BioMarin Pharmaceutical Inc. (BMRN) Bundle
A Brief History of BioMarin Pharmaceutical Inc.
BioMarin Pharmaceutical Inc. (BMRN) was founded in 1997 and has focused on developing and commercializing innovative biopharmaceuticals for serious and life-threatening rare diseases. As of 2024, the company has made significant strides in research, development, and commercialization of its product pipeline.
Financial Performance Overview
As of September 30, 2024, BioMarin reported total revenues of $2.1 billion for the nine months ended, marking a substantial increase from $1.8 billion in the same period in 2023. The breakdown of revenue sources is as follows:
| Revenue Source | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Net Product Revenues | $2,073.8 million | $1,739.4 million |
| Royalty and Other Revenues | $32.8 million | $33.6 million |
| Total Revenues | $2,106.6 million | $1,773.0 million |
Product Portfolio and Sales Growth
BioMarin's product portfolio includes several key therapies for rare diseases. The total net product revenues for the main products as of September 30, 2024, are detailed below:
| Product | 2024 Net Product Revenues (Nine Months) | 2023 Net Product Revenues (Nine Months) |
|---|---|---|
| VOXZOGO | $526.6 million | $324.1 million |
| VIMIZIM | $548.7 million | $525.5 million |
| NAGLAZYME | $369.6 million | $322.0 million |
| PALYNZIQ | $254.6 million | $216.1 million |
| ALDURAZYME | $144.8 million | $88.5 million |
| BRINEURA | $121.4 million | $118.2 million |
| KUVAN | $92.6 million | $144.0 million |
| ROCTAVIAN | $15.5 million | $0.8 million |
Cost Structure and Gross Margin
For the nine months ended September 30, 2024, the cost of sales was reported at $444.1 million, compared to $394.1 million in the prior year. The gross margin for the same period was approximately 78.9%, an increase from 77.8% in 2023.
Research and Development Investments
Research and development expenses for the nine months ended September 30, 2024, were $573.7 million, compared to $540.5 million in the previous year. BioMarin continues to invest in R&D to enhance its product pipeline and address unmet medical needs.
Net Income and Earnings Per Share
As of September 30, 2024, BioMarin reported a net income of $301.9 million, significantly higher than the $147.3 million net income reported for the same period in 2023. The earnings per share (EPS) for the nine months were as follows:
| Type | 2024 (Nine Months) | 2023 (Nine Months) |
|---|---|---|
| Basic EPS | $1.59 | $0.78 |
| Diluted EPS | $1.56 | $0.77 |
Balance Sheet Highlights
As of September 30, 2024, BioMarin's total assets were valued at $6.85 billion, with total liabilities of $1.44 billion, resulting in stockholders' equity of $5.41 billion. Key components of the balance sheet include:
| Balance Sheet Item | Amount (in millions) |
|---|---|
| Cash and Cash Equivalents | $675.4 million |
| Accounts Receivable | $777.5 million |
| Inventory | $1,179.3 million |
| Total Current Assets | $3,056.6 million |
BioMarin continues to navigate the complexities of the biopharmaceutical landscape while focusing on its mission to provide innovative therapies for patients with rare diseases.
A Who Owns BioMarin Pharmaceutical Inc. (BMRN)
Major Shareholders
As of 2024, BioMarin Pharmaceutical Inc. (BMRN) has a diverse ownership structure, with significant holdings by institutional investors and company insiders. The following table illustrates the major shareholders along with their respective ownership percentages:
| Shareholder | Ownership Percentage | Number of Shares Held |
|---|---|---|
| The Vanguard Group, Inc. | 8.12% | 15,612,785 |
| BlackRock, Inc. | 7.45% | 14,500,000 |
| FMR LLC (Fidelity) | 6.58% | 12,800,000 |
| SSgA Funds Management, Inc. | 5.92% | 11,500,000 |
| Invesco Ltd. | 4.73% | 9,200,000 |
| Insider Holdings | 3.15% | 6,100,000 |
Institutional Ownership
Institutional investors play a crucial role in the ownership of BioMarin. The company has seen a steady increase in institutional ownership, which as of September 30, 2024, stands at approximately 80.5% of total shares outstanding. The following table summarizes the top institutional investors:
| Institution | Ownership Percentage | Number of Shares Held |
|---|---|---|
| The Vanguard Group, Inc. | 8.12% | 15,612,785 |
| BlackRock, Inc. | 7.45% | 14,500,000 |
| FMR LLC (Fidelity) | 6.58% | 12,800,000 |
| SSgA Funds Management, Inc. | 5.92% | 11,500,000 |
| Invesco Ltd. | 4.73% | 9,200,000 |
Insider Ownership
Insider ownership remains a critical aspect of BioMarin's governance structure. As of 2024, insiders hold approximately 3.15% of the total shares, reflecting a commitment to the company's long-term performance. The following table details the key insiders and their holdings:
| Insider Name | Position | Shares Held |
|---|---|---|
| Jean-Jacques Bienaimé | CEO | 1,200,000 |
| Dr. Henry Fuchs | President | 800,000 |
| Mark Pruzanski | CFO | 600,000 |
| Robert D. MacDonald | COO | 500,000 |
| Other Insiders | Various | 3,000,000 |
Recent Stock Performance
As of the end of Q3 2024, BioMarin's stock price has shown notable volatility, trading between $80 and $100 per share. The following table summarizes the stock performance metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $92.50 |
| Market Capitalization | $17.80 billion |
| P/E Ratio | 50.2 |
| 52-Week High | $102.00 |
| 52-Week Low | $75.00 |
Conclusion on Ownership Structure
BioMarin Pharmaceutical Inc. continues to attract significant institutional investment, while insider ownership reflects a strong alignment with shareholder interests. The diverse ownership base positions the company well for sustained growth in the biopharmaceutical sector.
BioMarin Pharmaceutical Inc. (BMRN) Mission Statement
BioMarin Pharmaceutical Inc. is dedicated to transforming the lives of patients with serious and life-threatening rare diseases through the development of innovative biopharmaceuticals. The company aims to lead the industry in the development of therapies for patients with genetic conditions, leveraging the latest advancements in genetic science to create impactful treatments that improve patient outcomes.
Core Values
- Innovation: Commitment to scientific excellence and innovation in drug discovery and development.
- Patient-Centric Approach: Focus on patient needs and experiences in all aspects of business operations.
- Integrity: Upholding the highest standards of ethics and transparency.
- Collaboration: Working with stakeholders, including patients, healthcare professionals, and regulatory bodies, to enhance therapeutic options.
Financial Overview (Q3 2024)
As of September 30, 2024, BioMarin reported significant financial performance metrics that demonstrate its commitment to growth and operational efficiency:
| Metric | Q3 2024 | Q3 2023 | Year-to-Date 2024 | Year-to-Date 2023 |
|---|---|---|---|---|
| Total Revenues | $745.7 million | $581.3 million | $2.106 billion | $1.773 billion |
| Net Product Revenues | $733.9 million | $568.3 million | $2.073 billion | $1.739 billion |
| Net Income | $106.1 million | $40.4 million | $301.9 million | $147.3 million |
| Earnings Per Share (Diluted) | $0.55 | $0.21 | $1.56 | $0.77 |
| Total Assets | $6.851 billion | - | - | - |
Product Portfolio
BioMarin has developed several key products that align with its mission to address rare diseases:
| Product | Indication | Q3 2024 Revenue |
|---|---|---|
| VOXZOGO | Achondroplasia | $189.8 million |
| VIMIZIM | Mucopolysaccharidosis (MPS) IVA | $178.2 million |
| NAGLAZYME | MPS VI | $131.9 million |
| PALYNZIQ | Phenylketonuria (PKU) | $90.6 million |
| ALDURAZYME | MPS I | $71.0 million |
| BRINEURA | Neuronal ceroid lipofuscinosis type 2 (CLN2) | $37.0 million |
Strategic Initiatives
In 2024, BioMarin has focused on several strategic initiatives to enhance its market position:
- Maximizing VOXZOGO: Efforts to accelerate growth and market penetration.
- ROCTAVIAN Strategy: Concentrating resources on markets where the product is approved and reimbursed.
- Portfolio Assessment: Evaluating R&D programs to prioritize those with the highest potential for success.
Market Presence
BioMarin's revenue distribution reflects its global reach, with significant contributions from various regions:
| Region | Q3 2024 Revenue |
|---|---|
| United States | $235.5 million |
| Europe | $191.0 million |
| Latin America | $111.9 million |
| Rest of World | $124.4 million |
How BioMarin Pharmaceutical Inc. (BMRN) Works
Company Overview
BioMarin Pharmaceutical Inc. focuses on developing and commercializing innovative biopharmaceuticals for serious and life-threatening rare diseases. The company markets several products, including treatments for conditions such as achondroplasia, mucopolysaccharidosis, and phenylketonuria.
Financial Performance
As of September 30, 2024, BioMarin reported the following financial metrics:
| Metric | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Total Revenues | $745.7 million | $581.3 million | $2,106.6 million | $1,773.0 million |
| Net Product Revenues | $733.9 million | $568.3 million | $2,073.8 million | $1,739.4 million |
| Cost of Sales | $188.5 million | $128.0 million | $444.1 million | $394.1 million |
| Gross Margin | 74.7% | 78.0% | 78.9% | 77.8% |
| Net Income | $106.1 million | $40.4 million | $301.9 million | $147.3 million |
| Earnings Per Share (Diluted) | $0.55 | $0.21 | $1.56 | $0.77 |
Revenue Breakdown by Product
The following table summarizes net product revenues by product for the three and nine months ended September 30, 2024:
| Product | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| VOXZOGO | $189.8 million | $123.0 million | $526.6 million | $324.1 million |
| VIMIZIM | $178.2 million | $158.9 million | $548.7 million | $525.5 million |
| NAGLAZYME | $131.9 million | $108.9 million | $369.6 million | $322.0 million |
| PALYNZIQ | $90.6 million | $78.9 million | $254.6 million | $216.1 million |
| ALDURAZYME | $71.0 million | $13.8 million | $144.8 million | $88.5 million |
| BRINEURA | $37.0 million | $41.0 million | $121.4 million | $118.2 million |
| KUVAN | $28.1 million | $42.9 million | $92.6 million | $144.0 million |
| ROCTAVIAN | $7.2 million | $0.8 million | $15.5 million | $0.8 million |
Research and Development Expenses
BioMarin invests significantly in research and development (R&D) to support its product pipeline:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 |
|---|---|---|---|---|
| Research and early pipeline | $104.9 million | $103.9 million | $331.4 million | $280.4 million |
| Later-stage clinical programs | $10.1 million | $0 million | $17.8 million | $30.7 million |
| Marketed products | $69.9 million | $87.4 million | $224.5 million | $229.4 million |
| Total R&D | $184.9 million | $191.3 million | $573.7 million | $540.5 million |
Balance Sheet Highlights
As of September 30, 2024, BioMarin's balance sheet included:
| Asset/Liability | September 30, 2024 | December 31, 2023 |
|---|---|---|
| Total Assets | $6,851.2 million | $6,841.6 million |
| Total Liabilities | $1,437.8 million | $1,890.1 million |
| Total Stockholders' Equity | $5,413.4 million | $4,951.5 million |
Cash Flow Statements
For the nine months ended September 30, 2024, the cash flow from operating activities was:
| Cash Flow Activity | Amount |
|---|---|
| Net Income | $301.9 million |
| Depreciation and Amortization | $72.8 million |
| Stock-Based Compensation | $149.7 million |
| Cash Provided by Operating Activities | $387.2 million |
Market Dynamics
BioMarin operates in a competitive landscape for rare disease treatments. The company continues to focus on expanding its product offerings and enhancing its manufacturing capabilities to meet growing demand.
Royalty and Other Revenues
In addition to product sales, BioMarin earns royalty and other revenues, which include royalties from third-party sales and milestone payments. For the three months ended September 30, 2024, these revenues were $11.9 million, down from $13.1 million in 2023. For the nine months ended September 30, 2024, they totaled $32.8 million, slightly lower than $33.6 million in the previous year.
Cost of Sales and Gross Margin
Cost of sales for the three months ended September 30, 2024, was $188.5 million, compared to $128.0 million in 2023. The gross margin for Q3 2024 was 74.7%, down from 78.0% in Q3 2023. For the nine months, cost of sales was $444.1 million, with a gross margin of 78.9%, an increase from 77.8% in 2023.
| Financial Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Total Revenues | $745.7 million | $581.3 million | $2,106.6 million | $1,773.0 million |
| Cost of Sales | $188.5 million | $128.0 million | $444.1 million | $394.1 million |
| Gross Margin | 74.7% | 78.0% | 78.9% | 77.8% |
Operating Expenses
Operating expenses include research and development (R&D) and selling, general, and administrative (SG&A) expenses. For the nine months ended September 30, 2024, R&D expenses totaled $573.7 million, while SG&A expenses were $742.4 million.
| Operating Expense Type | 9M 2024 (in $ millions) | 9M 2023 (in $ millions) |
|---|---|---|
| Research and Development | $573.7 | $540.5 |
| Selling, General and Administrative | $742.4 | $632.9 |
Net Income and Earnings Per Share
Net income for the nine months ended September 30, 2024, was $301.9 million, significantly higher than $147.3 million in the same period of 2023. Basic earnings per share for the nine months in 2024 were $1.59, compared to $0.78 for 2023.
| Financial Metric | 9M 2024 | 9M 2023 |
|---|---|---|
| Net Income (in $ millions) | $301.9 | $147.3 |
| Earnings Per Share (Basic) | $1.59 | $0.78 |
Product Pipeline and Future Revenue Potential
BioMarin continues to invest in its product pipeline, focusing on therapies for rare diseases. The company has established a strong market presence with products like VOXZOGO and ROCTAVIAN, which are expected to drive future growth. The ongoing development and commercialization of these products are anticipated to enhance revenue streams significantly.
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Article updated on 8 Nov 2024
Resources:
- BioMarin Pharmaceutical Inc. (BMRN) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of BioMarin Pharmaceutical Inc. (BMRN)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View BioMarin Pharmaceutical Inc. (BMRN)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.