Biomarin Pharmaceutical Inc. · NASDAQ:BMRN
Biomarin Pharmaceutical — Q4 2023 Earnings Presentation
16 slides from Biomarin Pharmaceutical's earnings presentation, Feb 22, 2024
Slide 1: Fourth Quarter and Full Year 2023 Earnings
Fourth Quarter and Full Year 2023 Earnings February 22, 2024 Transforming Lives Through Genetic Discovery
Slide 2: Table of Contents
Business Overview & Highlights 5 Q4 & FY ‘23 Key Financial Metrics 8 Table of Contents 2024 Outlook 12 Non-GAAP Reconciliations 13 2
Slide 3: Forward-looking statements
This non-confidential presentation contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: the expectations of Total Revenues, Non-GAAP Operating Margin Percentage, and Non-GAAP Diluted EPS for the
Slide 4: GAAP and Non-GAAP information
This presentation includes 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, contingent consideration expense, and, in certain periods, certain other specified it
Slide 5: Strong Revenue Growth Potential, Significant Profitability Opportunities
Significant multi-year growth driver with VOXZOGO® in achondroplasia and new indications Strong Revenue Growth Potential ROCTAVIAN™ for severe hemophilia A as a potential standard of care gene therapy Durable, profitable, “IRA-insulated” annuity-like base business 8 approved products driving
Slide 6: Strategic priorities
ACCELERATE AND MAXIMIZE THE VOXZOGO indication expansion is the top priority for BioMarin VOXZOGO Maintain momentum on achondroplasia launch and leverage broadened labels OPPORTUNITY ESTABLISH Important progress made in market access and readiness ROCTAVIAN OPPORTUNITY 2024 and 2025 will fur
Slide 7: 2023 Record Financial Results Were Driven by Global Demand for VOXZOGO
2023 Record Financial Results Were Driven by Global Demand for VOXZOGO Q4’23 VOXZOGO net revenues increased 118% Q/Q and FY’23 increased 178% Y/Y Total Revenues of $646.2 million in the Fourth Quarter 2023 Increased 20% Q/Q Produced double-digit revenue growth and significant operating leverage in 2
Slide 8: Q4 2023 Key Financial Metrics
(In millions, except percentage data) Total Reported Total Revenue Growth(1) GAAP Net Income Non-GAAP Income(2) Revenue Growth Excluding KUVAN® $646 $95 $610 $20 $538 $484 $63 +20% +26% NM(3) +51% ($0.2) Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 Q4 2022 Q4 2023 (1) Includes total revenues excl
Slide 9: Full Year 2023 Key Financial Metrics
(In millions, except percentage data) Total Reported Total Revenue Growth(1) GAAP Net Income(2) Non-GAAP Income(3) Revenue Growth Excluding KUVAN® $168 $2,419 $2,238 $405 $142 $2,096 $1,868 $291 +15% +20% +18% +39% FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 FY 2022 FY 2023 (1) Includes total re
Slide 10: 2023 Guidance and Actuals
2023 Guidance 2023 Actuals (In millions, except per share and percentage data) As of November 1, 2023 Enzyme Products Revenue(1) $1,700 - $1,775 $1,718 ROCTAVIAN Revenue less than $10M $3.5 VOXZOGO Revenue $435 - $455 $470 Total Revenues $2,390 - $2,470 $2,419 Gross Margin % 77.8% - 79% 79% R&D % of
Slide 11: Maturing Guided Line Items and Investor Day 2024
Maturing Guided Line Items More Consistent Cadence Investor Day 2024 (4Q23 Earnings Call) and Content of Updates (3Q24) Total Revenues Communicate business updates New leadership perspectives on and objectives each quarter company strategy and long-term Non-GAAP Operating Margin(1) aspiratio
Slide 12: New 2024 Guidance
New Guidance (In millions, except per share and % data) As of February 22, 2024 Total Revenues $2,700 - $2,800 Non-GAAP Operating Margin %(1) 23% - 24% Non-GAAP Diluted EPS(2) $2.60 - $2.80 (1) Non-GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations, excluding a
Slide 13: Non-GAAP Income Reconciliation
(In millions) Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 GAAP Reported Net Income (Loss) $ 20.4 $ (0.2) $ 167.6 $ 141.6 Adjustments Stock-based compensation expense - COS 4.5 4.3 17.6 17.7 Stock-based compensation expense - R&D 16.3 13.8 65.7 61.7 Stock-base
Slide 14: Non-GAAP Diluted EPS Reconciliation
Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 GAAP Diluted EPS $ 0.11 $ (0.00) $ 0.87 $ 0.75 Adjustments Stock-based compensation expense 0.27 0.24 1.04 1.02 Amortization of intangible assets 0.08 0.08 0.31 0.33 Contingent consideration — — — 0.02 Gain on sale
Slide 15: Weighted-Average Dilutive Shares Outstanding
Three Months Ended Twelve Months Ended December 31, December 31, 2023 2022 2023 2022 191.8 186.0 191.6 189.0 GAAP Weighted-Average Dilutive Shares Outstanding Adjustments — 4.1 — — Common stock issuable under the company's equity plans 8.4 4.0 8.4 4.0 Common stock issuable under company’s convertibl
Slide 16: Fourth Quarter and Full Year 2023 Earnings
Fourth Quarter and Full Year 2023 Earnings February 22, 2024 Transforming Lives Through Genetic Discovery
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