BIOMARIN PHARMACEUTICAL INC
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 28, 2025
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Item 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three and Nine Months Ended September 30, 2025 and 2024
(In thousands, except per share amounts)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| REVENUES: | ||||
| Net product revenues | $760,812 | $733,867 | $2,308,438 | $2,073,811 |
| Royalty and other revenues | 15,321 | 11,873 | 38,250 | 32,791 |
| Total revenues | 776,133 | 745,740 | 2,346,688 | 2,106,602 |
| OPERATING EXPENSES: | ||||
| Cost of sales | 140,085 | 188,457 | 441,733 | 444,096 |
| Research and development | 409,478 | 184,901 | 729,517 | 573,675 |
| Selling, general and administrative | 268,415 | 253,480 | 706,810 | 742,418 |
| Intangible asset amortization | 4,847 | 5,009 | 14,540 | 33,606 |
| Gain on sale of nonfinancial assets | — | — | — | (10,000) |
| Total operating expenses | 822,825 | 631,847 | 1,892,600 | 1,783,795 |
| INCOME (LOSS) FROM OPERATIONS | (46,692) | 113,893 | 454,088 | 322,807 |
| Interest income | 17,854 | 18,053 | 55,694 | 57,203 |
| Interest expense | (2,579) | (2,968) | (8,121) | (10,089) |
| Other income, net | 5,093 | 5,463 | 7,972 | 2,203 |
| INCOME (LOSS) BEFORE INCOME TAXES | (26,324) | 134,441 | 509,633 | 372,124 |
| Provision for income taxes | 4,420 | 28,361 | 114,159 | 70,208 |
| NET INCOME (LOSS) | $(30,744) | $106,080 | $395,474 | $301,916 |
| EARNINGS (LOSS) PER SHARE, BASIC | $(0.16) | $0.56 | $2.06 | $1.59 |
| EARNINGS (LOSS) PER SHARE, DILUTED | $(0.16) | $0.55 | $2.04 | $1.56 |
| Weighted average common shares outstanding, basic | 192,032 | 190,429 | 191,639 | 189,806 |
| Weighted average common shares outstanding, diluted | 192,032 | 197,147 | 196,893 | 196,683 |
| COMPREHENSIVE INCOME (LOSS) | $(20,116) | $83,931 | $299,884 | $335,354 |
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2025 and December 31, 2024
(In thousands, except share amounts)
| September 30, 2025 | December 31, 2024 ⁽¹⁾ | |
|---|---|---|
| ASSETS · (unaudited) | ||
| Current assets: | ||
| Cash and cash equivalents | $1,250,108 | $942,842 |
| Short-term investments | 227,731 | 194,864 |
| Accounts receivable, net | 790,266 | 660,535 |
| Inventory | 1,382,173 | 1,232,653 |
| Other current assets | 204,265 | 201,533 |
| Total current assets | 3,854,543 | 3,232,427 |
| Noncurrent assets: | ||
| Long-term investments | 512,937 | 521,238 |
| Property, plant and equipment, net | 1,038,187 | 1,043,041 |
| Intangible assets, net | 233,112 | 255,278 |
| Goodwill | 196,199 | 196,199 |
| Deferred tax assets | 1,509,109 | 1,489,366 |
| Other assets | 270,781 | 251,391 |
| Total assets | $7,614,868 | $6,988,940 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Accounts payable and accrued liabilities | $798,438 | $606,988 |
| Total current liabilities | 798,438 | 606,988 |
| Noncurrent liabilities: | ||
| Long-term convertible debt, net | 596,663 | 595,138 |
| Other long-term liabilities | 163,056 | 128,824 |
| Total liabilities | 1,558,157 | 1,330,950 |
| Stockholders’ equity: | ||
| Common stock, $0.001 par value: 500,000,000 shares authorized; 192,098,751 and 190,761,349 shares issued and outstanding, respectively | 192 | 191 |
| Additional paid-in capital | 5,900,968 | 5,802,068 |
| Company common stock held by the Nonqualified Deferred Compensation Plan | (11,291) | (11,227) |
| Accumulated other comprehensive income (loss) | (33,937) | 61,653 |
| Retained earnings (accumulated deficit) | 200,779 | (194,695) |
| Total stockholders’ equity | 6,056,711 | 5,657,990 |
| Total liabilities and stockholders’ equity | $7,614,868 | $6,988,940 |
(1)December 31, 2024 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, 2024, filed with the SEC on February 24, 2025.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three and Nine Months Ended September 30, 2025 and 2024
(In thousands)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | |
| Shares of common stock, beginning balances (1) | 192,002 | 190,356 | 190,761 | 188,598 |
| Issuances under equity incentive plans | 97 | 198 | 1,338 | 1,956 |
| Shares of common stock, ending balances | 192,099 | 190,554 | 192,099 | 190,554 |
| Total stockholders' equity, beginning balances (1) | $6,027,113 | $5,286,299 | $5,657,990 | $4,951,549 |
| Common stock: | ||||
| Beginning balances (1) | 192 | 190 | 191 | 189 |
| Issuances under equity incentive plans, net of tax | — | 1 | 1 | 2 |
| Ending balances | 192 | 191 | 192 | 191 |
| Additional paid-in capital: | ||||
| Beginning balances (1) | 5,851,637 | 5,696,701 | 5,802,068 | 5,611,562 |
| Issuances under equity incentive plans, net of tax | (2,779) | (2,688) | (46,218) | (33,031) |
| Stock-based compensation | 52,493 | 45,853 | 145,054 | 159,522 |
| Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC) | (383) | 44 | 64 | 1,857 |
| Ending balances | 5,900,968 | 5,739,910 | 5,900,968 | 5,739,910 |
| Company common stock held by the NQDC: | ||||
| Beginning balances (1) | (11,674) | (11,673) | (11,227) | (9,860) |
| Common stock held by the NQDC | 383 | (44) | (64) | (1,857) |
| Ending balances | (11,291) | (11,717) | (11,291) | (11,717) |
| Accumulated other comprehensive income (loss): | ||||
| Beginning balances (1) | (44,565) | 26,799 | 61,653 | (28,788) |
| Other comprehensive income (loss) | 10,628 | (22,149) | (95,590) | 33,438 |
| Ending balances | (33,937) | 4,650 | (33,937) | 4,650 |
| Retained earnings (accumulated deficit) | ||||
| Beginning balances (1) | 231,523 | (425,718) | (194,695) | (621,554) |
| Net income (loss) | (30,744) | 106,080 | 395,474 | 301,916 |
| Ending balances | 200,779 | (319,638) | 200,779 | (319,638) |
| Total stockholders' equity, ending balances | $6,056,711 | $5,413,396 | $6,056,711 | $5,413,396 |
(1)The beginning balances for the nine-month periods 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, 2024 filed with the SEC on February 24, 2025.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2025 and 2024
(In thousands)
| Nine Months EndedSeptember 30, | ||
|---|---|---|
| 2025 | 2024 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||
| Net income | $395,474 | $301,916 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 59,119 | 72,819 |
| Non-cash interest expense | 1,969 | 2,699 |
| Accretion of discount on investments | (3,695) | (6,619) |
| Stock-based compensation | 134,496 | 149,652 |
| Gain on sale of nonfinancial assets | — | (10,000) |
| Impairment of assets and other noncash adjustments | 2,967 | 19,889 |
| Acquired in-process research & development expense | 220,963 | — |
| Deferred income taxes | 48,125 | 13,709 |
| Unrealized foreign exchange gain | 244 | (22,352) |
| Other | (1,704) | (1,254) |
| Changes in operating assets and liabilities: | ||
| Accounts receivable, net | (107,378) | (130,456) |
| Inventory | (98,796) | (29,259) |
| Other current assets | (32,125) | (19,939) |
| Other assets | (32,679) | (31,839) |
| Accounts payable and accrued liabilities | 119,478 | 68,019 |
| Other long-term liabilities | 21,892 | 10,229 |
| Net cash provided by operating activities | 728,350 | 387,214 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||
| Purchases of property, plant and equipment | (62,316) | (65,894) |
| Maturities and sales of investments | 294,547 | 478,436 |
| Purchases of investments | (313,262) | (352,371) |
| Proceeds from sale of nonfinancial assets | — | 10,000 |
| Purchase of intangible assets | (5,569) | (11,225) |
| Acquisition, net of cash acquired | (285,193) | — |
| Other | — | 1,141 |
| Net cash provided by (used in) investing activities | (371,793) | 60,087 |
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||
| Proceeds from exercises of awards under equity incentive plans | 7,714 | 41,415 |
| Taxes paid related to net share settlement of equity awards | (53,265) | (72,651) |
| Repayments of convertible debt | — | (494,987) |
| Other | — | (3,083) |
| Net cash used in financing activities | (45,551) | (529,306) |
| Effect of exchange rate changes on cash | (3,740) | 2,326 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 307,266 | (79,679) |
| Cash and cash equivalents: | ||
| Beginning of period | $942,842 | $755,127 |
| End of period | $1,250,108 | $675,448 |
| SUPPLEMENTAL CASH FLOW DISCLOSURES: | ||
| Cash paid for interest | $3,572 | $6,654 |
| Cash paid for income taxes | $70,208 | $36,088 |
| SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
| Increase (decrease) in accounts payable and accrued liabilities related to fixed assets | $7,014 | $8,457 |
| Increase (decrease) in accounts payable and accrued liabilities related to intangible assets | $(3,937) | $(9,059) |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(1)BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
BioMarin Pharmaceutical Inc. (the Company or BioMarin) is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. The San Rafael, California-based company, founded in 1997, has a proven track record of innovation, with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients.
Basis of Presentation
These Condensed Consolidated Financial Statements have been prepared pursuant to U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the Securities and Exchange Commission for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although management believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2024 included in the Company’s Annual Report on Form 10-K. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2025 or any other period.
Use of Estimates
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.
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 and prior to filing this Quarterly Report on Form 10-Q that would require recognition or disclosure in the Condensed Consolidated Financial Statements.
Significant Accounting Policies
Other than as discussed below, there have been no changes to the Company’s significant accounting policies during the nine months ended September 30, 2025, as compared to the significant accounting policies disclosed in Note 1 –Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Acquisitions
Acquisitions of businesses are accounted for using the acquisition method of accounting. The Company allocates the purchase price of acquired businesses to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets and acquired in-process research and development (IPR&D) assets. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill.
If it is determined that the net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Acquired IPR&D assets with no alternative future use under the acquisition method of accounting are charged to Research and Development in the Consolidated Statements of Income.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Recent Accounting Pronouncements
Other than as discussed below, there have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board (FASB) during the nine months ended September 30, 2025, as compared to the recent accounting pronouncements described in Note 1 to the Company’s Consolidated Financial Statements of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, that the Company believes are of significance or potential significance to the Company. The following paragraphs discuss new accounting pronouncements issued by the FASB, but not yet adopted by the Company.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures. The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2024. The Company is currently evaluating the effect of the update on the Company's related disclosures.
Income Statement Disaggregation
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Topic 220, Expense Disaggregation Disclosures. The guidance requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's related disclosures.
Internal-use Software
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software Topic 350-40: Accounting for and Disclosure of Software Costs. The guidance clarifies the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold to be applied to begin capitalizing. The guidance also specifies that disclosure under Accounting Standards Codification Topic 360-10, Property, Plant, and Equipment - Overall, apply to capitalized software costs. The Company may apply the guidance using a prospective, retrospective or modified transition approach. The effective date for the update is for fiscal years beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's related disclosures.
(2)FINANCIAL INSTRUMENTS
All marketable securities were classified as available-for-sale as of September 30, 2025 and December 31, 2024.
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of the dates presented:
| September 30, 2025 | |||||||
|---|---|---|---|---|---|---|---|
| Amortized Cost | GrossUnrealizedGains | GrossUnrealizedLosses | Aggregate Fair Value | Cash and Cash Equivalents | Short-termMarketableSecurities (1) | Long-termMarketableSecurities (2) | |
| Level 1: | |||||||
| Cash | $400,492 | $— | $— | $400,492 | $400,492 | $— | $— |
| Level 2: | |||||||
| Money market instruments | 844,616 | — | — | 844,616 | 844,616 | — | — |
| Corporate debt securities | 474,892 | 3,520 | (26) | 478,386 | — | 181,605 | 296,781 |
| U.S. government agency securities | 202,584 | 991 | (21) | 203,554 | 5,000 | 45,912 | 152,642 |
| Asset-backed securities | 63,313 | 423 | (8) | 63,728 | — | 214 | 63,514 |
| Subtotal | 1,585,405 | 4,934 | (55) | 1,590,284 | 849,616 | 227,731 | 512,937 |
| Total | $1,985,897 | $4,934 | $(55) | $1,990,776 | $1,250,108 | $227,731 | $512,937 |
| December 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| Amortized Cost | GrossUnrealizedGains | GrossUnrealizedLosses | Aggregate Fair Value | Cash and Cash Equivalents | Short-termMarketableSecurities (1) | Long-termMarketableSecurities (2) | |
| Level 1: | |||||||
| Cash | $329,619 | $— | $— | $329,619 | $329,619 | $— | $— |
| Level 2: | |||||||
| Money market instruments | 613,223 | — | — | 613,223 | 613,223 | — | — |
| Corporate debt securities | 503,202 | 2,410 | (390) | 505,222 | — | 168,104 | 337,118 |
| Asset-backed securities | 138,508 | 363 | (344) | 138,527 | — | 25,864 | 112,663 |
| U.S. government agency securities | 72,027 | 359 | (33) | 72,353 | — | 896 | 71,457 |
| Subtotal | 1,326,960 | 3,132 | (767) | 1,329,325 | 613,223 | 194,864 | 521,238 |
| Total | $1,656,579 | $3,132 | $(767) | $1,658,944 | $942,842 | $194,864 | $521,238 |
(1) The Company’s short-term marketable securities mature inone year or less.
(2) The Company’s long-term marketable securities mature betweenone andfive years.
As of September 30, 2025, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.
(3)SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION
Inventory consisted of the following:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Raw materials | $115,302 | $154,341 |
| Work-in-process | 781,170 | 550,678 |
| Finished goods | 485,701 | 527,634 |
| Total inventory | $1,382,173 | $1,232,653 |
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Property, Plant and Equipment, Net consisted of the following:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Property, plant and equipment, gross | $1,987,843 | $1,934,832 |
| Accumulated depreciation | (949,656) | (891,791) |
| Total property, plant and equipment, net | $1,038,187 | $1,043,041 |
Depreciation expense, net of amounts capitalized into inventory, for the three and nine months ended September 30, 2025 was $10.6 million and $35.3 million, respectively. Depreciation expense, net of amounts capitalized into inventory, for the three and nine months ended September 30, 2024 was $10.9 million and $35.0 million, respectively.
Intangible Assets, Net consisted of the following:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Finite-lived intangible assets | $722,742 | $721,110 |
| Accumulated amortization | (489,630) | (465,832) |
| Net carrying value | $233,112 | $255,278 |
Accounts Payable and Accrued Liabilities consisted of the following:
| September 30,2025 | December 31,2024 | |
|---|---|---|
| Accounts payable and accrued operating expenses | $389,670 | $235,403 |
| Accrued compensation expense | 177,755 | 202,513 |
| Accrued rebates payable | 140,049 | 120,835 |
| Foreign currency exchange forward contracts | 43,739 | 13,056 |
| Accrued income taxes | 22,606 | 12,567 |
| Accrued royalties payable | 6,945 | 7,923 |
| Lease liability | 7,578 | 7,574 |
| Other | 10,096 | 7,117 |
| Total accounts payable and accrued liabilities | $798,438 | $606,988 |
(4)FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 1– Business Overview and Significant Accounting Policies to the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
Other than the Company’s fixed-rate convertible debt disclosed in Note 6 –Debt, there wereno financial assets or liabilities that were remeasured using quoted prices in active markets for identical assets (Level 1) as of September 30, 2025 or
December 31, 2024. The Company hadno financial assets or liabilities that are remeasured on a recurring basis using unobservable inputs that reflect estimates and assumptions (Level 3) as of September 30, 2025 or December 31, 2024.
Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following, except for derivatives, which are discussed in Note 5 –Derivative Instruments and Hedging Strategies:
| September 30, 2025 | December 31, 2024 | |
|---|---|---|
| Assets: | ||
| Other current assets: | ||
| NQDC Plan assets | $3,881 | $2,928 |
| Other assets: | ||
| NQDC Plan assets | 41,479 | 34,978 |
| Restricted investments (1) | 369 | 514 |
| Total other assets | 41,848 | 35,492 |
| Total assets | $45,729 | $38,420 |
| Liabilities: | ||
| Accounts payable and accrued liabilities: | ||
| NQDC Plan liability | $3,881 | $2,928 |
| Other long-term liabilities: | ||
| NQDC Plan liability | 41,479 | 34,978 |
| Total liabilities | $45,360 | $37,906 |
(1) The restricted investments as of September 30, 2025 and December 31, 2024 secure the Company’s irrevocable standby letters of credit obtained in connection with certain commercial agreements.
There were no transfers between levels during the three and nine months ended September 30, 2025.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.