Biomarin Pharmaceutical (BMRN) FY2022 results: revenue $2.1 billion, up 13.5% on the year

Biomarin Pharmaceutical Inc. (BMRN) reported revenue of $2.1 billion for fiscal 2022, the year ended 31 December 2022, up 13.5% on the year before. Net income was $142 million, and diluted earnings per share $0.75. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2023.

Revenue

$2.1 billion

+13.5% on the year

FY2015FY2022

Operating margin

7.7%

-4.5% a year earlier

FY2015FY2022

Net income

$142 million

FY2015FY2022

Diluted EPS

$0.75

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,096	1,846	1,860	+13.5%
Cost of revenue	503	471	524	+6.9%
Gross profit	1,593	1,376	1,336	+15.8%
Gross margin	76.0%	74.5%	71.8%
Research and development	650	629	628	+3.3%
Selling, general and administrative	823	759	738	+8.4%
Operating income	161	-82.3	-43.4
Operating margin	7.7%	-4.5%	-2.3%
Interest expense	16.0	15.3	29.3	+4.1%
Pre-tax income	150	-75.3	-49.0
Income tax	8.0	-11.3	-901
Effective tax rate	5.4%	n/a	n/a
Net income	142	-64.1	854
Net margin	6.8%	-3.5%	45.9%
Diluted EPS	$0.75	-$0.35	$4.50

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	176	305	85.4	-42.2%
Capital expenditure	121	95.6	114	+26.6%
Free cash flow	54.9	209	-28.9	-73.7%
Free cash flow margin	2.6%	11.3%	-1.6%
Cash from investing	-20.0	-366	-53.6
Cash from financing	-18.6	-0.0	181
Depreciation and amortisation	102	108	105	-5.6%
Share-based compensation	196	197	190	-0.5%
Buybacks	0.0	0.0	50.0
Diluted shares, weighted	189m	183m	192m	+3.3%
Shares outstanding at period end	186m	184m	182m	+1.3%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	4,603	4,271	4,106	+7.8%
Debt	1,083	1,079	1,075	+0.4%
Operating lease liabilities	26.3	31.9	40.5	-17.4%
Finance lease liabilities	0.2	2.0	4.0	-90.6%
Other liabilities	662	620	622	+6.9%
Total liabilities and equity	6,375	6,003	5,848	+6.2%
Fixed assets	1,073	1,035	1,032	+3.7%
Goodwill	196	196	196	0.0%
Intangible assets	339	389	417	-12.9%
Investments	901	934	702	-3.6%
Cash and equivalents	725	587	649	+23.4%
Receivables	461	373	448	+23.5%
Inventory	894	777	699	+15.1%
Other assets	1,786	1,711	1,704	+4.4%
Total assets	6,375	6,003	5,848	+6.2%

10-K for the year ended 31 December 2022, filed 27 February 2023: the filing.