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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 
______________________________________
Form 10-Q 
______________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
Or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                      .
Commission File Number: 000-26727
______________________________________ 
BioMarin Pharmaceutical Inc.
(Exact name of registrant as specified in its charter)  
______________________________________
Delaware68-0397820
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)
770 Lindaro StreetSan RafaelCalifornia94901
(Address of principal executive offices)(Zip Code)
 
(415506-6700
(Registrant’s telephone number including area code)
______________________________________

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.001BMRNThe Nasdaq Global Select Market
______________________________________

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
Large Accelerated FilerAccelerated Filer
Non-accelerated FilerSmaller Reporting Company
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  


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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.)    Yes      No  
Applicable only to corporate issuers:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 183,593,434 shares of common stock, par value $0.001, outstanding as of October 26, 2021.



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Unless the context suggests otherwise, references in this Quarterly Report on Form 10-Q to “BioMarin,” the “Company,” “we,” “us,” and “our” refer to BioMarin Pharmaceutical Inc. and, where appropriate, its wholly owned subsidiaries.
BioMarin®, Brineura®, Kuvan®, Naglazyme®, Palynziq® and Vimizim® are our registered trademarks. VOXZOGO is our trademark. Aldurazyme® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this report are the property of their respective owners.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements” as defined under securities laws. Many of these statements can be identified by the use of terminology such as “believes,” “expects,” “intends,” “anticipates,” “plans,” “may,” “will,” “could,” would,” “projects,” “continues,” “estimates,” “potential,” “opportunity” or the negative versions of these terms and other similar expressions. Our actual results or experience could differ significantly from the forward-looking statements. Factors that could cause or contribute to these differences include those discussed in “Risk Factors,” in Part II, Item 1A of this Quarterly Report on Form 10-Q as well as information provided elsewhere in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (the SEC) on February 26, 2021. You should carefully consider that information before you make an investment decision.
You should not place undue reliance on these types of forward-looking statements, which speak only as of the date that they were made. These forward-looking statements are based on the beliefs and assumptions of the Company’s management based on information currently available to management and should be considered in connection with any written or oral forward-looking statements that the Company may issue in the future as well as other cautionary statements the Company has made and may make. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to these forward-looking statements after completion of the filing of this Quarterly Report on Form 10-Q to reflect later events or circumstances or the occurrence of unanticipated events.
The discussion of the Company’s financial condition and results of operations should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and the related Notes thereto included in this Quarterly Report on Form 10-Q.
Risk Factors Summary
The following is a summary of the principal risks that could adversely affect our business, financial condition, operating results, cash flows or stock price. Discussion of the risks listed below, and other risks that we face, are discussed in the section titled “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q.
Business and Operational Risks
The COVID-19 pandemic could continue to materially adversely affect our business, results of operations, and financial condition.
Because the target patient populations for our products are small, we must achieve significant market share and maintain high per-patient prices for our products to achieve and maintain profitability.
If we fail to obtain and maintain an adequate level of coverage and reimbursement for our products by third-party payers, the sales of our products would be adversely affected or there may be no commercially viable markets for our products.
If we fail to compete successfully with respect to product sales, we may be unable to generate sufficient sales to recover our expenses related to the development of a product program or to justify continued marketing of a product and our revenues could be adversely affected.
Changes in methods of treatment of disease could reduce demand for our products and adversely affect revenues.
If we fail to develop new products and product candidates or compete successfully with respect to acquisitions, joint ventures, licenses or other collaboration opportunities, our ability to continue to expand our product pipeline and our growth and development would be impaired.


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The sale of generic versions of Kuvan by generic manufacturers has adversely affected and will continue to adversely affect our revenues and results of operations.
If we do not achieve our projected development goals in the timeframes we announce and expect, the commercialization of our product candidates may be delayed and the credibility of our management may be adversely affected and, as a result, our stock price may decline.
Regulatory Risks
If we fail to obtain regulatory approval to commercially market and sell our product candidates, or if approval of our product candidates is delayed, we will be unable to generate revenues from the sale of these product candidates, our potential for generating positive cash flow will be diminished, and the capital necessary to fund our operations will increase.
Any product for which we have obtained regulatory approval, or for which we obtain approval in the future, is subject to, or will be subject to, extensive ongoing regulatory requirements by the Food and Drug Administration (FDA), the European Medicines Agency (EMA) and other comparable international regulatory authorities, and if we fail to comply with regulatory requirements or if we experience unanticipated problems with our products, we may be subject to penalties, we will be unable to generate revenues from the sale of such products, our potential for generating positive cash flow will be diminished, and the capital necessary to fund our operations will be increased.
To obtain regulatory approval to market our products, preclinical studies and costly and lengthy clinical trials are required and the results of the studies and trials are highly uncertain. Likewise, preliminary, initial or interim data from clinical trials should be considered carefully and with caution because the final data may be materially different from the preliminary, initial or interim data, particularly as more patient data become available.
Government price controls or other changes in pricing regulation could restrict the amount that we are able to charge for our current and future products, which would adversely affect our revenues and results of operations.
Government healthcare reform could increase our costs and adversely affect our revenues and results of operations.
Risks Related to Valoctocogene Roxaparvovec
Our valoctocogene roxaparvovec program is based on a gene therapy approach, which, as a novel technology, presents additional development and treatment risks in relation to our other, more traditional drug development programs.
As compared to our other, more traditional products, our gene therapy product candidate valoctocogene roxaparvovec, if approved, may present additional problems with respect to the pricing, coverage, and reimbursement and acceptance of the product candidate.
Financial and Financing Risks
If we continue to incur operating losses or are unable to sustain positive cash flows for a period longer than anticipated, we may be unable to continue our operations at planned levels and be forced to reduce our operations.
Manufacturing Risks
If we fail to comply with manufacturing regulations, our financial results and financial condition will be adversely affected.


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If we are unable to successfully develop and maintain manufacturing processes for our product candidates to produce sufficient quantities at acceptable costs, we may be unable to support a clinical trial or be forced to terminate a program, or if we are unable to produce sufficient quantities of our products at acceptable costs, we may be unable to meet commercial demand, lose potential revenue, have reduced margins or be forced to terminate a program.
Supply interruptions may disrupt our inventory levels and the availability of our products and product candidates and cause delays in obtaining regulatory approval for our product candidates, or harm our business by reducing our revenues.
Risks Related to International Operations
We conduct a significant amount of our sales and operations outside of the United States (U.S.), which subjects us to additional business risks that could adversely affect our revenues and results of operations.
A significant portion of our international sales are made based on special access programs, and changes to these programs could adversely affect our product sales and revenues in these countries.
Intellectual Property Risks
If we are unable to protect our intellectual property, we may not be able to compete effectively or preserve our market shares.
Competitors and other third parties may have developed intellectual property that could limit our ability to market and commercialize our products and product candidates, if approved.


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BIOMARIN PHARMACEUTICAL INC.
TABLE OF CONTENTS
Page
FINANCIAL INFORMATION
Financial Statements
Condensed Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Statement of Stockholders’ Equity (Unaudited) for the three and nine months ended September 30, 2021 and 2020
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2021 and 2020
Notes to Condensed Consolidated Financial Statements (Unaudited)
Management’s Discussion and Analysis of Financial Condition and Results of Operations
Quantitative and Qualitative Disclosures about Market Risk
Controls and Procedures
OTHER INFORMATION
Legal Proceedings
Risk Factors
Unregistered Sales of Equity Securities and Use of Proceeds
Defaults Upon Senior Securities
Mine Safety Disclosures
Other Information
Exhibits
SIGNATURES

2


PART I. FINANCIAL INFORMATION
Item 1.    Financial Statements
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2021 and December 31, 2020
(In thousands, except share amounts)
September 30,
2021
December 31,
2020 (1)
ASSETS(unaudited) 
Current assets:
Cash and cash equivalents$617,143 $649,158 
Short-term investments462,333 416,228 
Accounts receivable, net374,937 448,351 
Inventory749,406 698,548 
Other current assets107,751 129,934 
Total current assets2,311,570 2,342,219 
Noncurrent assets:
Long-term investments466,618 285,473 
Property, plant and equipment, net1,024,787 1,032,471 
Intangible assets, net388,487 417,271 
Goodwill196,199 196,199 
Deferred tax assets1,445,109 1,432,150 
Other assets144,705 142,237 
Total assets$5,977,475 $5,848,020 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$466,711 $492,548 
Short-term contingent consideration48,187  
Total current liabilities514,898 492,548 
Noncurrent liabilities:
Long-term convertible debt, net1,078,093 1,075,145 
Long-term contingent consideration15,204 60,130 
Other long-term liabilities103,131 114,195 
Total liabilities1,711,326 1,742,018 
Stockholders’ equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 183,567,424 and 181,740,999 shares issued and outstanding, respectively.
184 182 
Additional paid-in capital5,133,742 4,993,407 
Company common stock held by Nonqualified Deferred Compensation Plan (the NQDC)
(10,225)(9,839)
Accumulated other comprehensive income (loss)10,239 (16,139)
Accumulated deficit(867,791)(861,609)
Total stockholders’ equity4,266,149 4,106,002 
Total liabilities and stockholders’ equity$5,977,475 $5,848,020 
(1)December 31, 2020 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, 2020, filed with the SEC on February 26, 2021.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3


BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three and Nine Months Ended September 30, 2021 and 2020
(In thousands, except per share amounts)
(unaudited)
 
Three Months Ended
September 30,
Nine Months Ended
September 30,
 
2021202020212020
REVENUES:
 
Net product revenues$393,840 $460,741 $1,348,279 $1,368,816 
Royalty and other revenues14,902 16,043 48,186 39,522 
Total revenues408,742 476,784 1,396,465 1,408,338 
OPERATING EXPENSES:
Cost of sales103,537 188,793 350,765 398,134 
Research and development157,869 147,053 467,701 471,449 
Selling, general and administrative183,333 179,450 541,812 542,157 
Intangible asset amortization and contingent consideration17,222 17,429 52,648 48,018 
Gain on sale of nonfinancial assets   (59,495)
Total operating expenses461,961 532,725 1,412,926 1,400,263 
INCOME (LOSS) FROM OPERATIONS(53,219)(55,941)(16,461)8,075 
Equity in the income (loss) of BioMarin/Genzyme LLC177 (921)(1,349)(1,077)
Interest income1,827 4,004 8,737 13,539 
Interest expense(3,870)(9,597)(11,491)(24,560)
Other income, net8,925 1,239 11,788 1,886 
INCOME (LOSS) BEFORE INCOME TAXES(46,160)(61,216)(8,776)(2,137)
Benefit from income taxes(9,666)(846,019)(2,594)(839,138)
NET INCOME (LOSS)$(36,494)$784,803 $(6,182)$837,001 
NET INCOME (LOSS) PER SHARE, BASIC$(0.20)$4.33 $(0.03)$4.63 
NET INCOME (LOSS) PER SHARE, DILUTED$(0.20)$4.01 $(0.03)$4.39 
Weighted average common shares outstanding, basic183,214 181,142 182,616 180,592 
Weighted average common shares outstanding, diluted183,214 197,674 182,616 194,959 
COMPREHENSIVE INCOME (LOSS)$(25,316)$765,138 $20,196 $827,222 
 
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4


BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
Three and Nine Months Ended September 30, 2021 and 2020
(In thousands)
(unaudited)
Three Months Ended
September 30,
Nine Months Ended
September 30,
 2021202020212020
Shares of common stock, beginning balances (1)
183,322 181,148 181,741 179,838 
Issuances under equity incentive plans246 344 1,827 2,172 
Repurchase of common stock   (518)
Shares of common stock, ending balances183,568 181,492 183,568 181,492 
Total stockholders' equity, beginning balances (1)
$4,241,571 $3,236,679 $4,106,002 $3,122,381 
Common stock:
Beginning balances (1)
183 181 182 180 
Issuances under equity incentive plans, net of tax1  2 1 
Ending balance184 181 184 181 
Additional paid-in capital:
Beginning balance (1)
5,083,831 4,885,637 4,993,407 4,832,707 
Issuances under equity incentive plans, net of tax(460)7,319 (11,551)17,601 
Stock-based compensation50,353 44,757 151,500 136,688 
Repurchase of common stock   (50,000)
Common stock held by the NQDC18 78 386 795 
Ending balance
5,133,742 4,937,791 5,133,742 4,937,791 
Treasury stock:
Beginning balance (1)
    
Purchase of treasury stock   (50,000)
Retirement of treasury stock   50,000 
Ending balance    
Company common stock held by the NQDC:
Beginning balance (1)
(10,207)(10,678)(9,839)(9,961)
Common stock held by the NQDC(18)(78)(386)(795)
Ending balance(10,225)(10,756)(10,225)(10,756)
Accumulated other comprehensive income (loss):
Beginning balance (1)
(939)30,050 (16,139)20,164 
Other comprehensive income (loss)11,178 (19,665)26,378 (9,779)
Ending balance10,239 10,385 10,239 10,385 
Accumulated Deficit:
Beginning balance (1)
(831,297)(1,668,511)(861,609)(1,720,709)
Net income (loss)(36,494)784,803 (6,182)837,001 
Ending balance(867,791)(883,708)(867,791)(883,708)
Total stockholders' equity, ending balances
$4,266,149 $4,053,893 $4,266,149 $4,053,893 
(1)The beginning balances for the nine-month periods were derived from the audited Consolidated Financial Statements included in Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 
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BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended September 30, 2021 and 2020
(In thousands)
(unaudited)
Nine Months Ended September 30,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)$(6,182)$837,001 
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization82,053 77,814 
Non-cash interest expense3,114 14,766 
Amortization of premium on investments3,279 175 
Stock-based compensation153,372 142,125 
Gain on sale of nonfinancial assets (59,495)
Inventory reserves, net of stock-based compensation 75,609 
Deferred income taxes(12,020)(854,199)
Unrealized foreign exchange (gain) loss(1,347)9,082 
Non-cash changes in the fair value of contingent consideration6,254 1,352 
Other(1,317)388 
Changes in operating assets and liabilities:
Accounts receivable, net65,513 (32,915)
Inventory(19,125)(73,310)
Other current assets27,029 32,848 
Other assets(407)(5,543)
Accounts payable and accrued liabilities(7,129)(76,174)
Other long-term liabilities269 9,225 
Net cash provided by operating activities293,356 98,749 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(66,840)(83,286)
Maturities and sales of investments502,112 345,224 
Purchases of available-for-sale securities(737,144)(369,942)
Proceeds from sale of nonfinancial assets 67,159 
Purchase of intangible assets(8,026)(14,369)
Investment in convertible note (8,709)
Other(994)(725)
Net cash used in investing activities(310,892)(64,648)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans32,877 60,268 
Taxes paid related to net share settlement of equity awards(44,428)(42,667)
Repurchase of common stock (50,000)
Proceeds from convertible senior subordinated note offering, net 585,752 
Principal repayments of financing leases(2,492)(6,080)
Other(401) 
Net cash provided by (used in) financing activities(14,444)547,273 
Effect of exchange rate changes on cash(35)(3,145)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS(32,015)578,229 
Cash and cash equivalents:
Beginning of period$649,158 $437,446 
End of period$617,143 $1,015,675 
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes$15,531 $4,355 
Cash paid for interest$6,673 $5,615 
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:
Decrease in accounts payable and accrued liabilities related to fixed assets$(7,690)$(13,281)
Increase (decrease) in accounts payable and accrued liabilities related to intangible assets$9,389 $(3,043)

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
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BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)

(1) NATURE OF OPERATIONS
BioMarin Pharmaceutical Inc. (the Company) 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 products and multiple clinical and preclinical product candidates for the treatment of various diseases. Voxzogo (formerly known as vosoritide) was granted marketing approval in the European Union (EU) on August 27, 2021.
The Company expects to continue to finance future cash needs that exceed its operating activities primarily through its current cash, cash equivalents and investments and through proceeds from debt or equity offerings, commercial borrowing, or through collaborative agreements with corporate partners. If the Company elects to increase its spending on development programs significantly above current long-term plans or enters into potential licenses and other acquisitions of complementary technologies, products or companies, the Company may need additional capital.

(2) BASIS OF PRESENTATION
The accompanying Condensed Consolidated Financial Statements have been prepared pursuant to United States generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the Securities and Exchange Commission (the SEC) for Quarterly Reports on Form 10-Q and do not include all of the information and note disclosures required by U.S. GAAP for complete financial statements, although the Company believes that the disclosures herein are adequate to ensure that the information presented is not misleading. The Condensed Consolidated Financial Statements should therefore be read in conjunction with the Consolidated Financial Statements and Notes thereto for the fiscal year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K. The Condensed Consolidated Financial Statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany transactions have been eliminated. The results of operations for the three and nine months ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021 or any other period.
U.S. GAAP requires management to make estimates and assumptions that affect amounts reported in the Condensed Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from those estimates. The Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature that are, in the opinion of management, necessary for a fair presentation of results for these interim periods. The full extent to which the novel coronavirus (referred to as COVID-19) pandemic could continue to directly or indirectly impact the Company’s business, results of operations and financial condition, including revenues, expenses, reserves and allowances, manufacturing, clinical trials and research and development costs, will depend on future developments that remain uncertain at this time, particularly as virus variants continue to spread. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
Management performed an evaluation of the Company’s activities through the date of filing of this Quarterly Report on Form 10-Q, and has concluded that there were no subsequent events or transactions that occurred subsequent to the balance sheet date prior to filing this Quarterly Report on Form 10-Q that would require recognition or disclosure in the Condensed Consolidated Financial Statements.

(3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
There have been no material changes to the Company’s significant accounting policies during the nine months ended September 30, 2021, as compared to the significant accounting policies disclosed in Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

(4) RECENT ACCOUNTING PRONOUNCEMENTS
There have been no new accounting pronouncements adopted by the Company or new accounting pronouncements issued by the Financial Accounting Standards Board during the nine months ended September 30, 2021, as compared to the recent accounting pronouncements described in Note 4 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, that the Company believes are of significance or potential significance to the Company.

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BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
(5) FINANCIAL INSTRUMENTS
All marketable securities were classified as available-for-sale at September 30, 2021 and December 31, 2020.
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:
September 30, 2021
Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Aggregate Fair ValueCash and Cash Equivalents
Short-term
Marketable
Securities (1)
Long-term
Marketable
Securities (2)
Level 1:
Cash$294,209 $ $ $294,209 $294,209 $ $ 
Level 2:
Money market instruments291,735   291,735 291,735   
Corporate debt securities560,004 1,230 (198)561,036 703 177,468 382,865 
U.S. government agency securities210,444 416 (7)210,853 12,999 161,207 36,647 
Commercial paper129,818 1 (1)129,818 17,497 112,321  
Asset-backed securities55,182 26 (23)55,185  8,272 46,913 
Foreign and other3,114 150 (6)3,258  3,065 193 
Subtotal1,250,297 1,823 (235)1,251,885 322,934 462,333 466,618 
Total$1,544,506 $1,823 $(235)$1,546,094 $617,143 $462,333 $466,618 
December 31, 2020
Amortized CostGross
Unrealized
Gains
Gross
Unrealized
Losses
Aggregate Fair ValueCash and Cash Equivalents
Short-term
Marketable
Securities (1)
Long-term
Marketable
Securities (2)
Level 1:
Cash$370,325 $ $ $370,325 $370,325 $ $ 
Level 2:
Money market instruments264,833   264,833 264,833   
Corporate debt securities413,137 3,261 (8)416,390  220,551 195,839 
U.S. government agency securities265,298 1,555 (1)266,852 14,000 192,488 60,364 
Asset-backed securities31,659 85 (2)31,742  3,189 28,553 
Foreign and other549 168  717   717 
Subtotal975,476 5,069 (11)980,534 278,833 416,228 285,473 
Total$1,345,801 $5,069 $(11)$1,350,859 $649,158 $416,228 $285,473 
(1)    The Company’s short-term marketable securities mature in one year or less.
(2)    The Company’s long-term marketable securities mature between one and five years.
As of September 30, 2021, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.
The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of September 30, 2021 and
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BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
December 31, 2020, the fair value of the Company’s strategic investments was $16.3 million and $10.5 million, respectively. These investments were recorded in Other Assets in the Company’s Condensed Consolidated Balance Sheets.

(6) SUPPLEMENTAL BALANCE SHEET INFORMATION
Inventory consisted of the following:
September 30,
2021
December 31,
2020
Raw materials$75,328 $76,673 
Work-in-process412,434 308,286 
Finished goods261,644 313,589 
Total inventory$749,406 $698,548 
Inventory as of September 30, 2021 included $4.8 million of Voxzogo pre-launch manufacturing-related costs incurred during the third quarter of 2021 that are intended for the U.S. Voxzogo, which was granted marketing approval in the EU on August 27, 2021, is still a product candidate in other regions, including the U.S., for the treatment of achondroplasia in children, the most common form of disproportionate short stature in humans. The Company must receive marketing approval from the U.S. Food and Drug Administration (FDA) before the Voxzogo inventory can be sold commercially in the U.S. Starting in 2021, the Company believed that material uncertainties related to the ultimate regulatory approval of Voxzogo had been significantly reduced. A number of factors were taken into consideration, including the current status in the drug development process, pivotal clinical trial results for the underlying product candidate, results from meetings with the relevant regulatory authorities, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, as well as commercialization and marketplace trends.
See Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 for additional information related to the Company’s policies on inventory produced prior to regulatory approval.
Property, Plant and Equipment, Net consisted of the following:
September 30,
2021
December 31,
2020
Property, plant and equipment, gross$1,724,702 $1,668,066 
Accumulated depreciation(699,915)(635,595)
Total property, plant and equipment, net$1,024,787 $1,032,471 
Depreciation expense, net of amounts capitalized into inventory, for the three and nine months ended September 30, 2021 was $11.4 million and $35.7 million, respectively. Depreciation expense, net of amounts capitalized into inventory, for the three and nine months ended September 30, 2020 was $11.1 million and $31.1 million, respectively.
Intangible Assets, Net consisted of the following:
September 30,
2021
December 31,
2020
Finite-lived intangible assets$661,781 $644,087 
Less: Accumulated amortization(273,294)(226,816)
Net carrying value$388,487 $417,271 
    
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BIOMARIN PHARMACEUTICAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
Accounts Payable and Accrued Liabilities consisted of the following:
September 30,
2021
December 31,
2020
Accounts payable and accrued operating expenses$203,321 $191,429 
Accrued compensation expense158,130 165,023 
Accrued rebates payable68,329 65,526 
Accrued royalties payable14,512 17,155 
Lease liabilities9,659 11,754 
Forward foreign currency exchange contracts5,323 17,798 
Value added taxes payable1,412 9,562 
Accrued income taxes564 9,661 
Other5,461 4,640 
Total accounts payable and accrued liabilities$466,711 $492,548 

(7) FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 3 – Summary of Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
The following tables present the classification within the fair value hierarchy of financial assets and liabilities not disclosed elsewhere in these Condensed Consolidated Financial Statements that are remeasured on a recurring basis as of September 30, 2021 and December 31, 2020. Other than the Company’s fixed-rate convertible debt disclosed in Note 9 – Debt, there were no financial assets or liabilities that were remeasured using a quoted price in active markets for identical assets (Level 1) as of September 30, 2021 or December 31, 2020.
Fair Value Measurements as of September 30, 2021
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Other current assets:
NQDC Plan assets$2,089 $ $2,089 
Other assets:
NQDC Plan assets22,521  22,521 
Restricted investments (1)
2,835  2,835 
Total other assets25,356  25,356 
Total assets$27,445 $ $27,445 
Liabilities:
Current liabilities:
NQDC Plan liability$2,089 $ $2,089 
Contingent consideration 48,187 48,187 
Total current liabilities2,089 48,187 50,276 
Other long-term liabilities:
NQDC Plan liability22,521  22,521 
Contingent consideration 15,204 15,204 
Total other long-term liabilities22,521 15,204 37,725 
Total liabilities$24,610 $63,391 $88,001 
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BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
Fair Value Measurements as of December 31, 2020
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Other current assets:
NQDC Plan assets$2,415 $ $2,415 
Other assets:
NQDC Plan assets19,962  19,962 
Restricted investments (1)
4,487  4,487 
Total other assets24,449  24,449 
Total assets$26,864 $ $26,864 
Liabilities:
Current liabilities:
NQDC Plan liability$2,415 $ $2,415 
Other long-term liabilities:
NQDC Plan liability19,962  19,962 
Contingent consideration 60,130 60,130 
Total other long-term liabilities19,962 60,130 80,092 
Total liabilities$22,377 $60,130 $82,507 
(1)    The restricted investments at September 30, 2021 and December 31, 2020 secure the Company's irrevocable standby letters of credit obtained in connection with certain commercial agreements.
There were no transfers between levels during the three and nine months ended September 30, 2021.
Liabilities measured at fair value using Level 3 inputs primarily consisted of contingent consideration. The following tables represent a roll-forward of contingent consideration.

Contingent consideration as of December 31, 2020$60,130 
Changes in the fair value of contingent consideration6,254 
Foreign exchange remeasurement of Euro denominated contingent consideration(2,993)
Contingent consideration as of September 30, 2021$63,391 
(8) DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
The Company uses foreign currency exchange forward contracts (forward contracts) to protect against the reduction in value of forecasted foreign currency cash flows resulting from product revenues, royalty revenues and operating expenses denominated in currencies other than the U.S. Dollar (USD), primarily the Euro. Certain of these forward contracts are designated as cash flows hedges and have maturities of up to two years. The Company also enters into forward contracts to manage foreign exchange risk related to asset or liability positions denominated in currencies other than USD. Such forward contracts are considered to be economic hedges, are not designated as hedging instruments and have maturities of up to three months. The Company does not use derivative instruments for speculative trading purposes. The Company is exposed to counterparty credit risk on its derivatives. The Company has established and maintains strict counterparty credit guidelines and enters into hedging
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BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
agreements with financial institutions that are investment grade or better to minimize the Company’s exposure to potential defaults. The Company is not required to pledge collateral under these agreements.
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
Foreign Exchange ContractsSeptember 30, 2021December 31, 2020
Derivatives designated as hedging instruments:
Sell$654,516 $782,327 
Purchase$168,080 $