BioMarin Pharmaceutical(BMRN)2025-02-19 21:07Financial Performance - Total revenues for Q4 2024 were 2.85 billion, up 18% year-over-year[7]. - GAAP net income for Q4 2024 increased to 180 million, an 89% increase[11]. - BioMarin's GAAP diluted EPS for FY 2024 was 3.52, up 69% year-over-year[11]. - Net income for the twelve months ended December 31, 2024, was 167.645 million in 2023, representing a growth of 154%[31]. - Non-GAAP income for the twelve months ended December 31, 2024, was 405 million in 2023, reflecting a growth of 69%[37]. - Non-GAAP diluted EPS for the twelve months ended December 31, 2024, was 2.08 in 2023, indicating a 69% increase[39]. - The company reported total revenues of 646.2 million in Q4 2023[26]. - Net product revenues for the full year 2024 reached 2.37 billion in 2023[26]. - The company achieved a net income of 20.4 million in Q4 2023, reflecting a significant increase of 514.5%[26]. Revenue Growth Expectations - The company expects 2025 total revenues to be between 3.2 billion, representing a 10% year-over-year growth at the midpoint[16]. - The company expects double-digit revenue and profitability growth in 2025, driven by treatments for Skeletal Conditions and the Enzyme Therapies portfolio[22]. - BioMarin anticipates that VOXZOGO will achieve a revenue compound annual growth rate (CAGR) exceeding 25% from 2023 to 2027[10]. Cash Flow and Financial Health - BioMarin's operating cash flows totaled 1.7 billion[10]. - Cash and cash equivalents increased to 755.1 million in 2023[28]. - Total assets grew to 6.84 billion in 2023, indicating a healthy balance sheet[28]. - BioMarin's total stockholders' equity rose to 4.95 billion in 2023, reflecting strong financial health[28]. - Net cash provided by operating activities increased to 159.259 million in 2023, marking a rise of 259%[31]. Clinical Development and Product Expansion - BioMarin plans to submit applications to expand age eligibility for PALYNZIQ in the U.S. and Europe in the second half of 2025, pending supportive clinical data[3]. - The company is advancing five new VOXZOGO indications within its CANOPY clinical program, with pivotal studies expected to complete enrollment in the first half of 2025[7]. - The company plans to advance five new VOXZOGO indications through its CANOPY clinical program[22]. Strategic Initiatives and Organizational Changes - The company incurred severance and restructuring costs related to its 2024 portfolio strategy review, impacting SG&A expenses[40]. - A write-off of capitalized tooling and fixed assets was recorded in SG&A due to the decision to cease development of the first generation VOXZOGO pen device in Q4 2023[41]. - The company announced organizational redesign efforts in Q2 and Q3 2024 as part of its strategic review[40]. - Impairments of certain right-of-use and fixed assets were included in the restructuring costs associated with the 2024 strategy[40]. - The overall performance reflects the company's ongoing adjustments to its portfolio and strategic direction in response to market conditions[40]. Shareholder Information - The company reported a GAAP Weighted-Average Diluted Shares Outstanding of 196.6 million for Q4 2024, compared to 191.8 million for Q4 2023, reflecting an increase of approximately 2.9%[42]. - Non-GAAP Weighted-Average Diluted Shares Outstanding decreased to 196.6 million in Q4 2024 from 200.2 million in Q4 2023, indicating a reduction of about 2.0%[42]. - The company reported a decrease in common stock issuable under convertible debt from 8.4 million in the prior year to none in the current period[42]. - Approximately 4.4 million shares would have been issued under convertible notes due in 2027 if converted, reflecting potential dilution[43].