 4.63 | |||||||
| NET INCOME (LOSS) PER SHARE, DILUTED | $ | (0.20) | $ | 4.01 | $ | (0.03) | $ | 4.39 | |||||||
| Weighted average common shares outstanding, basic | 183,214 | 181,142 | 182,616 | 180,592 | |||||||||||
| Weighted average common shares outstanding, diluted | 183,214 | 197,674 | 182,616 | 194,959 |
| BIOMARIN PHARMACEUTICAL INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| Nine Months Ended September 30, 2021 and 2020 | |||||||
| (In thousands of U.S. dollars) | |||||||
| Nine Months Ended September 30, | |||||||
| 2021 | 2020 | ||||||
| (unaudited) | (unaudited) | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
| Net income (loss) | $ | (6,182) | $ | 837,001 | |||
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | |||||||
| Depreciation and amortization | 82,053 | 77,814 | |||||
| Non-cash interest expense | 3,114 | 14,766 | |||||
| Amortization of premium on investments | 3,279 | 175 | |||||
| Stock-based compensation | 153,372 | 142,125 | |||||
| Gain on sale of nonfinancial assets | — | (59,495) | |||||
| Inventory reserves, net of stock-based compensation | — | 75,609 | |||||
| Deferred income taxes | (12,020) | (854,199) | |||||
| Unrealized foreign exchange (gain) loss | (1,347) | 9,082 | |||||
| Non-cash changes in the fair value of contingent consideration | 6,254 | 1,352 | |||||
| Other | (1,317) | 388 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable, net | 65,513 | (32,915) | |||||
| Inventory | (19,125) | (73,310) | |||||
| Other current assets | 27,029 | 32,848 | |||||
| Other assets | (407) | (5,543) | |||||
| Accounts payable and accrued liabilities | (7,129) | (76,174) | |||||
| Other long-term liabilities | 269 | 9,225 | |||||
| Net cash provided by operating activities | 293,356 | 98,749 | |||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
| Purchases of property, plant and equipment | (66,840) | (83,286) | |||||
| Maturities and sales of investments | 502,112 | 345,224 | |||||
| Purchases of available-for-sale securities | (737,144) | (369,942) | |||||
| Proceeds from sale of nonfinancial assets | — | 67,159 | |||||
| Purchase of intangible assets | (8,026) | (14,369) | |||||
| Investment in convertible note | — | (8,709) | |||||
| Other | (994) | (725) | |||||
| Net cash used in investing activities | (310,892) | (64,648) | |||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
| Proceeds from exercises of awards under equity incentive plans | 32,877 | 60,268 | |||||
| Taxes paid related to net share settlement of equity awards | (44,428) | (42,667) | |||||
| Repurchase of common stock | — | (50,000) | |||||
| Proceeds from convertible senior subordinated note offering, net | — | 585,752 | |||||
| Principal repayments of financing leases | (2,492) | (6,080) | |||||
| Other | (401) | — | |||||
| Net cash provided by (used in) financing activities | (14,444) | 547,273 | |||||
| Effect of exchange rate changes on cash | (35) | (3,145) | |||||
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | $ | (32,015) | $ | 578,229 | |||
| Cash and cash equivalents: | |||||||
| Beginning of period | $ | 649,158 | $ | 437,446 | |||
| End of period | $ | 617,143 | $ | 1,015,675 |
The following table presents Net Product Revenues by Product:
| Net Product Revenues by Product | |||||||||||||||||||||
| (In millions of U.S. dollars) | |||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||
| 2021 | 2020 | % Change | 2021 | 2020 | % Change | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||
| Vimizim | $ | 136.9 | $ | 147.9 | (7) | % | $ | 466.8 | $ | 401.8 | 16 | % | |||||||||
| Naglazyme | 71.2 | 76.3 | (7) | % | 297.3 | 271.6 | 9 | % | |||||||||||||
| Kuvan | 67.7 | 124.1 | (45) | % | 217.3 | 368.7 | (41) | % | |||||||||||||
| Palynziq | 60.7 | 46.1 | 32 | % | 173.7 | 121.4 | 43 | % | |||||||||||||
| Brineura | 32.9 | 25.4 | 30 | % | 90.6 | 75.2 | 20 | % | |||||||||||||
| Voxzogo | 0.1 | — | n/a | 0.1 | — | n/a | |||||||||||||||
| Firdapse (1) | — | — | — | % | — | 1.2 | (100) | % | |||||||||||||
| Net Product Revenues Marketed by BioMarin | $ | 369.5 | $ | 419.8 | $ | 1,245.8 | $ | 1,239.9 | |||||||||||||
| Aldurazyme Net Product Revenues Marketed by Genzyme | 24.4 | 40.9 | (40) | % | 102.5 | 128.9 | (20) | % | |||||||||||||
| Total Net Product Revenues | $ | 393.9 | $ | 460.7 | $ | 1,348.3 | $ | 1,368.8 |
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. As used in this release, Non-GAAP Income is defined by the Company as GAAP Net Income/Loss excluding net interest expense, provision for income taxes, depreciation expense, amortization expense, stock-based compensation expense, contingent consideration expense and, in certain periods, certain other specified items, as detailed below when applicable. In addition, BioMarin includes in this press release the effects of these adjustments on certain components of GAAP Net Income/Loss for each of the periods presented. In this regard, Non-GAAP Income and its components, including Non-GAAP Cost of Sales, Non-GAAP Research and Development expenses, Non-GAAP Selling, General and Administrative expense, Non-GAAP Intangible Asset Amortization and Contingent Consideration, Non-GAAP Gain on the Sale of Intangible Asset and Non-GAAP Benefit From Income Taxes are statement of operations line items prepared on the same basis as, and therefore components of, the overall Non-GAAP measures.
Non-GAAP Income and its components are not meant to be considered in isolation, 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 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 measures; likewise, the Company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP measures. Because of the non-standardized definitions, the Non-GAAP 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 table presents the reconciliation of GAAP Net Income (Loss) to Non-GAAP Income:
| Reconciliation of GAAP Net Income (Loss) to Non-GAAP Income | |||||||||||||||||||||||
| (In millions of U.S. dollars) | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | Guidance Year Ending | |||||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | December 31, 2021 | |||||||||||||||||||
| GAAP Net Income (Loss) | $ | (36.5) | $ | 784.8 | $ | (6.2) | $ | 837.0 | $ | (85.0) | — | $ | (45.0) | ||||||||||
| Interest expense, net | 2.0 | 5.6 | 2.8 | 11.0 | 11.0 | — | 11.0 | ||||||||||||||||
| Benefit from income taxes | (9.7) | (846.0) | (2.6) | (839.1) | (16.0) | — | (16.0) | ||||||||||||||||
| Depreciation expense | 11.4 | 11.1 | 35.7 | 31.1 | 48.0 | — | 48.0 | ||||||||||||||||
| Amortization expense | 15.4 | 15.5 | 46.3 | 46.7 | 62.0 | — | 62.0 | ||||||||||||||||
| Stock-based compensation expense | 49.1 | 50.2 | 153.4 | 142.2 | 186.0 | — | 186.0 | ||||||||||||||||
| Contingent consideration expense | 1.8 | 1.9 | 6.3 | 1.3 | 9.0 | — | 9.0 | ||||||||||||||||
| Provision for inventory reserve, net (1) | — | 75.6 | — | 75.6 | — | — | — | ||||||||||||||||
| Gain on sale of nonfinancial assets | — | — | — | (59.5) | — | — | — | ||||||||||||||||
| Licensed In-Process R&D (2) | — | — | — | 26.3 | — | — | — | ||||||||||||||||
| Non-GAAP Income | $ | 33.5 | $ | 98.7 | $ | 235.7 | $ | 272.6 | $ | 215.0 | — | $ | 255.0 |
| (1) | Represents a $81.2 million charge related to pre-launch valoctocogene roxaparvovec inventory, net of stock-based compensation, as a result of the unexpected delays in anticipated regulatory approvals. |
| (2) | Represents the upfront license fee paid to a third party and recognized as R&D expense in the second quarter of 2020. |
The following reconciliation of the GAAP reported to the Non-GAAP information provides the details of the effects of the Non-GAAP adjustments on certain components of the Company's operating results for each of the periods presented.
| Reconciliation of Certain GAAP Reported Information to Non-GAAP Information | |||||||||||||||||||||||||||||||
| (In millions of U.S. dollars) | |||||||||||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||||||||||
| Three months ended September 30, | |||||||||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||||||||||
| Adjustments | Adjustments | ||||||||||||||||||||||||||||||
| GAAP Reported | Interest, Taxes, Depreciation and Amortization | Stock-Based Compensation, Contingent Consideration and Other Adjustments | Non-GAAP | GAAP Reported | Interest, Taxes, Depreciation and Amortization | Stock-Based Compensation, Contingent Consideration and Other Adjustments | Non-GAAP | ||||||||||||||||||||||||
| Cost of sales | $ | 103.5 | $ | — | $ | (4.3) | $ | 99.2 | $ | 188.8 | $ | — | $ | (86.0) | $ | 102.8 | |||||||||||||||
| Research and development | 157.9 | (6.3) | (17.9) | 133.7 | 147.1 | (5.8) | (15.7) | 125.6 | |||||||||||||||||||||||
| Selling, general and administrative | 183.3 | (5.1) | (26.9) | 151.3 | 179.5 | (5.3) | (24.1) | 150.1 | |||||||||||||||||||||||
| Intangible asset amortization and contingent consideration | 17.2 | (15.4) | (1.8) | — | 17.4 | (15.5) | (1.9) | — | |||||||||||||||||||||||
| Interest expense, net | (2.0) | 2.0 | — | — | (5.6) | 5.6 | — | — | |||||||||||||||||||||||
| Benefit from income taxes | (9.7) | 9.7 | — | — | (846.0) | 846.0 | — | — | |||||||||||||||||||||||
| GAAP Net Income (Loss) / Non-GAAP Income | $ | (36.5) | $ | 19.1 | $ | 50.9 | $ | 33.5 | $ | 784.8 | $ | (813.8) | $ | 127.7 | $ | 98.7 | |||||||||||||||
| Nine months ended September 30, | |||||||||||||||||||||||||||||||
| 2021 | 2020 | ||||||||||||||||||||||||||||||
| Adjustments | Adjustments | ||||||||||||||||||||||||||||||
| GAAP Reported | Interest, Taxes, Depreciation and Amortization | Stock-Based Compensation, Contingent Consideration and Other Adjustments | Non-GAAP | GAAP Reported | Interest, Taxes, Depreciation and Amortization | Stock-Based Compensation, Contingent Consideration and Other Adjustments | Non-GAAP | ||||||||||||||||||||||||
| Cost of sales | $ | 350.8 | $ | — | $ | (16.9) | $ | 333.9 | $ | 398.1 | $ | — | $ | (96.0) | $ | 302.1 | |||||||||||||||
| Research and development | 467.7 | (20.9) | (56.2) | 390.6 | 471.4 | (15.2) | (71.7) | 384.5 | |||||||||||||||||||||||
| Selling, general and administrative | 541.8 | (14.8) | (80.3) | 446.7 | 542.2 | (15.9) | (76.4) | 449.9 | |||||||||||||||||||||||
| Intangible asset amortization and contingent consideration | 52.6 | (46.3) | (6.3) | — | 48.0 | (46.7) | (1.3) | — | |||||||||||||||||||||||
| Gain on sale of nonfinancial assets | — | — | — | — | (59.5) | — | 59.5 | — | |||||||||||||||||||||||
| Interest expense, net | (2.8) | 2.8 | — | — | (11.0) | 11.0 | — | — | |||||||||||||||||||||||
| Benefit from income taxes | (2.6) | 2.6 | — | — | (839.1) | 839.1 | — | — | |||||||||||||||||||||||
| GAAP Net Income (Loss) / Non-GAAP Income | $ | (6.2) | $ | 82.2 | $ | 159.7 | $ | 235.7 | $ | 837.0 | $ | (750.3) | $ | 185.9 | $ | 272.6 |
SOURCE BioMarin Pharmaceutical Inc.