BioMarin Pharmaceutical(BMRN) - 2025 Q1 - Quarterly Report

Financial Performance - Total revenues for the three months ended March 31, 2025, were $745.1 million, an increase of 14.8% compared to $648.8 million for the same period in 2024[87] - Net income for the three months ended March 31, 2025, was $185.7 million, up from $88.7 million in the same period in 2024, representing a 109.5% increase[87] - Net product revenues increased to $734.6 million for the three months ended March 31, 2025, compared to $637.8 million for the same period in 2024, a growth of 15.2%[95] Sales Performance - VOXZOGO sales reached $213.7 million for the three months ended March 31, 2025, up 39.8% from $152.9 million in the same period in 2024[95] - PALYNZIQ sales increased by 23.2% to $93.3 million for the three months ended March 31, 2025, compared to $75.7 million in the same period in 2024[95] Research and Development - Research and development (R&D) expenses were $158.7 million for the three months ended March 31, 2025, down from $205.0 million in the same period in 2024, a decrease of 22.5%[87] - The company completed enrollment of its pivotal Phase 3 study with VOXZOGO in hypochondroplasia in April 2025[91] - The pivotal study with PALYNZIQ for adolescents met its primary efficacy endpoint, demonstrating a statistically significant lowering in blood Phe levels[92] - Total R&D expense decreased to $158.7 million in Q1 2025 from $205.0 million in Q1 2024, a reduction of $46.3 million or 22.6%[106] Operating Expenses - Total SG&A expense decreased to $206.1 million in Q1 2025 from $225.9 million in Q1 2024, a reduction of $19.8 million or 8.8%[108] Cash Flow and Liquidity - Net cash provided by operating activities increased to $174.4 million in Q1 2025 from $47.0 million in Q1 2024, an increase of $127.4 million[120] - Cash and cash equivalents increased to $1,048.8 million as of March 31, 2025, up from $942.8 million as of December 31, 2024, an increase of $106.0 million[118] - Total cash, cash equivalents, and investments increased to $1,779.0 million as of March 31, 2025, up from $1,658.9 million as of December 31, 2024, an increase of $120.1 million[118] Tax and Interest - Provision for income taxes increased to $52.4 million in Q1 2025 from $16.9 million in Q1 2024, an increase of $35.5 million[117] - Interest expense decreased to $2.9 million in Q1 2025 from $3.5 million in Q1 2024, a reduction of $0.6 million or 17.1%[114] - Other income (expense), net decreased to $(2.0) million in Q1 2025 from $1.3 million in Q1 2024, a decrease of $3.3 million[115] Obligations and Debt - The company had purchase obligations of approximately $586.6 million as of March 31, 2025, with $299.8 million expected to be paid in 2025[125] - The company’s convertible debt as of March 31, 2025 amounted to $600.0 million, due in May 2027[123]