Biomarin Pharmaceutical (BMRN) Q2 FY2024 earnings: revenue $712 million, up 19.6% on the year

Biomarin Pharmaceutical Inc. (BMRN) reported revenue of $712 million for Q2 FY2024, the quarter ended 30 June 2024, up 19.6% on the same quarter a year earlier. Net income was $107 million, up 91.2% on the year, and diluted earnings per share $0.55. The figures are the company's own, from the 10-Q it filed with the SEC on 5 August 2024.

Revenue$712 millionup 19.6%

Net income$107 millionup 91.2%

Diluted EPS$0.55

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	712	649	n/a	n/a
Cost of revenue	130	125	n/a	n/a
Gross profit	582	524	n/a	n/a
Gross margin	81.7%	80.7%	n/a
Research and development	184	205	n/a	n/a
Selling, general and administrative	263	226	n/a	n/a
Operating income	120	88.5	n/a	n/a
Operating margin	16.9%	13.6%	n/a
Interest expense	3.6	3.5	n/a	n/a
Pre-tax income	132	106	n/a	n/a
Income tax	25.0	16.9	n/a	n/a
Effective tax rate	18.9%	16.0%	n/a
Net income	107	88.7	n/a	n/a
Net margin	15.1%	13.7%	n/a
Diluted EPS	$0.55	$0.46	n/a	n/a

$ 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 and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	119	47.0	n/a	n/a
Capital expenditure	21.3	26.1	n/a	n/a
Free cash flow	97.4	20.9	n/a	n/a
Free cash flow margin	13.7%	3.2%	n/a
Cash from investing	90.5	-14.2	n/a	n/a
Cash from financing	12.6	-42.8	n/a	n/a
Depreciation and amortisation	25.8	27.4	n/a	n/a
Share-based compensation	47.9	58.2	n/a	n/a
Diluted shares, weighted	201m	199m	n/a	n/a
Shares outstanding at period end	190m	190m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	5,286	5,074	n/a	n/a
Debt	594	594	n/a	n/a
Other liabilities	1,187	1,205	n/a	n/a
Total liabilities and equity	7,067	6,873	n/a	n/a
Fixed assets	1,053	1,060	n/a	n/a
Goodwill	196	196	n/a	n/a
Intangible assets	266	280	n/a	n/a
Investments	809	920	n/a	n/a
Cash and equivalents	972	747	n/a	n/a
Receivables	691	637	n/a	n/a
Inventory	1,184	1,138	n/a	n/a
Other assets	1,896	1,894	n/a	n/a
Total assets	7,067	6,873	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	581	646	649	712	746	747	745	825	776	875	766	990
Cost of revenue	128	135	125	130	188	136	152	150	140	276	195	203
Gross profit	453	511	524	582	557	611	594	675	636	599	571	787
Gross margin	78%	79%	81%	82%	75%	82%	80%	82%	82%	68%	75%	80%
R&D	191	206	205	184	185	174	159	161	409	192	179	207
SG&A	216	275	226	263	253	267	206	232	268	446	258	396
Operating income	30.5	14.2	88.5	120	114	161	224	277	-46.7	-44.6	130	111
Operating margin	5%	2%	14%	17%	15%	22%	30%	34%	-6%	-5%	17%	11%
Interest expense	3.8	6.1	3.5	3.6	3.0	2.6	2.4	2.4	2.6	2.8	9.6	60.7
Pre-tax income	41.7	19.3	106	132	134	170	238	298	-26.3	-27.2	141	61.4
Tax rate	3%	-5%	16%	19%	21%	26%	22%	19%	n/a	n/a	25%	27%
Net income	40.4	20.4	88.7	107	106	125	186	241	-30.7	-46.6	106	44.8
Net margin	7%	3%	14%	15%	14%	17%	25%	29%	-4%	-5%	14%	5%
Diluted EPS	$0.21	$0.10	$0.46	$0.55	$0.55	$0.64	$0.95	$1.23	-$0.16	-$0.24	$0.54	$0.23
Operating cash flow	136	27.5	47.0	119	221	186	174	185	369	99.6	221	168
Capital expenditure	21.7	28.9	26.1	21.3	18.5	19.5	16.8	17.1	28.4	40.7	20.9	28.8
Free cash flow	114	-1.4	20.9	97.4	203	166	158	168	340	58.9	200	139
Shares outstanding	188m	189m	190m	190m	191m	191m	192m	192m	192m	192m	193m	194m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 June 2024, filed 5 August 2024, accession 0001048477-24-000126: the filing on EDGAR. All of Biomarin Pharmaceutical Inc.'s filings: EDGAR company page.

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