BioMarin Announces 20% Y/Y Total Revenue Growth in the Second Quarter and Increase in Full-year 2024 Guidance
Second Quarter 2024 Total Revenues of
Second Quarter 2024 GAAP Diluted EPS of
Second Quarter 2024 Non-GAAP Diluted Earnings per Share (EPS) of
Strong VOXZOGO® Demand in the Quarter Resulted in 73% Y/Y Increase in the Number of Children Receiving Treatment
Conference Call and Webcast Scheduled Today at
"Strong execution across our business resulted in record double-digit revenue growth in the second quarter and first half of 2024. These top-line results, along with a focus on operational efficiency, resulted in a 78% year-over-year improvement in quarterly non-GAAP earnings per share," said
Financial Highlights:
-
Total Revenues for the second quarter of 2024 were
$712.0 million , an increase of 20%, compared to the same period in 2023, driven by strong VOXZOGO contributions from new patient starts, high compliance rates, and customer stock levels normalizing facilitated by ample supply. In the quarter, demand acrossBioMarin's enzyme therapies (VIMIZIM®, NAGLAZYME®, ALDURAZYME®, BRINEURA® and PALYNZIQ®) drove 15% growth compared to the second quarter of 2023. This increase was partially driven by NAGLAZYME product revenues due to the timing of large government orders in certain regions outsidethe United States and higher PALYNZIQ revenues inthe United States driven by new patient starts. Partially offsetting the increase were lower KUVAN® product revenues attributed to continued generic competition as a result of the loss of market exclusivity. -
GAAP Net Income increased by
$51.2 million to$107.2 million in the second 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 the Company's portfolio strategy review and the associated organizational redesign efforts announced in the second quarter of 2024. -
Non-GAAP Income increased by
$83.7 million to$188.9 million in the second quarter of 2024 compared to the same period in 2023. The increase in Non-GAAP Income was primarily due to higher gross profit, partially offset by higher SG&A expenses primarily related to sales and marketing activities for VOXZOGO, higher partner distribution fees, incremental administrative expenses, as well as higher Research and Development (R&D) expenses related to expansion into new VOXZOGO indications and our prioritized pipeline products.
2Q Update on 2024 Strategic Priorities
In the second quarter,
Accelerate and maximize the VOXZOGO opportunity
- During the second quarter, the number of children with achondroplasia benefiting from VOXZOGO treatment increased to approximately 3,500 across 44 countries. Global access to VOXZOGO from infancy had a significant impact on uptake as families pursued maximum therapeutic benefit by starting treatment early.
- In the
U.S. , the largest potential market, 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 greater improvements in craniofacial growth, foramen magnum compression, body proportionality and quality of life, in addition to durable increases in growth velocity. - During the quarter, new, multi-year data demonstrating that treating achondroplasia with VOXZOGO improved health related quality of life and proportionality, which are important benefits, beyond height, for affected children and their families. These results were presented at the
Pediatric Endocrine Society (PES) annual meeting (press release), and the 2024International Conference on Children's Bone Health (ICCBH) (press release). In addition, positive results with VOXZOGO from Phase 2 in children with Noonan Syndrome, idiopathic short stature and other growth-related conditions were presented.- At PES on
May 4 , results from a Phase 3 extension study in children with achondroplasia who began VOXZOGO treatment at 10 years of age or older, demonstrated that meaningful height gains were observed despite the age of participants at treatment initiation. Results from a Phase 2 extension study showed that VOXZOGO maintained positive effects on linear growth over 4 years in children who began treatment under age five. Results from an investigator-sponsored Phase 2 in children 3-11 years old with several genetic growth-related conditions demonstrated marked improvement in annualized growth velocity and height standard deviation across all conditions studied. - At ICCBH on
June 17 , a new investigator-led study showed VOXZOGO significantly increased bone length while maintaining bone strength through 5 years of observation in children with achondroplasia, an essential functional outcome for children receiving multi-year treatment. Phase 2 and Phase 3 data on VOXZOGO demonstrated durable safety and efficacy, and improvements on proportionality and health-related quality of life in children with achondroplasia.
- At PES on
- Building on its leadership in achondroplasia,
BioMarin's clinical programs across multiple new growth-related conditions are underway. The pivotal study with VOXZOGO for hypochondroplasia is actively enrolling. Clinical programs in idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency are all on track for enrollment later this year. - During the second quarter, through extensive supply chain efforts,
BioMarin secured ample VOXZOGO supply to support patient demand worldwide. As of the end of the quarter, the company was able to provide VOXZOGO supply to new patients immediately, as identified. Additionally, the company has ample supply capacity to support all ongoing VOXZOGO clinical programs in hypochondroplasia, idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency, as well as expected commercial demand.
Establish ROCTAVIAN ® opportunity
- Today, the company announced its updated strategy for ROCTAVIAN. The strategy will enable ROCTAVIAN to contribute to
BioMarin's long-term profitability. By focusing commercial, research and manufacturing programs in three prioritized countries, includingthe United States ,Germany andItaly ,BioMarin anticipates reducing annual direct ROCTAVIAN expenses to approximately$60 million , beginning in 2025. The company has already begun to operationalize the reduction of ROCTAVIAN expenses this year to achieve$60 million in expenses beginning in full-year 2025. As a result of these changes, the company expects ROCTAVIAN to be profitable by the end of 2025. - During the quarter,
BioMarin treated 3 patients in theU.S. and 2 inItaly , generating$7 million in revenue.BioMarin's global commercial team will continue to focus on key elements critical to supporting ROCTAVIAN uptake in with theU.S. ,Germany andItaly .
Focus R&D on the most promising assets
- During the quarter,
BioMarin progressed development of its prioritized pipeline products: BMN 351, BMN 349, and BMN 333. BMN 351,BioMarin's next generation oligonucleotide for Duchenne Muscular Dystrophy, has completed enrollment of the first dose cohort, with data expected by year-end. With BMN 349, a potential best-in-class, oral therapeutic for Alpha-1 antitrypsin deficiency (AATD)-associated liver disease, the company will begin enrolling its first-in-human study with healthy volunteers later this year. BMN 333, a long-acting C-type natriuretic peptide (CNP) for multiple growth disorders, is completing IND-enabling activities and is expected to enter the clinic in early 2025. - During the quarter, the company chose to discontinue development of BMN 293, a gene therapy for hypertrophic cardiomyopathy. Applying its focused approach to investing in only those assets that have the highest potential impact for patients, the time and resources anticipated to bring BMN 293 through development and to market no longer met
BioMarin's high bar for advancement.
Accelerate EPS growth and expand margins
- Sustained strong performance in the second quarter highlighted
BioMarin's ongoing execution of its financial strategy to drive year-over-year Non-GAAP Operating Margin expansion and Non-GAAP EPS growth faster than revenues. - The company raised full-year 2024 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS. The improved guidance reflects the underlying strength of enzyme products and continued high demand for VOXZOGO, along with
BioMarin's commitment to accelerate profitability while continuing to invest in innovation.BioMarin's updated full-year 2024 guidance does not reflect the impact of potential additional future business decisions that may result from its ongoing strategic business review.
Investor Day to be held
Financial
Highlights (in millions of |
|||||||||||
|
|||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||
|
2024 |
|
2023 |
|
% Change |
|
2024 |
|
2023 |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues |
|
|
|
|
20 % |
|
|
|
|
|
14 % |
|
|
|
|
|
|
|
|
|
|
|
|
Net Product Revenues by Product: |
|
|
|
|
|
|
|
|
|
|
|
VOXZOGO |
|
|
|
|
62 % |
|
|
|
|
|
67 % |
VIMIZIM |
|
|
|
|
0 % |
|
|
|
|
|
1 % |
NAGLAZYME |
|
|
|
|
47 % |
|
|
|
|
|
12 % |
PALYNZIQ |
|
|
|
|
18 % |
|
|
|
|
|
20 % |
BRINEURA |
|
|
|
|
19 % |
|
|
|
|
|
9 % |
ALDURAZYME |
|
|
|
|
(4) % |
|
|
|
|
|
(1) % |
KUVAN |
|
|
|
|
(43) % |
|
|
|
|
|
(36) % |
ROCTAVIAN |
|
|
$— |
|
nm |
|
|
|
$— |
|
nm |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income |
|
|
|
|
91 % |
|
|
|
|
|
83 % |
Non-GAAP Income (1) |
|
|
|
|
80 % |
|
|
|
|
|
49 % |
GAAP Operating Margin %(2) |
16.9 % |
|
11.0 % |
|
|
|
15.4 % |
|
10.7 % |
|
|
Non-GAAP Operating Margin %(2) |
31.2 % |
|
21.7 % |
|
|
|
27.6 % |
|
22.1 % |
|
|
GAAP Diluted Earnings per Share (EPS) |
|
|
|
|
90 % |
|
|
|
|
|
80 % |
Non-GAAP Diluted EPS (3) |
|
|
|
|
78 % |
|
|
|
|
|
46 % |
|
|
|
|
Total cash, cash equivalents & investments |
$ 1,781.4 |
|
$ 1,684.9 |
|
|
(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 diluted weighted-average 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. |
|
|
nm |
Not meaningful |
|
|
2024 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)
Item |
|
Provided |
|
Updated |
||||||||
Total Revenues |
|
|
|
to |
|
|
|
|
|
to |
|
|
Non-GAAP Operating Margin % (1) |
|
24 % |
|
to |
|
25 % |
|
26 % |
|
to |
|
27 % |
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 |
|
No Conference ID: 1816377 |
Conference ID: 1816377 |
About
Founded in 1997,
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:
Contact: |
|
|
Investors: |
|
Media: |
|
|
|
|
|
|
(415) 455-7558 |
|
(650) 374-2803 |
|
|||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
|||||||
Three and Six Months Ended |
|||||||
(In thousands of |
|||||||
(Unaudited) |
|||||||
|
|||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
REVENUES: |
|
|
|
|
|
|
|
Net product revenues |
$ 702,129 |
|
$ 584,698 |
|
$ 1,339,944 |
|
$ 1,171,124 |
Royalty and other revenues |
9,900 |
|
10,577 |
|
20,918 |
|
20,566 |
Total revenues |
712,029 |
|
595,275 |
|
1,360,862 |
|
1,191,690 |
OPERATING EXPENSES: |
|
|
|
|
|
|
|
Cost of sales |
130,459 |
|
130,619 |
|
255,639 |
|
266,091 |
Research and development |
183,787 |
|
177,363 |
|
388,774 |
|
349,209 |
Selling, general and administrative |
263,032 |
|
206,103 |
|
488,938 |
|
417,126 |
Intangible asset amortization |
14,299 |
|
15,624 |
|
28,597 |
|
31,294 |
Gain on sale of nonfinancial assets |
— |
|
— |
|
(10,000) |
|
— |
Total operating expenses |
591,577 |
|
529,709 |
|
1,151,948 |
|
1,063,720 |
INCOME FROM OPERATIONS |
120,452 |
|
65,566 |
|
208,914 |
|
127,970 |
|
|
|
|
|
|
|
|
Interest income |
19,785 |
|
12,612 |
|
39,150 |
|
24,555 |
Interest expense |
(3,574) |
|
(3,755) |
|
(7,121) |
|
(7,458) |
Other expense, net |
(4,527) |
|
(3,613) |
|
(3,260) |
|
(17,500) |
INCOME BEFORE INCOME TAXES |
132,136 |
|
70,810 |
|
237,683 |
|
127,567 |
Provision for income taxes |
24,962 |
|
14,770 |
|
41,847 |
|
20,675 |
NET INCOME |
$ 107,174 |
|
$ 56,040 |
|
$ 195,836 |
|
$ 106,892 |
EARNINGS PER SHARE, BASIC |
$ 0.56 |
|
$ 0.30 |
|
$ 1.03 |
|
$ 0.57 |
EARNINGS PER SHARE, DILUTED |
$ 0.55 |
|
$ 0.29 |
|
$ 1.01 |
|
$ 0.56 |
Weighted average common shares outstanding, basic |
190,114 |
|
187,948 |
|
189,490 |
|
187,311 |
Weighted average common shares outstanding, diluted |
200,505 |
|
194,998 |
|
200,137 |
|
194,756 |
|
|||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
|
|||
(In thousands of |
|||
|
|||
|
|
|
|
ASSETS |
(unaudited) |
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ 972,150 |
|
$ 755,127 |
Short-term investments |
252,201 |
|
318,683 |
Accounts receivable, net |
691,232 |
|
633,704 |
Inventory |
1,183,621 |
|
1,107,183 |
Other current assets |
160,426 |
|
141,391 |
Total current assets |
3,259,630 |
|
2,956,088 |
Noncurrent assets: |
|
|
|
Long-term investments |
557,083 |
|
611,135 |
Property, plant and equipment, net |
1,052,898 |
|
1,066,133 |
Intangible assets, net |
265,533 |
|
294,701 |
|
196,199 |
|
196,199 |
Deferred tax assets |
1,545,006 |
|
1,545,809 |
Other assets |
190,772 |
|
171,538 |
Total assets |
$ 7,067,121 |
|
$ 6,841,603 |
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable and accrued liabilities |
$ 572,500 |
|
$ 683,147 |
Short-term convertible debt, net |
494,837 |
|
493,877 |
Total current liabilities |
1,067,337 |
|
1,177,024 |
Noncurrent liabilities: |
|
|
|
Long-term convertible debt, net |
594,116 |
|
593,095 |
Other long-term liabilities |
119,369 |
|
119,935 |
Total liabilities |
1,780,822 |
|
1,890,054 |
Stockholders' equity: |
|
|
|
Common stock, |
190 |
|
189 |
Additional paid-in capital |
5,696,701 |
|
5,611,562 |
Company common stock held by the Nonqualified Deferred Compensation Plan |
(11,673) |
|
(9,860) |
Accumulated other comprehensive income (loss) |
26,799 |
|
(28,788) |
Accumulated deficit |
(425,718) |
|
(621,554) |
Total stockholders' equity |
5,286,299 |
|
4,951,549 |
Total liabilities and stockholders' equity |
$ 7,067,121 |
|
$ 6,841,603 |
|
|
|
|
|
|
(1) |
|
|
|||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||
Six Months Ended |
|||
(In thousands of |
|||
(unaudited) |
|||
|
|||
|
Six Months Ended |
||
|
2024 |
|
2023 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
Net income |
$ 195,836 |
|
$ 106,892 |
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
Depreciation and amortization |
53,813 |
|
51,840 |
Non-cash interest expense |
1,981 |
|
2,058 |
Accretion of discount on investments |
(4,678) |
|
(4,533) |
Stock-based compensation |
106,163 |
|
103,857 |
Gain on sale of nonfinancial assets |
(10,000) |
|
— |
Impairment of assets and other non-cash adjustments |
14,204 |
|
12,650 |
Deferred income taxes |
1,537 |
|
(5,108) |
Unrealized foreign exchange loss (gain) |
(19,958) |
|
7,455 |
Other |
(858) |
|
361 |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable, net |
(56,081) |
|
(145,831) |
Inventory |
(47,409) |
|
(56,476) |
Other current assets |
1,615 |
|
(53,430) |
Other assets |
(22,880) |
|
(5,616) |
Accounts payable and other short-term liabilities |
(54,261) |
|
(25,093) |
Other long-term liabilities |
6,709 |
|
7,104 |
Net cash provided by (used in) operating activities |
165,733 |
|
(3,870) |
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
Purchases of property, plant and equipment |
(47,431) |
|
(46,039) |
Maturities and sales of investments |
317,649 |
|
491,063 |
Purchases of investments |
(195,462) |
|
(444,049) |
Proceeds from sale of nonfinancial assets |
10,000 |
|
— |
Purchase of intangible assets |
(8,512) |
|
(1,457) |
Net cash provided by (used in) investing activities |
76,244 |
|
(482) |
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
Proceeds from exercises of awards under equity incentive plans |
36,618 |
|
50,193 |
Taxes paid related to net share settlement of equity awards |
(66,739) |
|
(67,862) |
Payments of contingent consideration |
— |
|
(9,475) |
Principal repayments of financing leases |
(60) |
|
(1,635) |
Net cash used in financing activities |
(30,181) |
|
(28,779) |
Effect of exchange rate changes on cash |
5,227 |
|
2,981 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS |
217,023 |
|
(30,150) |
Cash and cash equivalents: |
|
|
|
Beginning of period |
$ 755,127 |
|
$ 724,531 |
End of period |
$ 972,150 |
|
$ 694,381 |
|
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 diluted shares outstanding. 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
|
|
Six Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP Reported Net Income |
$ 107.2 |
|
$ 56.0 |
|
$ 195.8 |
|
$ 106.9 |
Adjustments |
|
|
|
|
|
|
|
Stock-based compensation expense - COS |
3.8 |
|
4.7 |
|
7.0 |
|
9.1 |
Stock-based compensation expense - R&D |
12.9 |
|
15.1 |
|
33.6 |
|
34.9 |
Stock-based compensation expense - SG&A |
31.2 |
|
30.4 |
|
65.6 |
|
59.9 |
Amortization of intangible assets |
14.3 |
|
15.6 |
|
28.6 |
|
31.3 |
Gain on sale of nonfinancial assets (2) |
— |
|
— |
|
(10.0) |
|
— |
Severance and restructuring costs (3) |
39.1 |
|
(2.2) |
|
42.5 |
|
(0.1) |
Loss on investments (4) |
4.5 |
|
— |
|
4.5 |
|
12.6 |
Income tax effect of adjustments |
(24.1) |
|
(14.4) |
|
(39.0) |
|
(33.6) |
Non-GAAP Income |
$ 188.9 |
|
$ 105.2 |
|
$ 328.6 |
|
$ 221.0 |
Reconciliation of Certain GAAP Reported Information to Non-GAAP Information(1) |
|||||||
(in millions of |
|||||||
(unaudited) |
|||||||
|
|||||||
|
Three Months Ended
|
Six Months Ended
|
|||||
|
2024 |
|
2024 |
||||
|
Dollar |
|
Percentage |
|
Dollar |
|
Percentage |
GAAP Change in Total Revenues |
$ 116.7 |
|
20 % |
|
$ 169.2 |
|
14 % |
Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than |
29.9 |
|
|
|
52.6 |
|
|
Non-GAAP change in Total Revenues at Constant Currency |
$ 146.6 |
|
25 % |
|
$ 221.8 |
|
19 % |
|
Three Months Ended
|
|
Six Months Ended
|
||||||
|
2024 |
Percent |
2023 |
Percent |
|
2024 |
Percent |
2023 |
Percent |
|
|
|
|
|
|
|
|
|
|
GAAP Income from Operations |
$ 120.5 |
16.9 % |
$ 65.6 |
11.0 % |
|
$ 208.9 |
15.4 % |
$ 128.0 |
10.7 % |
Adjustments |
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
47.9 |
6.8 % |
50.2 |
8.5 % |
|
106.2 |
7.7 % |
103.9 |
8.8 % |
Amortization of intangible assets |
14.3 |
2.0 % |
15.6 |
2.6 % |
|
28.6 |
2.1 % |
31.3 |
2.6 % |
Gain on sale of nonfinancial assets (2) |
— |
— % |
— |
— % |
|
(10.0) |
(0.7) % |
— |
— % |
Severance and restructuring costs (3) |
39.1 |
5.5 % |
(2.2) |
(0.4) % |
|
42.5 |
3.1 % |
(0.1) |
— % |
Total Non-GAAP adjustments |
101.3 |
14.3 % |
63.6 |
10.7 % |
|
167.3 |
12.2 % |
135.1 |
11.4 % |
Non-GAAP Income from Operations |
$ 221.8 |
31.2 % |
$ 129.2 |
21.7 % |
|
$ 376.2 |
27.6 % |
$ 263.1 |
22.1 % |
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP Diluted EPS |
$ 0.55 |
|
$ 0.29 |
|
$ 1.01 |
|
$ 0.56 |
Adjustments |
|
|
|
|
|
|
|
Stock-based compensation expense |
0.24 |
|
0.25 |
|
0.53 |
|
0.52 |
Amortization of intangible assets |
0.07 |
|
0.08 |
|
0.14 |
|
0.16 |
Gain on sale of nonfinancial assets (2) |
— |
|
— |
|
(0.05) |
|
— |
Severance and restructuring costs (3) |
0.20 |
|
(0.01) |
|
0.21 |
|
— |
Loss on investments (4) |
0.02 |
|
— |
|
0.02 |
|
0.06 |
Income tax effect of adjustments |
(0.12) |
|
(0.07) |
|
(0.19) |
|
(0.16) |
Non-GAAP Diluted EPS |
$ 0.96 |
|
$ 0.54 |
|
$ 1.67 |
|
$ 1.14 |
|
|
(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 quarter 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 expense, net. |
|
Three Months Ended
|
|
Six Months Ended
|
||||
|
2024 |
|
2023 |
|
2024 |
|
2023 |
|
|
|
|
|
|
|
|
GAAP Weighted-Average Dilutive Shares Outstanding |
200.5 |
|
195.0 |
|
200.1 |
|
194.8 |
Adjustments |
|
|
|
|
|
|
|
Common stock issuable under the company's convertible debt (1) |
— |
|
4.4 |
|
— |
|
4.4 |
Non-GAAP Weighted-Average Dilutive Shares Outstanding |
200.5 |
|
199.4 |
|
200.1 |
|
199.2 |
|
|
(1) |
Common stock issuable under the company's convertible debt was excluded from the computation of GAAP Weighted-Average Dilutive Shares Outstanding when they were anti-dilutive. If converted, for the prior year comparative period, the company would have issued 4.4 million shares under the convertible notes due in 2027. |
|
|
View original content to download multimedia:https://www.prnewswire.com/news-releases/biomarin-announces-20-yy-total-revenue-growth-in-the-second-quarter-and-increase-in-full-year-2024-guidance-302214386.html
SOURCE