$BMRN
BIOMARIN PHARMACEUTICAL INC

2023 Q4 Form 10-Q Financial Statement

#000104847723000044 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $646.2M $581.3M
YoY Change 20.22% 15.04%
Cost Of Revenue $135.5M $124.7M
YoY Change 6.43% 7.27%
Gross Profit $510.7M $456.6M
YoY Change 24.49% 17.36%
Gross Profit Margin 79.03% 78.54%
Selling, General & Admin $275.0M $223.9M
YoY Change 11.92% 3.28%
% of Gross Profit 53.85% 49.04%
Research & Development $206.3M $191.3M
YoY Change 19.39% 21.22%
% of Gross Profit 40.38% 41.9%
Depreciation & Amortization $26.89M $9.900M
YoY Change 9.5% -60.08%
% of Gross Profit 5.26% 2.17%
Operating Expenses $496.5M $415.2M
YoY Change 14.21% 6.07%
Operating Profit $14.22M $25.66M
YoY Change -158.04% -1161.69%
Interest Expense $11.95M $3.779M
YoY Change 134.97% 1080.94%
% of Operating Profit 84.01% 14.73%
Other Income/Expense, Net -$6.838M $4.000M
YoY Change -468.03% 1972.54%
Pretax Income $19.33M $41.67M
YoY Change -210.08% -2288.5%
Income Tax -$1.048M $1.291M
% Of Pretax Income -5.42% 3.1%
Net Earnings $20.38M $40.38M
YoY Change -8282.73% -707.01%
Net Earnings / Revenue 3.15% 6.95%
Basic Earnings Per Share $0.21
Diluted Earnings Per Share $0.11 $0.21
COMMON SHARES
Basic Shares Outstanding 188.4M shares 188.2M shares
Diluted Shares Outstanding 191.2M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.074B $1.126B
YoY Change -16.86% -11.61%
Cash & Equivalents $755.1M $785.4M
Short-Term Investments $318.7M $340.4M
Other Short-Term Assets $141.4M $224.8M
YoY Change 35.28% 50.02%
Inventory $1.107B $1.032B
Prepaid Expenses
Receivables $633.7M $572.5M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.956B $2.955B
YoY Change 7.44% 10.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.066B $1.067B
YoY Change -0.67% 1.46%
Goodwill $196.2M $196.2M
YoY Change 0.0% 0.0%
Intangibles $294.7M $302.5M
YoY Change -12.96% -14.56%
Long-Term Investments $611.1M $548.0M
YoY Change 83.06% 47.19%
Other Assets $171.5M $165.1M
YoY Change -2.67% -89.73%
Total Long-Term Assets $3.886B $3.803B
YoY Change 7.23% 6.19%
TOTAL ASSETS
Total Short-Term Assets $2.956B $2.955B
Total Long-Term Assets $3.886B $3.803B
Total Assets $6.842B $6.758B
YoY Change 7.32% 7.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $683.1M $301.4M
YoY Change 195.43% 45.49%
Accrued Expenses $322.8M $350.5M
YoY Change 1.57% 32.74%
Deferred Revenue $4.620M
YoY Change 549.79%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $493.9M $493.4M
YoY Change 21494.97%
Total Short-Term Liabilities $1.177B $1.163B
YoY Change 99.87% 123.26%
LONG-TERM LIABILITIES
Long-Term Debt $593.1M $592.6M
YoY Change -45.25% -45.23%
Other Long-Term Liabilities $119.9M $105.5M
YoY Change 19.92% 14.04%
Total Long-Term Liabilities $119.9M $105.5M
YoY Change 19.92% -91.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.177B $1.163B
Total Long-Term Liabilities $119.9M $105.5M
Total Liabilities $1.890B $1.861B
YoY Change 6.67% 9.78%
SHAREHOLDERS EQUITY
Retained Earnings -$621.6M -$641.9M
YoY Change -21.24% -18.63%
Common Stock $5.612B $5.543B
YoY Change 3.82% 3.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.952B $4.897B
YoY Change
Total Liabilities & Shareholders Equity $6.842B $6.758B
YoY Change 7.32% 7.89%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $20.38M $40.38M
YoY Change -8282.73% -707.01%
Depreciation, Depletion And Amortization $26.89M $9.900M
YoY Change 9.5% -60.08%
Cash From Operating Activities $27.46M $135.7M
YoY Change 304.64% -14.29%
INVESTING ACTIVITIES
Capital Expenditures $36.71M $23.40M
YoY Change 0.97% -164.16%
Acquisitions
YoY Change
Other Investing Activities -$28.23M -$22.40M
YoY Change 53.85% -271.4%
Cash From Investing Activities -$64.94M -$45.80M
YoY Change 18.71% 95.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.87M -800.0K
YoY Change 0.04% -110.61%
NET CHANGE
Cash From Operating Activities 27.46M 135.7M
Cash From Investing Activities -64.94M -45.80M
Cash From Financing Activities 10.87M -800.0K
Net Change In Cash -26.61M 89.10M
YoY Change -28.18% -37.46%
FREE CASH FLOW
Cash From Operating Activities $27.46M $135.7M
Capital Expenditures $36.71M $23.40M
Free Cash Flow -$9.252M $112.3M
YoY Change -68.71% -42.35%

Facts In Submission

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us-gaap Interest Paid Net
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bmrn Supplemental Accounts Payable And Accrued Liabilities Increase Decrease Fixed Assets
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods.</span></div><div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q and has concluded that there were no subsequent events or transactions that occurred subsequent to the balance sheet date prior to filing this Quarterly Report on Form 10-Q that would require recognition or disclosure in the Condensed Consolidated Financial Statements.</span></div>
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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1683394000 usd
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9608000 usd
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340431000 usd
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548002000 usd
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1641139000 usd
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159000 usd
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15926000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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1625372000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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724531000 usd
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567006000 usd
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333835000 usd
CY2023Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Impairment Loss Annual Amount
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12600000 usd
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142133000 usd
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352356000 usd
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1875511000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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851453000 usd
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802145000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
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CY2023Q3 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
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701793000 usd
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690871000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
399317000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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352302000 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
302476000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
338569000 usd
CY2023Q3 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
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231238000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
175183000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
207573000 usd
CY2023Q3 bmrn Accrued Government And Other Rebates
AccruedGovernmentAndOtherRebates
103379000 usd
CY2022Q4 bmrn Accrued Government And Other Rebates
AccruedGovernmentAndOtherRebates
72654000 usd
CY2023Q3 us-gaap Litigation Reserve Current
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39000000 usd
CY2022Q4 us-gaap Litigation Reserve Current
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0 usd
CY2023Q3 us-gaap Accrued Royalties Current
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12293000 usd
CY2022Q4 us-gaap Accrued Royalties Current
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13306000 usd
CY2022Q4 us-gaap Accrued Income Taxes Current
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16213000 usd
CY2023Q3 us-gaap Derivative Liabilities Current
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10584000 usd
CY2023Q3 bmrn Operating And Finance Lease Liability Current
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CY2022Q4 bmrn Operating And Finance Lease Liability Current
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CY2023Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
7420000 usd
CY2022Q4 us-gaap Other Accounts Payable And Accrued Liabilities
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8999000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current
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669825000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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572959000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Asset
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34097000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
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22995000 usd
CY2023Q3 us-gaap Derivative Fair Value Of Derivative Liability
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14207000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
13675000 usd
us-gaap Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months
CashFlowHedgeGainLossToBeReclassifiedWithinTwelveMonths
9600000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
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1100000000 usd
CY2023Q3 us-gaap Convertible Debt
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CY2022Q4 us-gaap Convertible Debt
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CY2023Q3 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
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CY2022Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
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us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
OciBeforeReclassificationsBeforeTaxAttributableToParent
31823000 usd
us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
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19664000 usd
us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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16317000 usd
us-gaap Number Of Operating Segments
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1 segment
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
581329000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
505344000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1773019000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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1558501000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-6652000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188219000 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
185597000 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
191173000 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
185597000 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
48387000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
54663000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
152244000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
149574000 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
40378000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6652000 usd
CY2023Q3 us-gaap Interest On Convertible Debt Net Of Tax
InterestOnConvertibleDebtNetOfTax
0 usd
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InterestOnConvertibleDebtNetOfTax
0 usd
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
40378000 usd
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16882000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
20556000 shares
bmrn Contingent Payments Reasonably Possible Upon Achievement Of Certain Development And Regulatory Activities Commercial Sales And Licensing Milestones
ContingentPaymentsReasonablyPossibleUponAchievementOfCertainDevelopmentAndRegulatoryActivitiesCommercialSalesAndLicensingMilestones
788300000 usd

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