2024 Q2 Form 10-Q Financial Statement

#000104847724000070 Filed on April 26, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $712.0M $648.8M
YoY Change 19.61% 8.79%
Cost Of Revenue $130.5M $125.2M
YoY Change 1.86% -1.08%
Gross Profit $581.6M $523.7M
YoY Change 24.48% 11.45%
Gross Profit Margin 81.68% 80.71%
Selling, General & Admin $263.0M $225.9M
YoY Change 22.15% 1.3%
% of Gross Profit 45.23% 43.14%
Research & Development $183.8M $205.0M
YoY Change 3.62% 19.29%
% of Gross Profit 31.6% 39.15%
Depreciation & Amortization $11.50M $27.35M
YoY Change -54.76% 3.52%
% of Gross Profit 1.98% 5.22%
Operating Expenses $446.8M $445.2M
YoY Change 9.43% 12.75%
Operating Profit $120.5M $78.46M
YoY Change 104.61% 32.21%
Interest Expense $16.21M $15.82M
YoY Change 83.03% 327.17%
% of Operating Profit 13.46% 20.16%
Other Income/Expense, Net -$4.527M $1.267M
YoY Change -246.84% -111.7%
Pretax Income $132.1M $105.5M
YoY Change 86.61% 85.96%
Income Tax $24.96M $16.89M
% Of Pretax Income 18.89% 16.0%
Net Earnings $107.2M $88.66M
YoY Change 91.25% 74.35%
Net Earnings / Revenue 15.05% 13.66%
Basic Earnings Per Share $0.56 $0.47
Diluted Earnings Per Share $0.55 $0.45
COMMON SHARES
Basic Shares Outstanding 189.9M shares 188.7M shares
Diluted Shares Outstanding 200.5M shares 199.3M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.224B $1.047B
YoY Change 4.56% -9.16%
Cash & Equivalents $972.2M $747.0M
Short-Term Investments $252.2M $299.6M
Other Short-Term Assets $160.4M $163.3M
YoY Change -17.05% -5.71%
Inventory $1.184B $1.138B
Prepaid Expenses
Receivables $691.2M $637.2M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.260B $2.985B
YoY Change 10.49% 5.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.053B $1.060B
YoY Change -1.35% -0.72%
Goodwill $196.2M $196.2M
YoY Change 0.0% 0.0%
Intangibles $265.5M $279.7M
YoY Change -14.44% -14.21%
Long-Term Investments $563.8M $631.9M
YoY Change 46.14% 85.49%
Other Assets $190.8M $1.720B
YoY Change -88.46% 1045.92%
Total Long-Term Assets $3.807B $3.888B
YoY Change 5.38% 8.24%
TOTAL ASSETS
Total Short-Term Assets $3.260B $2.985B
Total Long-Term Assets $3.807B $3.888B
Total Assets $7.067B $6.873B
YoY Change 7.68% 6.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $257.4M $292.2M
YoY Change -7.39% -51.15%
Accrued Expenses $298.4M $274.9M
YoY Change 2.53% -10.62%
Deferred Revenue $1.912M $5.151M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $494.8M $494.4M
YoY Change
Total Short-Term Liabilities $1.067B $1.088B
YoY Change 78.71% 81.85%
LONG-TERM LIABILITIES
Long-Term Debt $594.1M $593.6M
YoY Change -45.24% -45.24%
Other Long-Term Liabilities $119.4M $117.4M
YoY Change 21.66% 26.98%
Total Long-Term Liabilities $119.4M $711.0M
YoY Change -89.91% 669.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.067B $1.088B
Total Long-Term Liabilities $119.4M $711.0M
Total Liabilities $1.781B $1.799B
YoY Change 0.03% 1.36%
SHAREHOLDERS EQUITY
Retained Earnings -$425.7M -$532.9M
YoY Change -37.61% -27.83%
Common Stock $5.697B $5.619B
YoY Change 3.69% 3.72%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.286B $5.074B
YoY Change
Total Liabilities & Shareholders Equity $7.067B $6.873B
YoY Change 7.68% 6.82%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $107.2M $88.66M
YoY Change 91.25% 74.35%
Depreciation, Depletion And Amortization $11.50M $27.35M
YoY Change -54.76% 3.52%
Cash From Operating Activities $118.8M $46.97M
YoY Change 69.51% -163.53%
INVESTING ACTIVITIES
Capital Expenditures $21.84M $34.10M
YoY Change -3.92% 39.45%
Acquisitions
YoY Change
Other Investing Activities $112.3M $19.87M
YoY Change 114.92% -478.73%
Cash From Investing Activities $90.48M -$14.24M
YoY Change 206.4% -52.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 12.61M -42.79M
YoY Change 5.43% 5.03%
NET CHANGE
Cash From Operating Activities 118.8M 46.97M
Cash From Investing Activities 90.48M -14.24M
Cash From Financing Activities 12.61M -42.79M
Net Change In Cash 221.9M -10.06M
YoY Change 98.87% -93.04%
FREE CASH FLOW
Cash From Operating Activities $118.8M $46.97M
Capital Expenditures $21.84M $34.10M
Free Cash Flow $96.92M $12.87M
YoY Change 104.77% -113.08%

Facts In Submission

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CY2023Q1 bmrn Supplemental Accounts Payable And Accrued Liabilities Increase Decrease Intangible Assets
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CY2024Q1 us-gaap Use Of Estimates
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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>
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CY2023Q1 us-gaap Depreciation
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3270000 usd
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CY2024Q1 us-gaap Inventory Raw Materials Net Of Reserves
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CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
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CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2024Q1 bmrn Accrued Government And Other Rebates
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CY2023Q4 bmrn Accrued Government And Other Rebates
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CY2024Q1 us-gaap Derivative Liabilities Current
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CY2024Q1 bmrn Operating And Finance Lease Liability Current
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CY2024Q1 us-gaap Contract With Customer Liability Current
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5151000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
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4620000 usd
CY2024Q1 us-gaap Other Accounts Payable And Accrued Liabilities
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7567000 usd
CY2023Q4 us-gaap Other Accounts Payable And Accrued Liabilities
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6190000 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2024Q1 us-gaap Derivative Fair Value Of Derivative Asset
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CY2024Q1 us-gaap Derivative Fair Value Of Derivative Liability
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CY2023Q4 us-gaap Derivative Fair Value Of Derivative Liability
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42024000 usd
CY2024Q1 us-gaap Debt Instrument Carrying Amount
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1100000000 usd
CY2024Q1 us-gaap Convertible Debt
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1087962000 usd
CY2023Q4 us-gaap Convertible Debt
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1086972000 usd
CY2024Q1 us-gaap Convertible Debt Fair Value Disclosures
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CY2023Q4 us-gaap Convertible Debt Fair Value Disclosures
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CY2024Q1 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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26618000 usd
CY2024Q1 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
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CY2024Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2024Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2023Q1 us-gaap Oci Before Reclassifications Before Tax Attributable To Parent
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CY2023Q1 us-gaap Reclassification From Aoci Current Period Before Tax Attributable To Parent
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3014000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Tax Portion Attributable To Parent1
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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2024Q1 us-gaap Number Of Operating Segments
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CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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648833000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2024Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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50852000 usd
CY2024Q1 us-gaap Interest On Convertible Debt Net Of Tax
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CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
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91431000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
51789000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
188866000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
186667000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
199262000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
194363000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.47
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.46
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.27
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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10947000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12975000 shares
CY2024Q1 bmrn Contingent Payments Reasonably Possible Upon Achievement Of Certain Development And Regulatory Activities Commercial Sales And Licensing Milestones
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CY2024Q1 bmrn Contingent Payments Reasonably Possible Upon Achievement Of Certain Development And Regulatory Activities Commercial Sales And Licensing Milestones To Be Paid Remainder Of Fiscal Year
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16400000 usd
CY2024Q1 us-gaap Purchase Obligation
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386700000 usd
CY2024Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
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340600000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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