Full Press Release Details
Second Quarter 2025 Total Revenues of$825 million(+16% Y/Y and +17% at Constant Currency Y/Y)
Second Quarter 2025 GAAP Diluted Earnings Per Share (EPS) of$1.23(+124% Y/Y)
Second Quarter 2025 Non-GAAP Diluted EPS of$1.44(+50% Y/Y)
BioMarin Completes Acquisition of Inozyme inJuly 2025; Pivotal Data from Lead Indication Expected 1H'26
BMN 333 Exceeds Targeted Exposures of Free C-type Natriuretic Peptide (CNP) in Healthy Volunteer Study; Pivotal Phase 2/3 Study with BMN 333 in Pediatric Achondroplasia Planned to Begin 1H'26
Conference Call and Webcast Scheduled Today at4:30 p.m. ET
SAN RAFAEL, Calif.,Aug. 4, 2025/PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced financial results for the second quarter ended June 30, 2025.
"We were very pleased with our second quarter performance across all aspects of the business, including strong growth, exciting pipeline progress, and delivery of our business development strategy," saidAlexander Hardy, President and Chief Executive Officer of BioMarin.
Mr. Hardy continued, "In the quarter, global demand for BioMarin's innovative therapies resulted in double-digit year-over-year revenue growth and significant profitability expansion. In addition to these strong results, today, we are pleased to share early data for BMN 333, a potential new treatment option for children with achondroplasia. BMN 333, our long-acting CNP, achieved our targeted profile in the healthy volunteer study and is now expected to move into the pivotal study in 2026. Our goal is for BMN 333 to demonstrate superiority to VOXZOGO and set a new standard for the treatment of achondroplasia.
"We were also pleased to have delivered on our business development strategy with the acquisition of Inozyme, which closed onJuly 1st," Mr. Hardy added. "The acquisition strengthens our portfolio, adding a late stage enzyme replacement therapy, BMN 401, formerly INZ-701, for the treatment of ENPP1 Deficiency. In conclusion, with the first half of the year now complete, I am pleased with our progress and remain enthusiastic about our potential to deliver for patients, employees and our shareholders through the remainder of 2025 and beyond."
Second Quarter 2025 Financial Highlights
Second Quarter 2025 Business Highlights
Innovation
Growth
Value Commitment
Three Months Ended
June 30,
Six Months Ended
June 30,
Forward-Looking Non-GAAP Financial Information
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.
2025 Full-Year Financial Guidance (in millions, except % and EPS amounts)
BioMarin will host a conference call and webcast to discuss second quarter 2025 financial results today, Monday, August 4, 2025, at4:30 p.m. ET. This event can be accessed through thislinkor on the investor section of the BioMarin website atwww.biomarin.com.
About BioMarin
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. TheSan 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 visitwww.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, Non-GAAP Diluted EPS and Operating Cash Flow for, in certain instances, the full-year 2025 and future periods, as well as increasing growth and increasing operating expenses in the remainder of 2025, and the underlying drivers of those results, such as the revenue opportunity represented by treatments for Skeletal Conditions, namely VOXZOGO and VOXZOGO's contribution to full-year 2025 Total Revenues, the expected demand and continued growth of BioMarin's Enzyme Therapies portfolio, the anticipated benefits of BioMarin's acquisition of Inozyme Pharma, Inc. and the accounting treatment of such acquisition; 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) expected advancements of pipeline candidates, including BMN 333, BMN 349, BMN 351 and BMN 401 (formerly INZ-701), the anticipated initial data read-out for BMN 351 by year-end, the expected Phase 2 study for BMN 349 in the first half of 2026, the anticipated initial readout for the BMN 401 ENERGY 3 study in the first quarter of 2026 and potential launch in 2027, plans to advance BMN 401 for the treatment of ENPP1 deficiency across additional age groups as well as potential use in other indications, and the expected data and data presentation for BMN 333 in the first half of 2026 and plans to initiate a registration-enabling study for BMN 333 in 2026 for a potential launch in 2030; (ii) plans to submit applications to expand PALYNZIQ age eligibility for the treatment of adolescents with phenylketonuria between the ages of 12 and 17 in the U.S. andEuropein the second half of 2025, with potential approval and launch in 2026; (iii) expected topline data from the VOXZOGO pivotal study in hypochondroplasia in 2026 and plans to submit applications in 2026 for a potential launch in 2027; (iv) the expectations regarding higher VOXZOGO revenue in the second half of 2025 compared to the first half of 2025 and the underlying assumptions for such expectations; and (v) plans to advance five new VOXZOGO indications with BioMarin's CANOPY clinical program; the expectation that any new tariffs would have limited impact in 2025; expectations for BMN 333's efficacy compared to VOXZOGO's and ability to set a new standard of treatment for achondroplasia; plans to expand VOXZOGO in more than 60 countries by 2027; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends.
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, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; 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 U.S. 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 endedMarch 31, 2025, 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.
Three Months Ended
June 30,
Six Months Ended
June 30,
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 R&D expenses and Non-GAAP SG&A expenses are defined by the company as GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. 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.
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 R&D expenses, Non-GAAP SG&A expenses, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS, Non-GAAP Weighted-Average 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 financial measures 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:
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June 30,
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SOURCE BioMarin Pharmaceutical Inc.
| 1Excludes the estimated impact of acquired in-process research and development (IPR&D) charges from BioMarin's acquisition of Inozyme Pharma, Inc. (Inozyme), which was completed on July 1, 2025. IPR&D charges are expected to be recorded in BioMarin's financial results in the third quarter of 2025. |
| Financial Highlights (in millions of U.S. dollars, except per share data, unaudited) | |||||||||||
| Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||||||
| 2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||
| Total Revenues | $825 | $712 | 16 % | $1,571 | $1,361 | 15 % | |||||
| Net Product Revenues by Product: | |||||||||||
| VOXZOGO | $221 | $184 | 20 % | $435 | $337 | 29 % | |||||
| Enzyme Therapies: | |||||||||||
| VIMIZIM | $215 | $178 | 21 % | $404 | $371 | 9 % | |||||
| NAGLAZYME | 129 | 132 | (2) % | 243 | 238 | 2 % | |||||
| PALYNZIQ | 106 | 88 | 20 % | 199 | 164 | 21 % | |||||
| ALDURAZYME | 56 | 39 | 44 % | 105 | 74 | 42 % | |||||
| BRINEURA | 49 | 45 | 9 % | 89 | 84 | 6 % | |||||
| Total Enzyme Therapies Revenue | $555 | $482 | 15 % | $1,040 | $931 | 12 % | |||||
| KUVAN | $27 | $29 | (7) % | $52 | $65 | (20) % | |||||
| ROCTAVIAN® | $9 | $7 | 29 % | $20 | $8 | 150 % | |||||
| GAAP Net Income | $241 | $107 | 125 % | $426 | $196 | 117 % | |||||
| Non-GAAP Income(1) | $282 | $189 | 49 % | $502 | $329 | 53 % | |||||
| GAAP Operating Margin %(2) | 33.5 % | 16.9 % | 31.9 % | 15.4 % | |||||||
| Non-GAAP Operating Margin %(1) | 39.9 % | 31.2 % | 37.9 % | 27.6 % | |||||||
| GAAP Diluted Earnings per Share (EPS) | $1.23 | $0.55 | 124 % | $2.19 | $1.01 | 117 % | |||||
| Non-GAAP Diluted EPS(1) | $1.44 | $0.96 | 50 % | $2.57 | $1.67 | 54 % |
| June 30,2025 | December 31,2024 | ||
| Total cash, cash equivalents & investments | $ 1,941 | $ 1,659 |
| (1) | Refer to Non-GAAP Information beginning on page10of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related 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. |
| Item | Provided on May 1, 2025 | Updated August 4, 2025 | ||||||||||
| Total Revenues(1) | $3,100 | to | $3,200 | $3,125 | to | $3,200 | ||||||
| Non-GAAP Operating Margin %(2)(4) | 32 % | to | 33 % | 33 % | to | 34 % | ||||||
| Non-GAAP Diluted EPS(2)(3)(4) | $4.20 | to | $4.40 | $4.40 | to | $4.55 |
| (1) | VOXZOGO contribution to full-year 2025 Total Revenues expected to be in the range of $900 million to $935 million. |
| (2) | Refer to Non-GAAP Information beginning on page10of this press release for definitions of Non-GAAP Operating Margin and Non-GAAP Diluted EPS. |
| (3) | Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding. |
| (4) | Excludes the estimated impact of acquired IPR&D charges from BioMarin's acquisition of Inozyme, which was completed on July 1, 2025. Accounting for the Inozyme transaction will be finalized and included in the company's third quarter financial results, which are subject to BioMarin's financial statement closing procedures. The company expects to provide an update on full-year 2025 guidance items, including impact of the acquired IPR&D charges, in its third quarter 2025 earnings update. |
| While acquired IPR&D charges may be incurred upon execution of acquisitions, collaborations, licensing agreements, and other business development transactions, BioMarin does not forecast acquired IPR&D charges due to the uncertainty of the future occurrence, magnitude, and timing of these transactions in any given period. |
| U.S./Canada Dial-in Number: 800-715-9871 | Replay Dial-in Number: 800-770-2030 |
| International Dial-in Number: 646-307-1963 | Replay International Dial-in Number: 609-800-9909 |
| Conference ID: 6336054 | Conference ID: 6336054 |
| 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 INCOMEThree and Six Months Ended June 30, 2025 and 2024(In thousands of U.S. dollars, except per share amounts)(Unaudited) | |||||||
| Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| REVENUES: | |||||||
| Net product revenues | $ 812,982 | $ 702,129 | $ 1,547,626 | $ 1,339,944 | |||
| Royalty and other revenues | 12,428 | 9,900 | 22,929 | 20,918 | |||
| Total revenues | 825,410 | 712,029 | 1,570,555 | 1,360,862 | |||
| OPERATING EXPENSES: | |||||||
| Cost of sales | 150,090 | 130,459 | 301,648 | 255,639 | |||
| Research and development | 161,308 | 183,787 | 320,039 | 388,774 | |||
| Selling, general and administrative | 232,279 | 263,032 | 438,395 | 488,938 | |||
| Intangible asset amortization | 4,846 | 14,299 | 9,693 | 28,597 | |||
| Gain on sale of nonfinancial assets | — | — | — | (10,000) | |||
| Total operating expenses | 548,523 | 591,577 | 1,069,775 | 1,151,948 | |||
| INCOME FROM OPERATIONS | 276,887 | 120,452 | 500,780 | 208,914 | |||
| Interest income | 18,827 | 19,785 | 37,840 | 39,150 | |||
| Interest expense | (2,679) | (3,574) | (5,542) | (7,121) | |||
| Other income (expense), net | 4,833 | (4,527) | 2,879 | (3,260) | |||
| INCOME BEFORE INCOME TAXES | 297,868 | 132,136 | 535,957 | 237,683 | |||
| Provision for income taxes | 57,336 | 24,962 | 109,739 | 41,847 | |||
| NET INCOME | $ 240,532 | $ 107,174 | $ 426,218 | $ 195,836 | |||
| EARNINGS PER SHARE, BASIC | $ 1.25 | $ 0.56 | $ 2.23 | $ 1.03 | |||
| EARNINGS PER SHARE, DILUTED | $ 1.23 | $ 0.55 | $ 2.19 | $ 1.01 | |||
| Weighted average common shares outstanding, basic | 191,907 | 190,114 | 191,440 | 189,490 | |||
| Weighted average common shares outstanding, diluted | 197,091 | 200,505 | 196,643 | 200,137 |
| BIOMARIN PHARMACEUTICAL INC.CONDENSED CONSOLIDATED BALANCE SHEETSJune 30, 2025and December 31, 2024(In thousands of U.S. dollars, except per share amounts)(Unaudited) | |||
| June 30, 2025 | December 31, 2024 ⁽¹⁾ | ||
| ASSETS | |||
| Current assets: | |||
| Cash and cash equivalents | $ 1,213,816 | $ 942,842 | |
| Short-term investments | 218,309 | 194,864 | |
| Accounts receivable, net | 855,855 | 660,535 | |
| Inventory | 1,340,169 | 1,232,653 | |
| Other current assets | 177,183 | 201,533 | |
| Total current assets | 3,805,332 | 3,232,427 | |
| Noncurrent assets: | |||
| Long-term investments | 508,592 | 521,238 | |
| Property, plant and equipment, net | 1,030,385 | 1,043,041 | |
| Intangible assets, net | 239,620 | 255,278 | |
| Goodwill | 196,199 | 196,199 | |
| Deferred tax assets | 1,427,021 | 1,489,366 | |
| Other assets | 249,192 | 251,391 | |
| Total assets | $ 7,456,341 | $ 6,988,940 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||
| Current liabilities: | |||
| Accounts payable and accrued liabilities | $ 684,247 | $ 606,988 | |
| Total current liabilities | 684,247 | 606,988 | |
| Noncurrent liabilities: | |||
| Long-term convertible debt, net | 596,162 | 595,138 | |
| Other long-term liabilities | 148,819 | 128,824 | |
| Total liabilities | 1,429,228 | 1,330,950 | |
| Stockholders' equity: | |||
| Common stock, $0.001 par value: 500,000,000 shares authorized; 192,001,650 and 190,761,349 shares issued and outstanding, respectively | 192 | 191 | |
| Additional paid-in capital | 5,851,637 | 5,802,068 | |
| Company common stock held by the Nonqualified Deferred Compensation Plan | (11,674) | (11,227) | |
| Accumulated other comprehensive income (loss) | (44,565) | 61,653 | |
| Retained earnings (accumulated deficit) | 231,523 | (194,695) | |
| Total stockholders' equity | 6,027,113 | 5,657,990 | |
| Total liabilities and stockholders' equity | $ 7,456,341 | $ 6,988,940 | |
| (1) | December 31, 2024 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, 2024, filed with the SEC on February 24, 2025. |
| BIOMARIN PHARMACEUTICAL INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWSSix Months Ended June 30, 2025and 2024(In thousands of U.S. dollars)(Unaudited) | |||
| Six Months Ended June 30, | |||
| 2025 | 2024 | ||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net income | $ 426,218 | $ 195,836 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation and amortization | 40,632 | 53,813 | |
| Non-cash interest expense | 1,320 | 1,981 | |
| Accretion of discount on investments | (2,717) | (4,678) | |
| Stock-based compensation | 85,231 | 106,163 | |
| Gain on sale of nonfinancial assets | — | (10,000) | |
| Impairment of assets | 2,967 | 14,204 | |
| Deferred income taxes | 61,771 | 1,537 | |
| Unrealized foreign exchange gain | (5,306) | (19,958) | |
| Other | (1,916) | (858) | |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (156,124) | (56,081) | |
| Inventory | (72,462) | (47,409) | |
| Other current assets | (15,092) | 1,615 | |
| Other assets | (13,505) | (22,880) | |
| Accounts payable and accrued liabilities | 3,111 | (54,261) | |
| Other long-term liabilities | 5,537 | 6,709 | |
| Net cash provided by operating activities | 359,665 | 165,733 | |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property, plant and equipment | (33,869) | (47,431) | |
| Maturities and sales of investments | 195,738 | 317,649 | |
| Purchases of investments | (202,433) | (195,462) | |
| Proceeds from sale of nonfinancial assets | — | 10,000 | |
| Purchase of intangible assets | (266) | (8,512) | |
| Net cash provided by (used in) investing activities | (40,830) | 76,244 | |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from exercises of awards under equity incentive plans | 7,707 | 36,618 | |
| Taxes paid related to net share settlement of equity awards | (51,089) | (66,739) | |
| Other | — | (60) | |
| Net cash used in financing activities | (43,382) | (30,181) | |
| Effect of exchange rate changes on cash | (4,479) | 5,227 | |
| NET INCREASE IN CASH AND CASH EQUIVALENTS | 270,974 | 217,023 | |
| Cash and cash equivalents: | |||
| Beginning of period | $ 942,842 | $ 755,127 | |
| End of period | $ 1,213,816 | $ 972,150 |
| Reconciliation of GAAP Reported Information to Non-GAAP Information(1)(In millions of U.S. dollars, except per share data)(unaudited) | |||||||
| Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| GAAP Reported Net Income | $ 241 | $ 107 | $ 426 | $ 196 | |||
| Adjustments | |||||||
| Stock-based compensation expense - COS | 4 | 4 | 6 | 7 | |||
| Stock-based compensation expense - R&D | 14 | 13 | 26 | 34 | |||
| Stock-based compensation expense - SG&A | 30 | 31 | 53 | 66 | |||
| Amortization of intangible assets | 5 | 14 | 10 | 29 | |||
| Gain on sale of nonfinancial assets(2) | — | — | — | (10) | |||
| Severance and restructuring costs(3) | — | 39 | — | 42 | |||
| Loss on investments(4) | — | 5 | 3 | 5 | |||
| Income tax effect of adjustments | (11) | (24) | (22) | (39) | |||
| Non-GAAP Income | $ 282 | $ 189 | $ 502 | $ 329 |
| Three Months EndedJune 30, | |||||||
| 2025 | 2024 | ||||||
| Dollar | Percentage | Dollar | Percentage | ||||
| GAAP Change in Total Revenues | $ 113 | 16 % | $ 117 | 20 % | |||
| Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars | 7 | 30 | |||||
| Non-GAAP change in Total Revenues at Constant Currency | $ 120 | 17 % | $ 147 | 25 % | |||
| Six Months EndedJune 30, | |||||||
| 2025 | 2024 | ||||||
| Dollar | Percentage | Dollar | Percentage | ||||
| GAAP Change in Total Revenues | $ 210 | 15 % | $ 169 | 14 % | |||
| Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars | 21 | 53 | |||||
| Non-GAAP change in Total Revenues at Constant Currency | $ 231 | 17 % | $ 222 | 19 % |
| Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| R&D | SG&A | R&D | SG&A | R&D | SG&A | R&D | SG&A | ||||||||
| GAAP expenses | $ 161 | $ 232 | $ 184 | $ 263 | $ 320 | $ 438 | $ 389 | $ 489 | |||||||
| Adjustments | |||||||||||||||
| Stock-based compensation expense | (14) | (30) | (13) | (31) | (26) | (53) | (34) | (66) | |||||||
| Severance and restructuring costs(3) | — | — | — | (39) | — | — | — | (42) | |||||||
| Non-GAAP expenses | $ 147 | $ 203 | $ 171 | $ 193 | $ 294 | $ 385 | $ 355 | $ 381 |
| Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||||||
| 2025 | Percentof GAAPTotalRevenue | 2024 | Percentof GAAPTotalRevenue | 2025 | Percentof GAAPTotalRevenue | 2024 | Percentof GAAPTotalRevenue | ||||
| GAAP Income from Operations | $ 277 | 33.5 % | $ 120 | 16.9 % | $ 501 | 31.9 % | $ 209 | 15.4 % | |||
| Adjustments | |||||||||||
| Stock-based compensation expense | 48 | 5.8 | 48 | 6.8 | 85 | 5.4 | 106 | 7.7 | |||
| Amortization of intangible assets | 5 | 0.6 | 14 | 2.0 | 10 | 0.6 | 29 | 2.1 | |||
| Gain on sale of nonfinancial assets(2) | — | — | — | — | — | — | (10) | (0.7) | |||
| Severance and restructuring costs(3) | — | — | 39 | 5.5 | — | — | 42 | 3.1 | |||
| Non-GAAP Income from Operations | $ 329 | 39.9 % | $ 222 | 31.2 % | $ 596 | 37.9 % | $ 376 | 27.6 % |
| Three Months EndedJune 30, | Six Months EndedJune 30, | ||||||
| 2025 | 2024 | 2025 | 2024 | ||||
| GAAP Diluted EPS | $ 1.23 | $ 0.55 | $ 2.19 | $ 1.01 | |||
| Adjustments | |||||||
| Stock-based compensation expense | 0.24 | 0.24 | 0.43 | 0.53 | |||
| Amortization of intangible assets | 0.03 | 0.07 | 0.05 | 0.14 | |||
| Gain on sale of nonfinancial assets(2) | — | — | — | (0.05) | |||
| Severance and restructuring costs(3) | — | 0.20 | — | 0.21 | |||
| Loss on investments(4) | — | 0.02 | 0.02 | 0.02 | |||
| Income tax effect of adjustments | (0.06) | (0.12) | (0.11) | (0.19) | |||
| Non-GAAP Diluted EPS(5) | $ 1.44 | $ 0.96 | $ 2.57 | $ 1.67 |
| (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 corporate initiatives and the associated organizational redesign efforts. |
| (4) | Represents impairment loss on non-marketable equity securities recorded in Other income (expense), net. |
| (5) | Non-GAAP Weighted-Average Diluted Shares Outstanding were 197.1 million and 200.5 million shares for the three months ended June 30, 2025 and 2024, respectively, and 196.6 million and 200.1 million shares for the six months ended June 30, 2025 and 2024, respectively, which were equal to the respective GAAP Weighted-Average Diluted Shares Outstanding in the periods presented. |