Le Lézard
Classified in: Health, Science and technology, Business
Subjects: ERN, ERP

BioMarin Announces Strong Third Quarter 2023 Results, Including Continued Profitability, and 15% Total Revenue Growth Year Over Year


? Full-year 2023 Total Revenues and Earnings Per Share Financial Guidance Narrowed; VOXZOGO® and ROCTAVIAN® Net Product Revenue Guidance Adjusted for Full-year 2023

? VOXZOGO Now Approved for Children without Age Restrictions in the United States and for Children Aged 4 Months and Older in Europe

? ROCTAVIAN Reimbursement Network On-track to Support Global Patient Access and Treatment in 2024 and Beyond; Final German and Italian Prices Expected in 2023; Over 100 Treatment Eligible Companion Diagnostic Tests Completed Globally

? For Full-year 2024, BioMarin Expects Revenues to Approach $3 Billion

Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)



Three Months Ended

September 30,


Nine Months Ended

September 30,


2023


2022


% Change


2023


2022


% Change













Total Revenues

$        581.3


$        505.3


15 %


$     1,773.0


$    1,558.5


14 %













Total Enzyme Product Revenues (1)

$        401.5


$        388.0


3 %


$     1,270.4


$    1,240.2


2 %













VIMIZIM® Net Product Revenues

$        158.9


$        155.5


2 %


$        525.6


$       511.7


3 %

VOXZOGO Net Product Revenues

$        123.1


$          48.3


155 %


$        324.2


$       102.3


217 %

NAGLAZYME® Net Product Revenues

$        108.9


$          99.5


9 %


$        322.0


$       343.3


(6) %

PALYNZIQ® Net Product Revenues

$          78.9


$          66.2


19 %


$        216.1


$       182.7


18 %

KUVAN® Net Product Revenues

$          42.9


$          57.0


(25) %


$        144.0


$       174.0


(17) %

BRINEURA® Net Product Revenues

$          41.0


$          37.8


8 %


$        118.2


$       111.7


6 %

ALDURAZYME® Net Product Revenues

$          13.8


$          29.0


(52) %


$          88.5


$         90.8


(3) %

ROCTAVIAN Net Product Revenues

$            0.8


$              ?


nm


$            0.8


$             ?


nm













GAAP Net Income (Loss) (2)

$          40.4


$           (6.7)




$        147.3


$       141.8



Non-GAAP Income (3)

$          89.5


$          52.0




$        310.5


$       227.6



GAAP Diluted Earnings (Loss) per Share (EPS)

$          0.21


$        (0.04)




$          0.77


$         0.75



Non-GAAP Diluted EPS (4)

$          0.46


$          0.27




$          1.60


$         1.20





September 30,
2023


December 31,
2022

Total cash, cash equivalents & investments

$               1,673.8


$               1,625.4



(1)

Enzyme Products include ALDURAZYME, BRINEURA, NAGLAZYME, PALYNZIQ, and VIMIZIM.



(2)

GAAP Net Income in the nine months ended September 30, 2022 included a $89.0 million gain, net of taxes, related to the sale of the Rare Pediatric Disease Priority Review Voucher (PRV) the company received from the U.S. Food and Drug Administration (FDA) in connection with U.S. approval of VOXZOGO.



(3)

Non-GAAP Income is defined by the company as reported GAAP Net Income, excluding amortization expense, stock-based compensation expense, contingent consideration, 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 9 of this press release for a complete discussion of the company's Non-GAAP financial information and reconciliations to the comparable information reported under U.S. GAAP.



(4)

Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP diluted shares outstanding.



nm

 Not meaningful

 

SAN RAFAEL, Calif., Nov. 1, 2023 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the nine months and third quarter ended September 30, 2023.

"Results in the quarter drove double-digit revenue growth year-over-year and support BioMarin's full-year 2023 revenue and profitability objectives, set at the beginning of the year," said Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin.

"We were very pleased to have recently received FDA approval for VOXZOGO for children under 5 years of age with achondroplasia, making it available in the U.S. for children of all ages with open growth plates. We also recently received approval in Europe to expand VOXZOGO treatment to children aged 4 months and older. These important age expansions will ensure that the youngest children treated with VOXZOGO have the opportunity to experience greater clinical benefit due to a longer potential treatment window. In parallel with exceptional commercial and regulatory execution of VOXZOGO during the quarter, we concluded key reimbursement steps to facilitate ROCTAVIAN treatment in Europe and the U.S. All together, these developments drive our expectation that total BioMarin revenues will approach $3 billion in 2024," said Mr. Bienaimé.

"In Germany, we have tentative agreement with the German Health Insurance Fund on the final ROCTAVIAN price, which we expect to be formalized in the coming weeks. With the final German price expected to be published by year-end, and 60 people in Germany eligible for next steps based on CDx testing results for AAV5 antibodies, we are encouraged by progress made in the quarter. We are also pleased to share that price negotiations with the Italian Medicines Agency are going well and that we expect a final price by year-end," Mr. Bienaimé added, "In the U.S. since gaining FDA approval of ROCTAVIAN on June 29, 2023, the commercial team has been building the reimbursement network to facilitate patient access, setting the stage for meaningful uptake of ROCTAVIAN in 2024."

Third Quarter Financial Highlights:

Global Commercial Launches of ROCTAVIAN and VOXZOGO

VOXZOGO and ROCTAVIAN Market Expansion Opportunities

Earlier-stage Development Portfolio On-track; Seven Product Candidates Advancing

2023 Full-Year Financial Guidance (in millions, except % and EPS amounts)


Item


Provided July 31, 2023


Updated November 1, 2023

Total Revenues


$2,375


to


$2,500


$2,390


to


$2,470

Enzyme Product Revenues(1)


$1,700


to


$1,850


$1,700


to


$1,775

ROCTAVIAN Revenues


$50


to


$150


 less than $10M

VOXZOGO Revenues


$400


to


$440


$435


to


$455









Unchanged

Gross Profit %


77.5 %


to


79 %


77.8 %


to


79 %

R&D % of Revenue


30 %


to


32 %


Unchanged

SG&A % of Revenue


35.5 %


to


37.5 %


36 %


to


38 %














GAAP Net Income


$165


to


$215


$170


to


$210

GAAP Diluted EPS


$0.83


to


$1.08


$0.85


to


$1.05

Non-GAAP Income


$370


to


$420


$380


to


$410

Non-GAAP Diluted EPS


$1.85


to


$2.10


$1.90


to


$2.05



(1)

Enzyme-based Products include ALDURAZYME, BRINEURA, NAGLAZYME, PALYNZIQ and VIMIZIM.

 

BioMarin will host a conference call and webcast to discuss third quarter 2023 financial results and full-year financial guidance today, Wednesday, November 1, 2023, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.

U.S./Canada Dial-in Number: 888-330-3073

Replay Dial-in Number: 800-770-2030

International Dial-in Number:  646-960-0683

Replay International Dial-in Number: 647-362-9199

No Conference ID:  1816377

Conference ID: 1816377

 

About BioMarin

Founded in 1997, BioMarin is a global biotechnology company dedicated to transforming lives through genetic discovery. The company develops and commercializes targeted therapies that address the root cause of genetic conditions. BioMarin's robust research and development capabilities have resulted in multiple innovative commercial therapies for patients with rare genetic disorders. The company's distinctive approach to drug discovery has produced a diverse pipeline of commercial, clinical, and pre-clinical candidates that address a significant unmet medical need, have well-understood biology, and provide an opportunity to be first-to-market or offer a substantial benefit over existing treatment options. For additional information, please visit www.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: the expectations of Total Revenues, Net Product Revenues, Enzyme Product Revenues, Gross Profit, Research and Development Expense (R&D), Selling, General and Administrative Expense (SG&A), GAAP Net Income (Loss), Non-GAAP Income, GAAP Diluted EPS and Non-GAAP Diluted EPS for the full-year 2023; cash flows from operating activities; the timing of orders for commercial products; 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) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, and to expand the indication of VOXZOGO for children with achondroplasia aged 4 months and older in Europe, (ii) the results from clinical studies regarding product expansion opportunities for ROCTAVIAN, (iii) BioMarin's plans to observe the highest dose of BMN 255 in a patient population and, if the response is positive, engage to move to a pivotal Phase 2/3 study in 2024, (iv) with respect to BMN 331, BioMarin's plan to dose additional patients with an alternative corticosteroid regimen in late 2023, with an anticipated proof of concept by 2025, (v) BioMarin's plans to initiate a global clinical program with BMN 349 in 2024, (vi) BioMarin's plans to initiate a global clinical program with BMN 293 in 2024, and (vii) BioMarin's plans to initiate global clinical programs with BMN 365 and BMN 355 in 2025; the potential approval and commercialization of BioMarin's product candidates, including commercialization of ROCTAVIAN for the treatment of severe hemophilia A in the U.S. following FDA approval in June 2023, and the timing of such approval decisions and product launches, including (i) the anticipated start and growth of commercial sales of VOXZOGO in additional countries, and (ii) BioMarin's expectation that EU health authorities take action on its supplemental marketing application for VOXZOGO in the coming weeks and the number of additional children that will be eligible for VOXZOGO in the U.S. and, if such age expansions are accepted, in Europe; the expected benefits and availability of BioMarin's product candidates; and potential growth opportunities and trends, including that BioMarin expects accelerated growth of VOXZOGO revenues as the product launch continues in future quarters and that BioMarin expects growth of ROCTAVIAN revenues as the product's access is expanded in Europe and following commercial launch in the U.S.

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; 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 FDA, 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; the introduction of generic versions of BioMarin's commercial products, in particular generic versions of KUVAN; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission (SEC), including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 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®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ROCTAVIAN® is a trademark of BioMarin Pharmaceutical Inc., with registration in Europe and pending in the U.S. 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.

Contact:



Investors:


Media:

Traci McCarty


Marni Kottle

BioMarin Pharmaceutical Inc.


BioMarin Pharmaceutical Inc.

(415) 455-7558


(650) 374-2803

 

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2023 and December 31, 2022

(In thousands of U.S. dollars, except per share amounts)



September 30, 2023


December 31, 2022 ?¹?

ASSETS

(unaudited)



Current assets:




Cash and cash equivalents

$                       785,414


$                       724,531

Short-term investments

340,431


567,006

Accounts receivable, net

572,498


461,316

Inventory

1,032,159


894,083

Other current assets

224,806


104,521

Total current assets

2,955,308


2,751,457

Noncurrent assets:




Long-term investments

548,002


333,835

Property, plant and equipment, net

1,067,156


1,073,366

Intangible assets, net

302,476


338,569

Goodwill

196,199


196,199

Deferred tax assets

1,523,953


1,505,412

Other assets

165,069


176,236

Total assets

$                    6,758,163


$                    6,375,074

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued liabilities

$                       669,825


$                       572,959

Short-term convertible debt, net

493,398


?

Short-term contingent consideration

?


15,925

Total current liabilities

1,163,223


588,884

Noncurrent liabilities:




Long-term convertible debt, net

592,586


1,083,019

Other long-term liabilities

105,457


100,015

Total liabilities

1,861,266


1,771,918

Stockholders' equity:




Common stock, $0.001 par value: 500,000,000 shares authorized; 188,339,482 and 186,250,719 shares issued and outstanding, respectively

188


186

Additional paid-in capital

5,542,774


5,404,895

Company common stock held by the Nonqualified Deferred Compensation Plan (the NQDC)

(10,393)


(8,859)

Accumulated other comprehensive loss

6,257


(3,867)

Accumulated deficit

(641,929)


(789,199)

Total stockholders' equity

4,896,897


4,603,156

Total liabilities and stockholders' equity

$                    6,758,163


$                    6,375,074





(1)

December 31, 2022 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, 2022, filed with the U.S. Securities and Exchange Commission (SEC) on February 27, 2023.

 

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

Three and Nine Months Ended September 30, 2023 and 2022

(In thousands of U.S. dollars, except per share amounts)

(unaudited)



Three Months Ended

September 30,


Nine Months Ended

September 30,


2023


2022


2023


2022

REVENUES:








Net product revenues

$            568,266


$            493,348


$         1,739,390


$         1,516,533

Royalty and other revenues

13,063


11,996


33,629


41,968

Total revenues

581,329


505,344


1,773,019


1,558,501

OPERATING EXPENSES:








Cost of sales

124,745


116,288


379,376


356,379

Research and development

191,314


157,829


540,523


476,855

Selling, general and administrative

223,928


216,816


662,267


608,270

Intangible asset amortization and contingent consideration

15,681


16,828


46,975


50,935

Gain on sale of nonfinancial assets, net

?


?


?


(108,000)

Total operating expenses

555,668


507,761


1,629,141


1,384,439

INCOME (LOSS) FROM OPERATIONS

25,661


(2,417)


143,878


174,062









Interest income

15,740


4,999


40,295


9,324

Interest expense

(3,779)


(4,679)


(11,237)


(12,344)

Other income (expense), net

4,047


193


(3,700)


(3,908)

INCOME (LOSS) BEFORE INCOME TAXES

41,669


(1,904)


169,236


167,134

Provision for income taxes

1,291


4,748


21,966


25,324

NET INCOME (LOSS)

$             40,378


$              (6,652)


$            147,270


$            141,810

EARNINGS (LOSS) PER SHARE, BASIC

$                 0.21


$                (0.04)


$                 0.78


$                 0.77

EARNINGS (LOSS) PER SHARE, DILUTED

$                 0.21


$                (0.04)


$                 0.77


$                 0.75

Weighted average common shares outstanding, basic

188,219


185,597


187,617


185,009

Weighted average common shares outstanding, diluted

191,173


185,597


195,042


192,252

 

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2023 and 2022

(In thousands of U.S. dollars)

(unaudited)



Nine Months Ended September 30,


2023


2022

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$               147,270


$               141,810

Adjustments to reconcile net income to net cash used in operating activities:




Depreciation and amortization

77,525


77,416

Non-cash interest expense

3,198


3,089

Amortization of premium (accretion of discount) on investments

(6,781)


3,741

Stock-based compensation

152,244


149,574

Gain on sale of nonfinancial assets, net

?


(108,000)

Loss on equity investment

12,650


?

Deferred income taxes

(20,137)


(743)

Unrealized foreign exchange loss (gain)

5,454


(16,075)

Non-cash changes in the fair value of contingent consideration

?


2,243

Other

(224)


(700)

Changes in operating assets and liabilities:




Accounts receivable, net

(131,940)


(53,752)

Inventory

(97,948)


(27,419)

Other current assets

(59,389)


(8,558)

Other assets

(20,812)


12,140

Accounts payable and other short-term liabilities

56,333


(2,398)

Other long-term liabilities

14,333


(3,252)

Net cash provided by operating activities

131,776


169,116

CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of property, plant and equipment

(67,774)


(85,271)

Maturities and sales of investments

751,677


477,244

Purchases of investments

(727,043)


(457,382)

Proceeds from sale of nonfinancial assets

?


110,000

Purchase of intangible assets

(3,141)


(9,910)

Net cash provided by (used in) investing activities

(46,281)


34,681

CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from exercises of awards under equity incentive plans

54,548


43,866

Taxes paid related to net share settlement of equity awards

(72,399)


(50,696)

Payments of contingent consideration

(9,475)


(21,054)

Principal repayments of financing leases

(2,241)


(1,635)

Net cash used in financing activities

(29,567)


(29,519)

Effect of exchange rate changes on cash

4,955


(39)

NET INCREASE IN CASH AND CASH EQUIVALENTS

60,883


174,239

Cash and cash equivalents:




Beginning of period

$               724,531


$               587,276

End of period

$               785,414


$               761,515

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 (Loss) excluding amortization expense, stock-based compensation expense, contingent consideration 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 Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP diluted shares outstanding

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 Diluted EPS and Non-GAAP Diluted Shares 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 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 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:

 

Reconciliation of GAAP Reported Net Income to Non-GAAP Income(1)

(In millions of U.S. dollars)

(unaudited)



Three Months Ended

September 30,


Nine Months Ended

September 30,


2023


2022


2023


2022









GAAP Reported Net Income (Loss)

$           40.4


$            (6.7)


$         147.3


$         141.8

Adjustments








Stock-based compensation expense - COS

4.0


4.4


13.1


13.4

Stock-based compensation expense - R&D

14.5


17.1


49.4


47.9

Stock-based compensation expense - SG&A

29.9


33.2


89.8


88.2

Amortization of intangible assets

15.7


15.9


47.0


47.1

Contingent consideration

?


0.9


?


3.8

Gain on sale of non-financial assets (2)

?


?


?


(108.0)

Severance and employee termination benefits (3)

(0.4)


4.8


(0.5)


4.8

Loss on investment in equity securities (4)

?


?


12.6


?

Income tax effect of adjustments

(14.6)


(17.6)


(48.2)


(11.4)

Non-GAAP Income

$           89.5


$           52.0


$         310.5


$         227.6

 

Reconciliation of Certain GAAP Reported Information to Non-GAAP Information

(in millions, except per share data)

(unaudited)



Three Months Ended

September 30,


Nine Months Ended

September 30,


2023


2022


2023


2022









GAAP Diluted EPS

$           0.21


$          (0.04)


$           0.77


$           0.75

Adjustments








Stock-based compensation expense

0.24


0.28


0.76


0.78

Amortization of intangible assets

0.08


0.08


0.24


0.24

Contingent consideration

?


?


?


0.02

Gain on sale of non-financial assets (2)

?


?


?


(0.56)

Severance and employee termination benefits (3)

?


0.02


?


0.02

Loss on investment in equity securities (4)

?


?


0.06


?

Income tax effect of adjustments

(0.07)


(0.09)


(0.23)


(0.05)

Non-GAAP Diluted EPS

$           0.46


$           0.27


$           1.60


$           1.20



(1)

Certain amounts may not sum or recalculate due to rounding.



(2)

Represents the net gain in the first quarter of 2022 on the sale to a third party of the PRV the company received from the FDA in connection with the U.S. approval of VOXZOGO.



(3)

Represents change in estimates to severance and employee termination benefit charges in SG&A related to the company's organizational redesign announced in October 2022. Related to this October 2022 reorganization plan, the company recognized $23.0 million of expense related to severance and employee termination benefits in 2022, the majority of which was recognized in the fourth quarter.



(4)

Represents the impairment loss on investment in non-marketable equity securities recorded in Other income (expense), net in the first quarter of 2023.

 


Three Months Ended

September 30,


Nine Months Ended

September 30,


2023


2022


2023


2022









GAAP Weighted-Average Dilutive Shares Outstanding

191.2


185.6


195.0


192.3

Adjustments








Issuances under equity incentive plans

?


3.5


?


?

Common stock issuable under Company's convertible debt (1)

8.4


4.0


4.4


?

Non-GAAP Weighted-Average Dilutive Shares Outstanding

199.6


193.1


199.4


192.3



(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, the company would issue 4.0 million shares under the convertible notes due in 2024 and 4.4 million shares under the convertible notes due in 2027.

 



Guidance for the Year Ended December 31, 2023 (1)(2)



Net Income


Diluted Shares


Diluted EPS












GAAP Net Income and Diluted EPS


$      170

to

$      210


200


$0.85

to

$1.05

Amortization of intangible assets


60




0.30

Stock-based compensation expense


200




1.00

Severance and employee termination benefits


(0.5)




?

Loss on investment in equity securities


12.6




0.06

Income tax effect of adjustments (3)


(67)




(0.34)

Non-GAAP Income and Diluted EPS


$      380

to

$      410


200


$1.90

to

$2.05



(1)

The adjustments/reconciling items included in this table are presented to facilitate the reconciliation of Non-GAAP Income and Non-GAAP Diluted EPS to their closest GAAP financial metrics, GAAP Net Income and GAAP Diluted EPS. The specific amounts included in each reconciling line item above represent approximations of the underlying adjustments from GAAP Net Income to Non-GAAP Income and from GAAP Diluted EPS to Non-GAAP Diluted EPS. Actual 2023 results for each reconciling line item may be different, in some cases materially, than the amounts listed above as a result of uncertainty regarding, and the potential variability of, those items.

(2)

Amounts will sum when using midpoint of ranges provided

(3)

Income tax adjustments represent the estimated income tax impact of each pre-tax non-GAAP adjustment based on the applicable statutory income tax rate.

 

SOURCE BioMarin Pharmaceutical Inc.


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