BioMarin Pharmaceutical Inc. develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease. The company's commercial products also comprise Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, which is delivered through subcutaneous injection to reduce blood Phe concentrations; Brineura, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; Voxzogo, a once daily injection analog of c-type natriuretic peptide for the treatment of achondroplasia; and Aldurazyme, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase. In addition, it develops valoctocogene roxaparvovec, an adeno associated virus vector, which is in Phase III clinical trial for the treatment of patients with severe hemophilia A; BMN 307, an AAV5 mediated gene therapy, which is in Phase 1/2 clinical trial to normalize blood Phe concentration levels in patients with PKU; and BMN 255 that is in Phase 1/2 clinical trial for treating primary hyperoxaluria. The company serves specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. BioMarin Pharmaceutical Inc. has license and collaboration agreements with Sarepta Therapeutics, Ares Trading S.A., Catalyst Pharmaceutical Partners, Inc., and Asubio Pharma Co., Ltd. The company was incorporated in 1996 and is headquartered in San Rafael, California.

BioMarin Pharmaceutical Inc.

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Equity in the Income of BioMarin/Genzyme LLC

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Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	3,094	2,853.9	2,419.2	2,096	1,846.3	1,860.5	1,704	1,491.2	1,313.6	1,116.9	889.9
Total Revenues %Chg	12.4%	18%	15.4%	13.5%	-0.8%	9.2%	14.3%	13.5%	17.6%	25.5%	18.8%
Net Product Revenues
Collaborative Agreement Revenues
Royalty and License Revenues
Royalty, License and Other Revenues
Royalty and Other Revenues
Cost of Sales	577.9	580.2	532.1	503	470.5	524.3	359.5	315.3	241.8	209.6	152
Cost of Sales
Gross Profit	2,516.1	2,273.7	1,887.2	1,593	1,375.8	1,336.2	1,344.6	1,175.9	1,071.9	907.2	737.9
Gross Profit Margin	81.3%	79.7%	78%	76%	74.5%	71.8%	78.9%	78.9%	81.6%	81.2%	82.9%
Selling, General & Administrative Expenses	973.4	1,009	892.4	823.2	759.4	737.7	680.9	604.4	554.3	476.6	402.3
Selling, General and Administrative
Depreciation & Amortization Expenses	24.2	43.3	62.2	67.2	69.9	66.7	74.1	48.8	46.5	-27	-17.7
Intangible Asset Amortization
Research & Development Expenses	903	747.2	746.8	649.6	628.8	628.1	715	696.3	610.8	661.9	634.8
Research and Development
Other Operating Expenses	—	10	—	108	—	52.8	25	50	125	599.1	568.2
Impairment of Intangible Assets
Loss on Sale of Nonfinancial Assets
Operating Profit	615.5	464.2	185.8	-55	-82.3	-149.1	-150.5	-223.5	-264.7	-803.4	-849.7
Operating Margin	19.9%	16.3%	7.7%	-2.6%	-4.5%	-8%	-8.8%	-15%	-20.2%	-71.9%	-95.5%
Interest and Investment Income	73.4	74.9	58.3	18	10.5	16.6	22.7	23.4	16.1	8	5.3
Interest Income
Equity in the Income of BioMarin/Genzyme LLC
Interest Expense	-10.7	-12.7	-17.3	-16	-15.3	-29.3	-23.5	-43.7	-42.7	-39.5	-38.2
Interest Expense
Debt Conversion Expense
Non-Operating Income	1.1	-4.7	-38.2	-13.5	11.8	7.1	6.4	2.2	8	4.9	-9.5
Impairment Loss on Equity Investments
Net Gain from Sale of Investments
Other Income, Net
Total Non-Operating Income	63.8	57.5	2.8	-11.4	7	-5.6	5.6	-18.1	-18.6	-26.5	-42.4
Income Before Provision for Income Taxes	679.3	521.8	188.6	-66.4	-75.4	-154.6	-144.8	-241.6	-283.3	-830	-892.1
Provision for Income Taxes	158.9	114.9	20.9	8	-11.3	-903	-71	-65.5	81.2	-200.8	17.1
Provision for Income Taxes
Consolidated Net Income	520.4	426.9	167.6	141.6	-64.1	854	-23.8	-77.2	-117	-630.2	-171.8
Net Income
Net Income Attributable to Common Shareholders	520.4	426.9	167.6	141.6	-64.1	854	-23.8	-77.2	-117	-630.2	-171.8
Net Income
Basic EPS	2.7	2.3	0.9	0.8	-0.4	4.7	-0.1	-0.4	-0.7	-3.8	-1.1
Diluted EPS	2.7	2.2	0.9	0.8	-0.4	4.5	-0.1	-0.4	-0.7	-3.8	-1.1
Basic Weighted Average Shares Outstanding	191.4	190	187.8	185.3	182.9	180.8	179	177.1	174.4	166	160
Total Shares Outstanding	192.1	190.8	188.6	186.3	183.9	181.7	179.8	178.3	175.8	172.6	161.5
Diluted Weighted Average Shares Outstanding	195.5	196.7	191.6	189	182.9	191.7	179	177.3	174.4	166.2	160
EBITDA	698.2	560.6	290.2	46.9	25.7	-43.9	-45.2	-127.9	-176.8	-706.5	-802.5
Effective Tax Rate	23.4%	22%	11.1%	-12.1%	15%	584%	49%	27.1%	-28.7%	24.2%	-1.9%