Biomarin Pharmaceutical Inc. · NASDAQ:BMRN
Biomarin Pharmaceutical — Q1 2023 Earnings Presentation
11 slides from Biomarin Pharmaceutical's earnings presentation, Apr 26, 2023
Slide 1: First Quarter 2023 Earnings
First Quarter 2023 Earnings April 26, 2023 Transforming Lives Through Genetic Discovery
Slide 2: Table of Contents
Business Overview & Highlights 6 Q1 ‘23 Key Financial Metrics 7 Table of Contents 2023 Outlook 8 Non-GAAP Reconciliations 9 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 regarding expectations of growth and profitability, expectations for results of operations and financial guidance
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 expense, stock-based compensation expense, contingent consideration expense, and, in certain periods, certain other specified items, as detai
Slide 5: Solid, Profitable, Growing Base Business and New Launches
End to End Solid, Business “IRA-proof” Profitable, Partnership & Growing Base Business Transform partnership to business mindset with ▪finance acumen Anchored by durable enzyme-based therapies producing nearly $2B of revenue and positive cash flows. Steady revenue growth across the portfolio ▪ High
Slide 6: Q1 2023 Business Overview & Highlights
Record Revenues in First Quarter, with 15% Year-Over-Year Growth Tracking to double-digit revenue growth and significant operating leverage, driving approximately 30% growth in expected bottom-line profitability in full-year 2023 Strong Profitability and Gross Margin Improvement Driven by Robust VOX
Slide 7: Q1 '23 Key Financial Metrics
(In millions, except percentage data) Reported Revenue Revenue Growth1 GAAP Net Income2 Non-GAAP Net Income Growth Excluding KUVAN® $596 $546 $121 $519 $116 $460 $99 $51 +15% +19% (-58%) +17% Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 Q1 2022 Q1 2023 1 Includes total revenues excluding revenues
Slide 8: 2023 Guidance: Prior vs. Current
Prior Guidance Current Guidance1 (In millions, except per share and percentage data) As of February 27, 2023 As of April 26, 2023 Enzyme Products2 $1,700 - $1,850 Unchanged ROCTAVIAN $100 - $200 $50 - $150 VOXZOGO $330 - $380 $380 - $430 Total Revenues $2,375 - $2,500 Unchanged Gross Margin % 77.5%
Slide 9: GAAP Reported Net Income to Non-GAAP Net Income Reconciliation
(In millions) Q1 2023 Q1 2022 GAAP Reported Net Income $ 51 $ 121 Adjustments Stock-based compensation expense - COS 4 4 Stock-based compensation expense - R&D 20 17 Stock-based compensation expense - SG&A 30 26 Amortization of intangible assets 16 16 Contingent consideration - 2 Gain on sale of non
Slide 10: 2023 Guidance GAAP to Non-GAAP Reconciliation
(In millions, except per share data) 2023 Guidance1,2 Net Income Diluted Shares Diluted EPS GAAP Net Income and Diluted EPS $155 to $205 200 $0.78 to $1.03 Amortization of intangible assets 60 $0.30 Stock-based compensation expense 200 $1.00 Severance and employee termination benefits 2.1 $0.01 Loss
Slide 11: First Quarter 2023 Earnings
First Quarter 2023 Earnings April 26, 2023 Transforming Lives Through Genetic Discovery
BioMarin Pharmaceutical — Q1 2023 Earnings Presentation on 6ix