Biomarin Pharmaceutical Inc. · NASDAQ:BMRN
Biomarin Pharmaceutical — Q2 2023 Earnings Presentation
13 slides from Biomarin Pharmaceutical's earnings presentation, Jul 31, 2023
Slide 1: Second Quarter 2023 Earnings
Second Quarter 2023 Earnings July 31, 2023 Transforming Lives Through Genetic Discovery
Slide 2: Table of Contents
Business Overview & Highlights 6 Q2 ‘23 Key Financial Metrics 7 Table of Contents 2023 Outlook 9 Non-GAAP Reconciliations 10 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 operating cash flows. Steady revenue growth across the portfol
Slide 6: Increasing Q2 Profitability and Gross Margin Improvement Driven by VOXZOGO Demand
Increasing Q2 Profitability and Gross Margin Improvement Driven by Robust VOXZOGO® Demand $113 million in VOXZOGO revenues drove total BioMarin GAAP net income of $56 million and gross margin of 78.5% in the second quarter Record-breaking Revenues for the First Half of 2023, with 13% Year-Over-Year
Slide 7: Q2 2023 Key Financial Metrics
(In millions, except percentage data) Reported Revenue Revenue Growth1 GAAP Net Income Non-GAAP Net Income2 Growth Excluding KUVAN® $595 $545 $56 $105 $534 $476 $77 $28 +12% +14% +102% +37% Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 Q2 2022 Q2 2023 1 Includes total revenues excluding revenues f
Slide 8: YTD 2023 Key Financial Metrics
(In millions, except percentage data) Reported Revenue Revenue Growth1 GAAP Net Income2 Non-GAAP Net Income3 Growth Excluding KUVAN® $1,192 $1,091 $149 $221 $1,053 $936 $107 $176 +13% +16% (-28%) +26% YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 1 Includes total revenues e
Slide 9: 2023 Guidance: Prior vs. Current
Prior Guidance Current Guidance (In millions, except per share and percentage data) As of April 26, 2023 As of July 31, 2023 Enzyme Products Revenue1 $1,700 - $1,850 Unchanged ROCTAVIAN Revenue $50 - $150 Unchanged VOXZOGO Revenue $380 - $430 $400 - $440 Total Revenues $2,375 - $2,500 Unchanged Gros
Slide 10: Q2 GAAP to Non-GAAP Net Income Reconciliation
(In millions) Q2 2023 Q2 2022 GAAP Reported Net Income $56.0 $27.7 Adjustments Stock-based compensation expense - COS 4.7 4.8 Stock-based compensation expense - R&D 15.1 13.6 Stock-based compensation expense - SG&A 30.4 28.7 Amortization of intangible assets 15.6 15.6 Contingent consideration - 0.9
Slide 11: YTD GAAP to Non-GAAP Net Income Reconciliation
(In millions) YTD 2023 YTD 2022 GAAP Reported Net Income $106.9 $148.5 Adjustments Stock-based compensation expense - COS 9.1 9.1 Stock-based compensation expense - R&D 34.9 30.8 Stock-based compensation expense - SG&A 59.9 55.0 Amortization of intangible assets 31.3 31.2 Contingent consideration -
Slide 12: 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 $165 to $215 200 $0.83 to $1.08 Amortization of intangible assets 60 0.30 Stock-based compensation expense 200 1.00 Severance and employee termination benefits (0.1) 0.00 Loss
Slide 13: Second Quarter 2023 Earnings
Second Quarter 2023 Earnings July 31, 2023 Transforming Lives Through Genetic Discovery
BioMarin Pharmaceutical — Q2 2023 Earnings Presentation on 6ix