Biomarin Pharmaceutical (BMRN) FY2021 results: revenue $1.8 billion, down 0.8% on the year

Biomarin Pharmaceutical Inc. (BMRN) reported revenue of $1.8 billion for fiscal 2021, the year ended 31 December 2021, down 0.8% on the year before. Net income was -$64 million, and diluted earnings per share $-0.35. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$1.8 billion

-0.8% on the year

FY2014FY2021

Operating margin

-4.5%

-2.3% a year earlier

FY2014FY2021

Net income

-$64 million

FY2014FY2021

Diluted EPS

-$0.35

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q3 FY2021 · Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	1,846	1,860	1,704	-0.8%
Cost of revenue	471	524	359	-10.3%
Gross profit	1,376	1,336	1,345	+3.0%
Gross margin	74.5%	71.8%	78.9%
Research and development	629	628	715	+0.1%
Selling, general and administrative	759	738	681	+2.9%
Operating income	-82.3	-43.4	-100
Operating margin	-4.5%	-2.3%	-5.9%
Interest expense	15.3	29.3	23.5	-47.7%
Pre-tax income	-75.3	-49.0	-94.8
Income tax	-11.3	-901	-71.0
Net income	-64.1	854	-23.8
Net margin	-3.5%	45.9%	-1.4%
Diluted EPS	-$0.35	$4.50	-$0.13

$ million except per share.

Free 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	FY2021	FY2020	FY2019	On the year
Operating cash flow	305	85.4	48.3	+256.7%
Capital expenditure	95.6	114	145	-16.4%
Free cash flow	209	-28.9	-96.8
Free cash flow margin	11.3%	-1.6%	-5.7%
Cash from investing	-366	-53.6	-31.0
Cash from financing	-0.0	181	-74.7
Depreciation and amortisation	108	105	105	+2.7%
Share-based compensation	197	190	160	+4.0%
Buybacks	0.0	50.0	0.0
Diluted shares, weighted	183m	192m	179m	-4.6%
Shares outstanding at period end	184m	182m	180m	+1.2%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	4,271	4,106	3,122	+4.0%
Debt	1,079	1,075	848	+0.4%
Operating lease liabilities	31.9	40.5	44.1	-21.2%
Finance lease liabilities	2.0	4.0	6.7	-51.1%
Other liabilities	620	622	669	-0.4%
Total liabilities and equity	6,003	5,848	4,690	+2.7%
Fixed assets	1,035	1,032	1,011	+0.3%
Goodwill	196	196	197	0.0%
Intangible assets	389	417	457	-6.9%
Investments	934	702	728	+33.2%
Cash and equivalents	587	649	437	-9.5%
Receivables	373	448	377	-16.7%
Inventory	777	699	680	+11.2%
Other assets	1,711	1,704	802	+0.4%
Total assets	6,003	5,848	4,690	+2.7%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.