Biomarin Pharmaceutical Inc. · NASDAQ:BMRN
Biomarin Pharmaceutical — Q3 2023 Earnings Presentation
14 slides from Biomarin Pharmaceutical's earnings presentation, Nov 1, 2023
Slide 1: Third Quarter 2023 Earnings
Third Quarter 2023 Earnings November 1, 2023 Transforming Lives Through Genetic Discovery
Slide 2: Table of Contents
Business Overview & Highlights 5 Q3 ‘23 Key Financial Metrics 8 Table of Contents 2023 Outlook 10 Non-GAAP Reconciliations 11 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
Solid, Profitable, End to End Business “IRA-proof” Partnership & Growing Base Business Transform partnership to business mindset with Anchored finance by durable enzyme-based therapies producing nearly $2B of revenue and acumen positive operating cash flows. Steady revenue growth across the portfol
Slide 6: Optimizing Revenue, Balancing Profits and Reinvestments
Delivering top and bottom-line growth while fueling a sustainable pipeline of innovative products Optimizing Prioritizing Life Revenue Cycle Management Focusing on Proof of Balancing Profits & Concepts and the Reinvestments Early-Stage Pipeline 6
Slide 7: Strong VOXZOGO Demand Drove Profitability and Gross Margin Improvement
Strong VOXZOGO® Demand Drove Profitability and Gross Margin Improvement $123.1 million in VOXZOGO revenues drove total BioMarin GAAP net income of $40.4 million and gross margin of 78.5% in the third quarter Total Revenues of $581.3 million in the Third Quarter 2023 Increased 15% Year-Over-Year Trac
Slide 8: Q3 Total Revenue Growth and Net Income
(In millions, except percentage data) Total Reported Total Revenue Growth1 GAAP Net Income Non-GAAP Net Income2 Revenue Growth Excluding KUVAN® $581 $538 $90 $40 $505 $448 $52 +15% +20% +671% +73% ($7) Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 Q3 2022 Q3 2023 1 Includes total revenues excludin
Slide 9: Year-to-Date Total Revenue Growth and Net Income
(In millions, except percentage data) Total Reported Total Revenue Growth1 GAAP Net Income2 Non-GAAP Net Income3 Revenue Growth Excluding KUVAN® $1,773 $1,629 $142 $147 $311 $1,559 $1,385 $228 +14% +18% +4% +36% YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 YTD 2022 YTD 2023 1 Includes total
Slide 10: Prior Guidance vs Updated Guidance
Prior Guidance Updated Guidance (In millions, except per share and percentage data) As of July 31, 2023 As of November 1, 2023 Enzyme Products Revenue1 $1,700 - $1,850 $1,700 - $1,775 ROCTAVIAN Revenue $50 - $150 less than $10M VOXZOGO Revenue $400 - $440 $435 - $455 Total Revenues $2,375 - $2,500 $
Slide 11: Q3 2023 GAAP Reported Net Income Adjustments
(In millions) Q3 2023 Q3 2022 GAAP Reported Net Income $ 40.4 $ (6.7) Adjustments Stock-based compensation expense - COS 4.0 4.4 Stock-based compensation expense - R&D 14.5 17.1 Stock-based compensation expense - SG&A 29.9 33.2 Amortization of intangible assets 15.7 15.9 Contingent consideration — 0
Slide 12: YTD 2023 GAAP Reported Net Income Adjustments
(In millions) YTD 2023 YTD 2022 GAAP Reported Net Income $ 147.3 $ 141.8 Adjustments Stock-based compensation expense - COS 13.1 13.4 Stock-based compensation expense - R&D 49.4 47.9 Stock-based compensation expense - SG&A 89.8 88.2 Amortization of intangible assets 47.0 47.1 Contingent consideratio
Slide 13: 2023 Guidance GAAP Net Income and Diluted EPS Adjustments
(In millions, except per share data) 2023 Guidance1,2 Net Income Diluted Shares Diluted EPS GAAP Net Income and Diluted EPS $170 to $210 200 $0.85 to $1.05 Adjustments Stock-based compensation expense 60 0.30 Amortization of intangible assets 200 1.00 Severance and employee termination benefits (0.5
Slide 14: Third Quarter 2023 Earnings
Third Quarter 2023 Earnings November 1, 2023 Transforming Lives Through Genetic Discovery
BioMarin Pharmaceutical — Q3 2023 Earnings Presentation on 6ix