Biomarin Pharmaceutical (BMRN) FY2019 results: revenue $1.7 billion, up 14.3% on the year
Biomarin Pharmaceutical Inc. (BMRN) reported revenue of $1.7 billion for fiscal 2019, the year ended 31 December 2019, up 14.3% on the year before. Net income was -$24 million, and diluted earnings per share $-0.13. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2020.
Revenue
$1.7 billion
+14.3% on the year
FY2012FY2019
Operating margin
-5.9%
-8.3% a year earlier
FY2012FY2019
Net income
-$24 million
FY2012FY2019
Diluted EPS
-$0.13
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
1,704
1,491
1,314
+14.3%
Cost of revenue
359
315
242
+14.0%
Gross profit
1,345
1,176
1,072
+14.3%
Gross margin
78.9%
78.9%
81.6%
Research and development
715
696
611
+2.7%
Selling, general and administrative
681
604
554
+12.7%
Operating income
-100
-124
-14.7
Operating margin
-5.9%
-8.3%
-1.1%
Interest expense
23.5
43.7
42.7
-46.3%
Pre-tax income
-94.8
-143
-35.9
Income tax
-71.0
-65.5
81.2
Net income
-23.8
-77.2
-117
Net margin
-1.4%
-5.2%
-8.9%
Diluted EPS
-$0.13
-$0.44
-$0.67
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
48.3
20.2
-8.8
+138.8%
Capital expenditure
145
145
199
+0.3%
Free cash flow
-96.8
-124
-208
Free cash flow margin
-5.7%
-8.3%
-15.8%
Cash from investing
-31.0
264
-305
Cash from financing
-74.7
-388
507
Depreciation and amortisation
105
95.7
87.9
+10.1%
Share-based compensation
160
149
140
+7.4%
Buybacks
0.0
0.0
n/a
Diluted shares, weighted
179m
177m
174m
+1.0%
Shares outstanding at period end
180m
178m
176m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,122
2,968
2,809
+5.2%
Debt
848
830
1,174
+2.1%
Operating lease liabilities
44.1
n/a
n/a
Finance lease liabilities
6.7
n/a
n/a
Other liabilities
669
629
650
+6.4%
Total liabilities and equity
4,690
4,427
4,633
+5.9%
Fixed assets
1,011
949
897
+6.6%
Goodwill
197
197
197
0.0%
Intangible assets
457
492
518
-7.2%
Investments
728
826
1,184
-11.8%
Cash and equivalents
437
494
598
-11.4%
Receivables
377
343
261
+10.1%
Inventory
680
531
476
+28.1%
Other assets
802
596
503
+34.6%
Total assets
4,690
4,427
4,633
+5.9%
10-K for the year ended 31 December 2019, filed 27 February 2020: the filing.