SAN RAFAEL, Calif.,
Feb. 25, 2021 /PRNewswire/ --
Financial Highlights (in millions of U.S.
dollars, except per share data, unaudited)
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
|
|
%
Change
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Revenues
|
$
|
452.1
|
|
|
$
|
454.4
|
|
|
(1)
|
%
|
|
$
|
1,860.5
|
|
|
$
|
1,704.0
|
|
|
9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Product Revenues
Marketed by BioMarin (1)
|
435.8
|
|
|
412.7
|
|
|
6
|
%
|
|
1,675.8
|
|
|
1,563.2
|
|
|
7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Vimizim Net Product
Revenues
|
142.5
|
|
|
132.3
|
|
|
8
|
%
|
|
544.4
|
|
|
544.3
|
|
|
—
|
%
|
Kuvan Net Product
Revenues
|
89.0
|
|
|
122.6
|
|
|
(27)
|
%
|
|
457.7
|
|
|
463.4
|
|
|
(1)
|
%
|
Naglazyme Net Product
Revenues
|
119.7
|
|
|
94.8
|
|
|
26
|
%
|
|
391.3
|
|
|
374.3
|
|
|
5
|
%
|
Palynziq Net Product
Revenues
|
49.6
|
|
|
31.7
|
|
|
56
|
%
|
|
171.0
|
|
|
86.9
|
|
|
97
|
%
|
Brineura Net Product
Revenues
|
35.0
|
|
|
25.2
|
|
|
39
|
%
|
|
110.2
|
|
|
72.0
|
|
|
53
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Aldurazyme Net
Product Revenues
|
1.2
|
|
|
23.9
|
|
|
(95)
|
%
|
|
130.1
|
|
|
97.8
|
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income
(Loss)
|
$
|
22.1
|
|
|
$
|
15.0
|
|
|
|
|
$
|
859.1
|
|
|
$
|
(23.8)
|
|
|
|
GAAP Net Income
(Loss) per Share – Basic
|
$
|
0.12
|
|
|
$
|
0.08
|
|
|
|
|
$
|
4.75
|
|
|
$
|
(0.13)
|
|
|
|
GAAP Net Income
(Loss) per Share – Diluted
|
$
|
0.12
|
|
|
$
|
0.08
|
|
|
|
|
$
|
4.53
|
|
|
$
|
(0.13)
|
|
|
|
Non-GAAP
Income (2)
|
$
|
39.5
|
|
|
$
|
46.4
|
|
|
|
|
$
|
312.2
|
|
|
$
|
166.6
|
|
|
|
|
December
31,
2020
|
|
December
31,
2019
|
|
Cash, cash
equivalents and investments
|
$
|
1,350.9
|
|
|
$
|
1,165.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Net Product Revenues
Marketed by BioMarin is the sum of revenues from Vimizim, Kuvan,
Naglazyme, Palynziq, Brineura and Firdapse, each calculated in
accordance with Generally Accepted Accounting Principles in the
United States (U.S. GAAP). Sanofi Genzyme (Genzyme) is BioMarin's
sole customer for Aldurazyme and is responsible for marketing and
selling Aldurazyme to third parties. Refer to page 8 for a table
showing Net Product Revenues by product. In January 2020, BioMarin
divested the Firdapse assets to a third party in a sale
transaction. The sale is reflected in the Company's consolidated
financial statements for the twelve months ending December 31,
2020; as a result of the transaction BioMarin will not recognize
Net Product Revenues from Firdapse in the future.
|
(2)
|
Non-GAAP Income is
defined by the Company as reported GAAP Net Income/Loss, excluding
net interest expense, provision for (benefit from) income taxes,
depreciation expense, amortization expense, stock-based
compensation expense, contingent consideration expense and, in
certain periods, certain other specified items. Refer to Non-GAAP
Information beginning on page 10 of this press release for a
complete discussion of the Company's Non-GAAP financial information
and reconciliations to the comparable information reported under
U.S. GAAP.
|
BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) (BioMarin or the
Company) today announced financial results for the fourth quarter
and full year ended December 31, 2020.
Net Product Revenues for the fourth quarter of 2020 were
essentially flat as compared to the fourth quarter of 2019. The
change in Net Product Revenues was primarily attributed to the
following:
- Kuvan Net Product Revenues decreased by $33.6 million, primarily due to the U.S. loss of
market exclusivity in October 2020
resulting from generic competition; and
- Aldurazyme Net Product Revenues decreased by $22.7 million due to timing of product
fulfillment to Genzyme. Aldurazyme is marketed by Genzyme and
BioMarin Aldurazyme revenues are driven by the timing of when the
product is released and control is transferred to Genzyme. Revenues
for the fourth quarter of 2020 were comparatively lower than 2019
due to such timing. Based on data provided to us by Genzyme,
patients receiving commercial Aldurazyme increased by 10% during
2020; partially offset by
- Naglazyme and Vimizim Net Product Revenues increased by an
aggregate of $35.1 million primarily
due to timing of sales in the Middle
East and Latin
America;
- Palynziq Net Product Revenues increased by $17.9 million driven by a combination of revenue
from U.S. patients achieving maintenance dosing and new patients
initiating therapy; and
- Brineura Net Product Revenues increased by $9.8 million driven by growth in the number of
patients in all regions.
The increase in GAAP Net Income for the fourth quarter of 2020,
compared to the same period in 2019 was primarily due to the
following:
- decreased research and development (R&D) expense of
$16.1 million primarily due to lower
clinical activity spend for valoctocogene roxaparvovec gene therapy
programs and decreased tralesinidase alfa costs as the program was
licensed to a third-party in 2019; and
- an increase in the benefit from income taxes of $37.5 million primarily due to the change in the
jurisdictional mix of earnings and the related tax impact from the
completion of an intra-entity transfer of certain intellectual
property rights to an Irish subsidiary where the Company's ex-US
regional headquarters are located during the third quarter of 2020;
partially offset by
- an increase in Cost of Sales of $30.2
million primarily due to inventory reserves and higher sales
volumes of products with lower margins.
Non-GAAP Income for the fourth quarter of 2020 decreased to
$39.5 million, compared to Non-GAAP
Income of $46.4 million for the same
period in 2019. The decrease in Non-GAAP Income for the quarter,
compared to the same period in 2019, was primarily attributed to
lower gross profits and higher SG&A expenses, partially offset
by lower R&D expenses.
As of December 31, 2020, BioMarin had cash, cash
equivalents and investments totaling $1.35
billion, which includes net proceeds of $535.8 million from the Company's May 2020 convertible debt offering, as compared
to $1.17 billion as of
December 31, 2019. On October 15,
2020, the Company's 1.50% senior subordinate convertible
notes matured and were settled in cash for approximately
$375.0 million.
Commenting on full-year 2020 results, Jean-Jacques Bienaimé,
Chairman and Chief Executive Officer of BioMarin, said, "Despite
the impact in 2020 from the COVID-19 pandemic and a delay in the
potential approval of valoctocogene roxaparvovec for severe
hemophilia A, demand for our current product portfolio continued to
drive steady revenue growth and expansion of our pipeline.
Excluding contributions from Kuvan, for which a generic became
available during 2020, total revenues grew 13% in 2020, and
generated $85 million of positive
operating cash flows for the full year, underscoring the essential
nature of our medicines."
Mr. Bienaimé continued, "The most recent Phase 3 data updates
from our latest-stage development programs in achondroplasia and
severe hemophilia A demonstrated significant efficacy. In the
largest gene therapy trial ever conducted for the treatment of
severe hemophilia A, we were pleased that valoctocogene
roxaparvovec was the first in hemophilia A to demonstrate
statistically significant evidence of annualized bleed rate
superiority over standard of care recombinant FVIII. Based on these
results, we are very encouraged that one infusion of valoctocogene
roxaparvovec gene therapy may potentially address the high
treatment burden for people with severe hemophilia A. We are
targeting submission of the one-year Phase 3 results to the
European Medicines Agency in the second quarter of 2021 and
planning to dialog with the FDA to align on steps to obtain
approval in the United
States."
"Also in 2021, we look forward to the potential approval of
vosoritide, which would be the first pharmacological treatment to
address the underlying cause of achondroplasia, the most common
form of dwarfism. We announced in the fourth quarter of 2020
that vosoritide demonstrated sustained growth effects for over two
years in children with achondroplasia participating in our Phase 3
extension study. In addition to the large, Phase 3 program
currently in the extension phase, we have built a multi-pronged
dossier of additional studies to support our understanding of the
unmet medical need for children with achondroplasia and the effects
of vosoritide in this condition. In addition to the highly
statistically significant placebo-controlled Phase 3 results, the
program includes the long-term clinical results in 5 to 18
year-olds from our Phase 2 study, natural history data, and the
ongoing study of newborns through 5 years. Many families are keen
to seek early treatment for their children so we are hopeful that,
if approved, vosoritide will become available later in 2021 upon
potential approvals."
2021 Full-Year Financial Guidance (in millions, except
%)
Item
|
|
2021 Guidance
*
|
Total
Revenues
|
|
$1,750
|
|
to
|
|
$1,850
|
Vimizim Net Product
Revenues
|
|
$570
|
|
to
|
|
$610
|
Kuvan Net Product
Revenues
|
|
$250
|
|
to
|
|
$290
|
Naglazyme Net Product
Revenues
|
|
$365
|
|
to
|
|
$395
|
Palynziq Net Product
Revenues
|
|
$210
|
|
to
|
|
$250
|
Brineura Net Product
Revenues
|
|
$120
|
|
to
|
|
$140
|
|
|
|
|
|
|
|
Cost of Sales (% of
Total Revenues)
|
|
23%
|
|
to
|
|
25%
|
Research and
Development Expense
|
|
$645
|
|
to
|
|
$695
|
Selling, General and
Administrative Expense
|
|
$725
|
|
to
|
|
$775
|
|
|
|
|
|
|
|
GAAP Net
Loss
|
|
($130)
|
|
to
|
|
($80)
|
Non-GAAP Income
(1)
|
|
$170
|
|
to
|
|
$220
|
|
|
|
|
|
|
|
|
|
*2021 Guidance takes
into consideration ongoing expected impact from the COVID-19
pandemic in 2021 assuming consistent trends experienced during
2020.
|
|
|
(1)
|
All Financial
Guidance items are calculated based on U.S. GAAP with the exception
of Non-GAAP Income/Loss. Refer to Non-GAAP Information beginning on
page 10 of this press release for a complete discussion of the
Company's Non-GAAP financial information and reconciliations to the
corresponding GAAP reported information.
|
Key Program Highlights
- Valoctocogene roxaparvovec gene therapy for severe
hemophilia A: On January 10,
2021, the Company announced positive top-line, one-year data
results from its ongoing global Phase 3 GENEr8-1 study of
valoctocogene roxaparvovec, an investigational gene therapy for the
treatment of adults with severe hemophilia A. Data from the study
in the pre-specified primary analysis for Annualized Bleeding Rate
(ABR) showed that a single dose of valoctocogene roxaparvovec
significantly reduced ABR by 84% compared with prior treatment with
prophylactic FVIII infusions. These results were from a
pre-specified group of participants in a non-interventional
prospective baseline observational study (rollover population;
N=112) with a median follow-up of 60.1 weeks after dosing with
valoctocogene roxaparvovec. 80% of the rollover participants were
bleed-free starting at week five after treatment.
Additionally, at the end of the
first year post-infusion with valoctocogene roxaparvovec,
participants in the modified intent-to-treat (mITT) population
(N=132) had a mean endogenous Factor VIII expression level of 42.9
(SD 45.5, median 23.9) IU/dL, as measured by the chromogenic
substrate (CS) assay, supporting the marked clinical benefits
observed with abrogation of bleeding episodes and Factor VIII
infusion treatment rate. Factor VIII expression declined at a
slower rate compared to the Phase 1/2 study, and remained in a
range to provide hemostatic efficacy. In a subset of the mITT
population that had been dosed at least two years prior to the data
cut date (N=17), Factor VIII expression declined from a mean of
42.2 (SD 50.9, median 23.9) IU/dL at the end of year one to a mean
of 24.4 (SD 29.2, median 14.7) IU/dL at the end of year two with
continued hemostatic efficacy demonstrated by a mean ABR of 0.9
(median 0.0) bleeding episodes per year.
Valoctocogene roxaparvovec also
significantly reduced the mean annualized Factor VIII usage in the
rollover population by 99% from 135.9 (median 128.6) to 2.0 (median
0.0) infusions per year (p-value <0.0001).
In the U.S., the FDA recommended
that the Company complete the Phase 3 study and submit two-year
follow-up safety and efficacy data on all study participants. The
Company plans to meet with FDA to review the two-year data request
and share the Phase 3 GENEr8-1 results announced on January 10, 2021. BioMarin is targeting
submission of the Marketing Authorization Application (MAA) with
these results to the EMA in the second quarter of 2021 pending
confirmation in presubmission meetings.
- Vosoritide for children with achondroplasia: On
December 21, 2020 the Company
announced that children in the open-label long-term extension of
the Phase 3 study of vosoritide, an investigational, once daily
injection analog of C-type Natriuretic Peptide (CNP), maintained an
increase in Annual Growth Velocity (AGV) through the second year of
continuous treatment. An analysis, comparing all children
randomized and treated with vosoritide for two years (n=52) to all
children from the run-in study who were randomized to receive
placebo with an untreated observation period of two years (n=38),
showed improvement in one-year height change in the treated group
relative to the untreated group that was similar in the second year
of treatment, 1.79 cm, as in the first year of treatment, 1.73 cm.
The cumulative height gain over the 2-year treatment period was
3.52 cm more than the untreated children.
In 2020, marketing applications
for vosoritide were validated and accepted by EMA and FDA,
respectively. The CHMP opinion is expected in Europe in June of 2021. The U.S. New Drug
Application (NDA) for vosoritide is under review by the FDA with a
Prescription Drug User Fee Act (PDUFA) target action date of
August 20, 2021.
In January
2021, the Company received notice from FDA that the NDA for
vosoritide had been granted Priority Review Designation. Under this
designation, the vosoritide NDA may qualify for a Priority Review
Voucher (PRV) upon approval. A PRV confers priority review to
a subsequent drug application that would not otherwise qualify for
that designation. The rare pediatric disease review voucher program
is designed to encourage development of new drugs and biologics for
the prevention or treatment of rare pediatric diseases.
- Palynziq for PKU: On October 7,
2020 the Company announced that the FDA approved the
supplemental Biologics License Application (sBLA) to increase the
maximum allowable dose of Palynziq (pegvaliase-pqpz) Injection for
treatment of adults with PKU to 60 mg daily. Previously, the
maximum dose was 40 mg daily. In the Phase 3 PRISM studies, 19% of
study participants required a 60 mg dose to achieve adequate
response to Palynziq.
Palynziq is indicated to reduce
blood Phe concentrations in adults with PKU, who have uncontrolled
blood Phe concentrations greater than 600 μmol/L on existing
management. Palynziq, a PEGylated recombinant phenylalanine ammonia
lyase enzyme, is the first and only approved enzyme substitution
therapy to target the underlying cause of PKU by helping the body
to break down Phe.
- BMN 307 gene therapy product candidate for PKU: The
Company announced that it plans to dose escalate in PHEarless, the
Phase 1/2 study of BMN 307 based on encouraging Phe lowering and
safety signals observed in study participants who were treated with
the lowest dose. Both the FDA and EMA granted BMN 307 Orphan Drug
Status. Additionally, the FDA has granted Fast Track status to BMN
307. Product for use in the Phase 1/2 study was made at commercial
scale from BioMarin's award-winning gene therapy manufacturing
facility.
- BMN 331 gene therapy product candidate for Hereditary
Angioedema (HAE): IND-enabling studies are ongoing with BMN
331, BioMarin's third gene therapy candidate, for the treatment of
HAE. BioMarin plans to leverage its broad expertise in developing
gene therapies for severe hemophilia A and PKU to improve
efficiencies in the development process of BMN 331.
- DiNA-001 for MYBPC3 hypertrophic cardiomyopathy (HCM):
Pre-clinical studies are underway with DiNA-001 following a
collaboration announced in 2020 with DiNAQOR, a gene therapy
platform company, to develop novel gene therapies to treat rare
genetic cardiomyopathies. DiNAQOR received an undisclosed upfront
payment and is eligible to receive development, regulatory and
commercial milestones on product sales in addition to tiered
royalties on worldwide sales.
- BMN 255 for a subset of chronic renal disease: On
January 11, 2021 the Company
announced that it filed an IND in 2020 for BMN 255, a small
molecule for a subset of chronic renal disease. BMN 255 was driven
by genetic discoveries for both mechanism and for identifying
individuals for treatment.
- BMN 351 for Duchenne Muscular Dystrophy (DMD):
IND-enabling studies are underway with BMN 351, an oligonucleotide
therapy that has demonstrated a high-level of protein expression in
experimental animals possessing skippable dystrophic mutations and
at doses that are promising in regard to safety. The Company
intends to determine timing of a potential IND filing at the end of
the year based on results of ongoing IND-enabling studies.
BioMarin will host a conference call and webcast to discuss
fourth quarter and full-year 2020 financial results today,
Thursday, February 25, 2021 at 4:30
p.m. ET. This event can be accessed on the investor section
of the BioMarin website at www.biomarin.com.
U.S./Canada Dial-in
Number: 866.502.9859
|
Replay Dial-in
Number: 855.859.2056
|
International Dial-in
Number: 574.990.1362
|
Replay International
Dial-in Number: 404.537.3406
|
Conference ID:
6488682
|
Conference ID:
6488682
|
About BioMarin
BioMarin is a global biotechnology company that develops and
commercializes innovative therapies for people with serious and
life-threatening rare diseases and medical conditions. The Company
selects product candidates for diseases and conditions that
represent a significant unmet medical need, have well-understood
biology and provide an opportunity to be first-to-market or offer a
significant benefit over existing products. The Company's portfolio
consists of several commercial therapies and multiple clinical and
preclinical product candidates.
For additional information, please
visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and
webcast contain forward-looking statements about the business
prospects of BioMarin Pharmaceutical Inc. (BioMarin), including,
without limitation, statements about: the expectations of Total
Revenues, Net Product Revenues, Research and Development Expense,
Selling, General and Administrative Expense, Cost of Sales, GAAP
Net Loss, Non-GAAP Income, and other specified income statement
guidance for the full-year 2021; the timing of BioMarin's clinical
development and commercial prospects, including announcements of
data from clinical studies and trials; the clinical development and
commercialization of BioMarin's product candidates and commercial
products, including (i) BioMarin's plan to submit complete one-year
Phase 3 data for valoctocogene roxaparvovec to the EMA in the
second quarter of 2021, (ii) BioMarin's plan to resubmit its MAA
for valoctocogene roxaparvovec to the EMA in the second quarter of
2021 (iii) BioMarin's plans to meet with FDA to review the two-year
data request and share the Phase 3 GENEr8-1 results announced on
January 10, 2021, (iv) that the CHMP
opinion for vosoritide is expected in Europe in the second half of 2021; and (v) the
target PDUFA action date with respect to vosoritide of August 20, 2021; the potential approval and
commercialization of BioMarin's product candidates, including
vosoritide for the treatment of achondroplasia and valoctocogene
roxaparvovec for the treatment of severe hemophilia A, including
timing of such approval decisions; and the expected benefits and
availability of BioMarin's product candidates, including (i) that
valoctocogene roxaparvovec gene therapy may potentially address the
high treatment burden for people with severe hemophilia A and (ii)
BioMarin's hope that, if approved, vosoritide will become available
later in 2021.
These forward-looking statements are predictions and involve
risks and uncertainties such that actual results may differ
materially from these statements. These risks and uncertainties
include, among others: BioMarin's success in the commercialization
of its commercial products, including BioMarin's projected impact
of the COVID-19 pandemic on its global revenue sources, including
due to demand interruptions such as missed patient infusions and
delayed treatment starts for new patients; results and timing of
current and planned preclinical studies and clinical trials, as
well as the potential impact of the COVID-19 pandemic on (i)
BioMarin's ability to continue such preclinical studies and
clinical trials and (ii) the timing of such preclinical studies and
clinical trials, and the release of data from those trials;
BioMarin's ability to successfully manufacture its commercial
products and product candidates; the content and timing of
decisions by the FDA, the European Commission and other regulatory
authorities concerning each of the described products and product
candidates, including the potential impact of the COVID-19 pandemic
on the regulatory authorities' abilities to issue such decisions
and the timing of such decisions; the market for each of these
products; actual sales of BioMarin's commercial products and the
impact that the COVID-19 pandemic may have on such sales; the
introduction of generic versions of BioMarin's commercial products,
in particular generic versions of Kuvan; and those factors detailed
in BioMarin's filings with the Securities and Exchange Commission
(SEC), including, without limitation, the factors contained under
the caption "Risk Factors" in BioMarin's Quarterly Report on Form
10-Q for the quarter ended September 30,
2020 as such factors may be updated by any subsequent
reports. Stockholders are urged not to place undue reliance on
forward-looking statements, which speak only as of the date hereof.
BioMarin is under no obligation, and expressly disclaims any
obligation to update or alter any forward-looking statement,
whether as a result of new information, future events or
otherwise.
BioMarin®, Brineura®, Kuvan®, Naglazyme®, Palynziq® and Vimizim®
are registered trademarks of BioMarin Pharmaceutical Inc., or its
affiliates. Aldurazyme® is a registered trademark of
BioMarin/Genzyme LLC.
BIOMARIN
PHARMACEUTICAL INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
December 31,
2020 and December 31, 2019
(In thousands of
U.S. dollars, except per share amounts)
|
|
|
December 31,
2020
|
|
December 31,
2019(1)
|
ASSETS
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
649,158
|
|
|
$
|
437,446
|
|
Short-term
investments
|
416,228
|
|
|
316,361
|
|
Accounts receivable,
net
|
448,351
|
|
|
377,404
|
|
Inventory
|
698,548
|
|
|
680,275
|
|
Other current
assets
|
129,934
|
|
|
130,657
|
|
Total current
assets
|
2,342,219
|
|
|
1,942,143
|
|
Noncurrent
assets:
|
|
|
|
Long-term
investments
|
285,473
|
|
|
411,978
|
|
Property, plant and
equipment, net
|
1,032,471
|
|
|
1,010,868
|
|
Intangible assets,
net
|
417,271
|
|
|
456,580
|
|
Goodwill
|
196,199
|
|
|
197,039
|
|
Deferred tax
assets
|
1,432,150
|
|
|
549,422
|
|
Other
assets
|
142,237
|
|
|
122,009
|
|
Total
assets
|
$
|
5,848,020
|
|
|
$
|
4,690,039
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued liabilities
|
$
|
492,548
|
|
|
$
|
570,621
|
|
Short-term convertible
debt, net
|
—
|
|
|
361,882
|
|
Total current
liabilities
|
492,548
|
|
|
932,503
|
|
Noncurrent
liabilities:
|
|
|
|
Long-term convertible
debt, net
|
1,075,145
|
|
|
486,238
|
|
Long-term contingent
consideration
|
60,130
|
|
|
50,793
|
|
Other long-term
liabilities
|
114,195
|
|
|
98,124
|
|
Total
liabilities
|
$
|
1,742,018
|
|
|
$
|
1,567,658
|
|
Stockholders'
equity:
|
|
|
|
Common stock, $0.001
par value: 500,000,000 shares authorized; 181,740,999 and
179,838,114 shares issued and outstanding, respectively.
|
182
|
|
|
180
|
|
Additional paid-in
capital
|
4,993,407
|
|
|
4,832,707
|
|
Company common stock
held by Nonqualified Deferred Compensation Plan
|
(9,839)
|
|
|
(9,961)
|
|
Accumulated other
comprehensive income
|
(16,139)
|
|
|
20,164
|
|
Accumulated
deficit
|
(861,609)
|
|
|
(1,720,709)
|
|
Total stockholders'
equity
|
4,106,002
|
|
|
3,122,381
|
|
Total liabilities and
stockholders' equity
|
$
|
5,848,020
|
|
|
$
|
4,690,039
|
|
|
|
|
|
|
|
(1)
|
December 31, 2019
balances were derived from the audited Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, filed with the U.S. Securities
and Exchange Commission (SEC) on February 27, 2020.
|
BIOMARIN
PHARMACEUTICAL INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Twelve
Months Ended December 31, 2020 and 2019
(In thousands of
U.S. dollars, except per share amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
2020
|
|
2019
(1)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
REVENUES:
|
|
|
|
|
|
|
|
Net product
revenues
|
$
|
437,045
|
|
|
$
|
436,585
|
|
|
$
|
1,805,861
|
|
|
$
|
1,661,043
|
|
Royalty and other
revenues
|
15,072
|
|
|
17,858
|
|
|
54,594
|
|
|
43,005
|
|
Total net
revenues
|
452,117
|
|
|
454,443
|
|
|
1,860,455
|
|
|
1,704,048
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
Cost of
sales
|
126,138
|
|
|
95,899
|
|
|
524,272
|
|
|
359,466
|
|
Research and
development
|
156,667
|
|
|
172,812
|
|
|
628,116
|
|
|
715,007
|
|
Selling, general and
administrative
|
195,512
|
|
|
187,900
|
|
|
737,669
|
|
|
680,924
|
|
Intangible asset
amortization and contingent consideration
|
18,640
|
|
|
16,994
|
|
|
66,658
|
|
|
74,108
|
|
Gain on sale of
nonfinancial assets
|
—
|
|
|
(10,000)
|
|
|
(59,495)
|
|
|
(25,000)
|
|
Total operating
expenses
|
496,957
|
|
|
463,605
|
|
|
1,897,220
|
|
|
1,804,505
|
|
LOSS FROM
OPERATIONS
|
(44,840)
|
|
|
(9,162)
|
|
|
(36,765)
|
|
|
(100,457)
|
|
|
|
|
|
|
|
|
|
Equity in the income
(loss) of BioMarin/Genzyme LLC
|
1,071
|
|
|
193
|
|
|
(6)
|
|
|
(587)
|
|
Interest
income
|
3,071
|
|
|
5,211
|
|
|
16,610
|
|
|
22,748
|
|
Interest
expense
|
(4,749)
|
|
|
(6,930)
|
|
|
(29,309)
|
|
|
(23,460)
|
|
Other income,
net
|
5,262
|
|
|
907
|
|
|
7,148
|
|
|
6,945
|
|
LOSS BEFORE INCOME
TAXES
|
(40,185)
|
|
|
(9,781)
|
|
|
(42,322)
|
|
|
(94,811)
|
|
Benefit from income
taxes
|
(62,284)
|
|
|
(24,805)
|
|
|
(901,422)
|
|
|
(70,963)
|
|
NET INCOME
(LOSS)
|
22,099
|
|
|
15,024
|
|
|
859,100
|
|
|
(23,848)
|
|
NET INCOME (LOSS)
PER SHARE, BASIC
|
$
|
0.12
|
|
|
$
|
0.08
|
|
|
$
|
4.75
|
|
|
$
|
(0.13)
|
|
NET INCOME (LOSS)
PER SHARE, DILUTED
|
$
|
0.12
|
|
|
$
|
0.08
|
|
|
$
|
4.53
|
|
|
$
|
(0.13)
|
|
Weighted average
common shares outstanding, basic
|
181,435
|
|
|
179,531
|
|
|
180,804
|
|
|
179,039
|
|
Weighted average
common shares outstanding, diluted
|
184,476
|
|
|
182,412
|
|
|
191,678
|
|
|
179,039
|
|
|
|
(1)
|
December 31, 2019
totals were derived from the audited Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, filed with the SEC on February
27, 2020.
|
The following table presents Net Product Revenues by
Product:
Net Product
Revenues by Product
(In millions of
U.S. dollars)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
(1)
|
|
%
Change
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
PKU
franchise
|
$
|
138.6
|
|
|
$
|
154.3
|
|
|
(10)
|
%
|
|
$
|
628.7
|
|
|
$
|
550.3
|
|
|
14
|
%
|
Vimizim
|
142.5
|
|
|
132.3
|
|
|
8
|
%
|
|
544.4
|
|
|
544.3
|
|
|
—
|
%
|
Naglazyme
|
119.7
|
|
|
94.8
|
|
|
26
|
%
|
|
391.3
|
|
|
374.3
|
|
|
5
|
%
|
Brineura
|
35.0
|
|
|
25.2
|
|
|
39
|
%
|
|
110.2
|
|
|
72.0
|
|
|
53
|
%
|
Firdapse
(2)
|
—
|
|
|
6.1
|
|
|
(100)
|
%
|
|
1.2
|
|
|
22.3
|
|
|
(95)
|
%
|
Net Product Revenues
Marketed
by BioMarin
|
435.8
|
|
|
412.7
|
|
|
|
|
1,675.8
|
|
|
1,563.2
|
|
|
|
Aldurazyme Net
Product Revenues
Marketed by Genzyme
|
1.2
|
|
|
23.9
|
|
|
(95)
|
%
|
|
130.1
|
|
|
97.8
|
|
|
33
|
%
|
Total Net Product
Revenues
|
$
|
437.0
|
|
|
$
|
436.6
|
|
|
|
|
$
|
1,805.9
|
|
|
$
|
1,661.0
|
|
|
|
|
|
(1)
|
December 31, 2019
totals were derived from the audited Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, filed with the SEC on February
27, 2020.
|
(2)
|
In January 2020,
BioMarin divested the Firdapse assets to a third party in a sale
transaction. The sale is reflected in the Company's consolidated
financial statements for the twelve months ended months ending
December 31, 2020; and as a result of the transaction BioMarin
will not recognize Net Product Revenues from Firdapse in the
future.
|
The following table presents Net Product Revenues for the PKU
Franchise by Product:
Net Product
Revenues by Product for the PKU Franchise
(In millions of
U.S. dollars)
(unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2020
|
|
2019
|
|
%
Change
|
|
2020
|
|
2019
(1)
|
|
%
Change
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
|
|
|
|
Kuvan
|
$
|
89.0
|
|
|
122.6
|
|
|
(27)
|
%
|
|
$
|
457.7
|
|
|
463.4
|
|
|
(1)
|
%
|
Palynziq
|
49.6
|
|
|
31.7
|
|
|
56
|
%
|
|
171.0
|
|
|
86.9
|
|
|
97
|
%
|
Total PKU
franchise
|
$
|
138.6
|
|
|
$
|
154.3
|
|
|
(10)
|
%
|
|
$
|
628.7
|
|
|
$
|
550.3
|
|
|
14
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
December 31, 2019
totals were derived from the audited Consolidated Financial
Statements included in the Company's Annual Report on Form 10-K for
the year ended December 31, 2019, filed with the SEC on February
27, 2020.
|
Non-GAAP Information
The results presented in this press release include both GAAP
information and Non-GAAP information. As used in this release,
Non-GAAP Income is defined by the Company as GAAP Net Income/Loss
excluding net interest expense, provision for (benefit from) income
taxes, depreciation expense, amortization expense, stock-based
compensation expense, contingent consideration expense and, in
certain periods, certain other specified items, as detailed below
when applicable. In addition, BioMarin includes in this press
release the effects of these adjustments on certain components of
GAAP Net Income/Loss for each of the periods presented. In this
regard, Non-GAAP Income and its components, including Non-GAAP Cost
of Sales, Non-GAAP Research and Development expenses, Non-GAAP
Selling, General and Administrative expense, Non-GAAP Intangible
Asset Amortization and Contingent Consideration, Non-GAAP Gain on
the Sale of Intangible Asset and Non-GAAP Benefit From Income Taxes
are statement of operations line items prepared on the same basis
as, and therefore components of, the overall Non-GAAP measures.
BioMarin regularly uses both GAAP and Non-GAAP results and
expectations internally to assess its financial operating
performance and evaluate key business decisions related to its
principal business activities: the discovery, development,
manufacture, marketing and sale of innovative biologic therapies.
Because Non-GAAP Income and its components are important internal
measurements for BioMarin, the Company believes that providing this
information in conjunction with BioMarin's GAAP information
enhances investors' and analysts' ability to meaningfully compare
the Company's results from period to period and to its
forward-looking guidance, and to identify operating trends in the
Company's principal business. BioMarin also uses Non-GAAP Income
internally to understand, manage and evaluate its business and to
make operating decisions, and compensation of executives is based
in part on this measure.
Non-GAAP Income and its components are not meant to be
considered in isolation, as a substitute for, or superior to
comparable GAAP measures and should be read in conjunction with the
consolidated financial information prepared in accordance with
GAAP. Investors should note that the Non-GAAP information is not
prepared under any comprehensive set of accounting rules or
principles and does not reflect all of the amounts associated with
the Company's results of operations as determined in accordance
with GAAP. Investors should also note that these Non-GAAP measures
have no standardized meaning prescribed by GAAP and, therefore,
have limits in their usefulness to investors. In addition, from
time to time in the future there may be other items that the
Company may exclude for purposes of its Non-GAAP measures;
likewise, the Company may in the future cease to exclude items that
it has historically excluded for purposes of its Non-GAAP measures.
Because of the non-standardized definitions, the Non-GAAP measure
as used by BioMarin in this press release and the accompanying
tables may be calculated differently from, and therefore may not be
directly comparable to, similarly titled measures used by other
companies.
The following table presents the reconciliation of GAAP Net
Income (Loss) to Non-GAAP Income:
Reconciliation of
GAAP Net Income (Loss) to Non-GAAP Income
(In millions of
U.S. dollars)
(unaudited)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended December 31,
|
|
Guidance
Year Ending
|
|
2020
|
|
2019
|
|
2020
|
|
2019
|
|
December 31,
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Income
(Loss)
|
$
|
22.1
|
|
|
$
|
15.0
|
|
|
$
|
859.1
|
|
|
$
|
(23.8)
|
|
|
$
|
(130.0)
|
|
—
|
$
|
(80.0)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
1.7
|
|
|
1.7
|
|
|
12.7
|
|
|
0.7
|
|
|
11.0
|
|
—
|
11.0
|
|
Benefit from income
taxes
|
(62.3)
|
|
|
(24.8)
|
|
|
(901.4)
|
|
|
(71.0)
|
|
|
(16.0)
|
|
—
|
(16.0)
|
|
Depreciation
expense
|
11.9
|
|
|
9.5
|
|
|
43.0
|
|
|
51.8
|
|
|
48.0
|
|
—
|
48.0
|
|
Amortization
expense
|
15.4
|
|
|
16.3
|
|
|
62.2
|
|
|
53.5
|
|
|
62.0
|
|
—
|
62.0
|
|
Stock-based
compensation expense
|
47.5
|
|
|
38.0
|
|
|
189.7
|
|
|
159.8
|
|
|
186.0
|
|
—
|
186.0
|
|
Contingent
consideration expense
|
3.2
|
|
|
0.7
|
|
|
4.5
|
|
|
20.6
|
|
|
9.0
|
|
—
|
9.0
|
|
Provision for
inventory reserve, net (1)
|
—
|
|
|
—
|
|
|
75.6
|
|
|
—
|
|
|
—
|
|
—
|
—
|
|
Gain on sale of
nonfinancial assets
|
—
|
|
|
(10.0)
|
|
|
(59.5)
|
|
|
(25.0)
|
|
|
—
|
|
—
|
—
|
|
Licensed In-Process
R&D (2)
|
—
|
|
|
—
|
|
|
26.3
|
|
|
—
|
|
|
—
|
|
—
|
—
|
|
Non-GAAP
Income
|
$
|
39.5
|
|
|
$
|
46.4
|
|
|
$
|
312.2
|
|
|
$
|
166.6
|
|
|
$
|
170.0
|
|
—
|
$
|
220.0
|
|
|
|
(1)
|
Represents a $81.2
million charge related to pre-launch valoctocogene roxaparvovec
inventory, net of stock-based compensation, as a result of the
unexpected delays in anticipated regulatory approvals.
|
(2)
|
Represents the
upfront license fee paid to a third party and recognized as R&D
expense in the second quarter of 2020.
|
The following reconciliation of the GAAP reported to the
Non-GAAP information provides the details of the effects of the
Non-GAAP adjustments on certain components of the Company's
operating results for each of the periods presented.
Reconciliation of
Certain GAAP Reported Information to Non-GAAP
Information
(In millions of
U.S. dollars)
(unaudited)
|
|
|
Three months ended
December 31,
|
|
2020
|
|
2019
|
|
|
|
Adjustments
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Reported
|
|
Interest,
Taxes,
Depreciation
and
Amortization
|
|
Stock-Based
Compensation,
Contingent
Consideration
and Other
Adjustments
|
|
Non-GAAP
|
|
GAAP
Reported
|
|
Interest,
Taxes,
Depreciation
and
Amortization
|
|
Stock-Based
Compensation,
Contingent
Consideration
and Other
Adjustments
|
|
Non-GAAP
|
Cost of
sales
|
$
|
126.1
|
|
|
$
|
—
|
|
|
$
|
(5.9)
|
|
|
$
|
120.2
|
|
|
$
|
95.9
|
|
|
$
|
—
|
|
|
$
|
(3.5)
|
|
|
$
|
92.4
|
|
Research and
development
|
156.7
|
|
|
(6.7)
|
|
|
(16.5)
|
|
|
133.5
|
|
|
172.8
|
|
|
(3.8)
|
|
|
(13.5)
|
|
|
155.5
|
|
Selling, general and
administrative
|
195.5
|
|
|
(5.2)
|
|
|
(25.1)
|
|
|
165.2
|
|
|
187.9
|
|
|
(5.7)
|
|
|
(21.0)
|
|
|
161.2
|
|
Intangible asset
amortization and contingent consideration
|
18.6
|
|
|
(15.4)
|
|
|
(3.2)
|
|
|
—
|
|
|
17.0
|
|
|
(16.3)
|
|
|
(0.7)
|
|
|
—
|
|
Gain on sale of
nonfinancial assets
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10.0)
|
|
|
—
|
|
|
10.0
|
|
|
—
|
|
Interest expense,
net
|
(1.7)
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
|
(1.7)
|
|
|
1.7
|
|
|
—
|
|
|
—
|
|
Benefit from income
taxes
|
(62.3)
|
|
|
62.3
|
|
|
—
|
|
|
—
|
|
|
(24.8)
|
|
|
24.8
|
|
|
—
|
|
|
—
|
|
GAAP Net Income
/Non-GAAP Income
|
$
|
22.1
|
|
|
$
|
(33.3)
|
|
|
$
|
50.7
|
|
|
$
|
39.5
|
|
|
$
|
15.0
|
|
|
$
|
2.7
|
|
|
$
|
28.7
|
|
|
$
|
46.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve months
ended December 31,
|
|
2020
|
|
2019
|
|
|
|
Adjustments
|
|
|
|
|
|
Adjustments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
Reported
|
|
Interest,
Taxes,
Depreciation
and
Amortization
|
|
Stock-Based
Compensation,
Contingent
Consideration
and Other
Adjustments
|
|
Non-GAAP
|
|
GAAP
Reported
|
|
Interest,
Taxes,
Depreciation
and
Amortization
|
|
Stock-Based
Compensation,
Contingent
Consideration
and Other
Adjustments
|
|
Non-GAAP
|
Cost of
sales
|
$
|
524.3
|
|
|
$
|
—
|
|
|
$
|
(101.9)
|
|
|
$
|
422.4
|
|
|
$
|
359.5
|
|
|
$
|
—
|
|
|
(16.1)
|
|
|
$
|
343.4
|
|
Research and
development
|
628.1
|
|
|
(21.9)
|
|
|
(88.2)
|
|
|
518.0
|
|
|
715.0
|
|
|
(26.9)
|
|
|
(56.6)
|
|
|
631.5
|
|
Selling, general and
administrative
|
737.7
|
|
|
(21.1)
|
|
|
(101.5)
|
|
|
615.1
|
|
|
680.9
|
|
|
(24.9)
|
|
|
(87.1)
|
|
|
568.9
|
|
Intangible asset
amortization and contingent consideration
|
66.7
|
|
|
(62.2)
|
|
|
(4.5)
|
|
|
—
|
|
|
74.1
|
|
|
(53.5)
|
|
|
(20.6)
|
|
|
—
|
|
Gain on sale of
nonfinancial assets
|
(59.5)
|
|
|
—
|
|
|
59.5
|
|
|
—
|
|
|
(25.0)
|
|
|
—
|
|
|
25.0
|
|
|
—
|
|
Interest expense,
net
|
(12.7)
|
|
|
12.7
|
|
|
—
|
|
|
—
|
|
|
(0.7)
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
Benefit from income
taxes
|
(901.4)
|
|
|
901.4
|
|
|
—
|
|
|
—
|
|
|
(71.0)
|
|
|
71.0
|
|
|
—
|
|
|
—
|
|
GAAP Net Income
(Loss)/Non-GAAP Income
|
859.1
|
|
|
(783.5)
|
|
|
236.6
|
|
|
312.2
|
|
|
(23.8)
|
|
|
35.0
|
|
|
155.4
|
|
|
166.6
|
|
Contact:
|
|
|
Investors:
|
|
Media:
|
Traci
McCarty
|
|
Debra
Charlesworth
|
BioMarin
Pharmaceutical Inc.
|
|
BioMarin
Pharmaceutical Inc.
|
(415)
455-7558
|
|
(415)
455-7451
|
View original content to download
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SOURCE BioMarin Pharmaceutical Inc.