false2022Q20001048477--12-31P1YP1Y00010484772022-01-012022-06-3000010484772022-07-28xbrli:shares00010484772022-06-30iso4217:USD00010484772021-12-31iso4217:USDxbrli:shares0001048477us-gaap:ProductMember2022-04-012022-06-300001048477us-gaap:ProductMember2021-04-012021-06-300001048477us-gaap:ProductMember2022-01-012022-06-300001048477us-gaap:ProductMember2021-01-012021-06-300001048477bmrn:RoyaltyAndOtherMember2022-04-012022-06-300001048477bmrn:RoyaltyAndOtherMember2021-04-012021-06-300001048477bmrn:RoyaltyAndOtherMember2022-01-012022-06-300001048477bmrn:RoyaltyAndOtherMember2021-01-012021-06-3000010484772022-04-012022-06-3000010484772021-04-012021-06-3000010484772021-01-012021-06-300001048477us-gaap:CommonStockMember2022-03-310001048477us-gaap:CommonStockMember2021-03-310001048477us-gaap:CommonStockMember2021-12-310001048477us-gaap:CommonStockMember2020-12-310001048477us-gaap:CommonStockMember2022-04-012022-06-300001048477us-gaap:CommonStockMember2021-04-012021-06-300001048477us-gaap:CommonStockMember2022-01-012022-06-300001048477us-gaap:CommonStockMember2021-01-012021-06-300001048477us-gaap:CommonStockMember2022-06-300001048477us-gaap:CommonStockMember2021-06-3000010484772022-03-3100010484772021-03-3100010484772020-12-310001048477us-gaap:AdditionalPaidInCapitalMember2022-03-310001048477us-gaap:AdditionalPaidInCapitalMember2021-03-310001048477us-gaap:AdditionalPaidInCapitalMember2021-12-310001048477us-gaap:AdditionalPaidInCapitalMember2020-12-310001048477us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001048477us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001048477us-gaap:AdditionalPaidInCapitalMember2022-01-012022-06-300001048477us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001048477us-gaap:AdditionalPaidInCapitalMember2022-06-300001048477us-gaap:AdditionalPaidInCapitalMember2021-06-300001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2022-03-310001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2021-03-310001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2021-12-310001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2020-12-310001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2022-04-012022-06-300001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2021-04-012021-06-300001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2022-01-012022-06-300001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2021-01-012021-06-300001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2022-06-300001048477us-gaap:DeferredCompensationShareBasedPaymentsMember2021-06-300001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-06-300001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001048477us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001048477us-gaap:RetainedEarningsMember2022-03-310001048477us-gaap:RetainedEarningsMember2021-03-310001048477us-gaap:RetainedEarningsMember2021-12-310001048477us-gaap:RetainedEarningsMember2020-12-310001048477us-gaap:RetainedEarningsMember2022-04-012022-06-300001048477us-gaap:RetainedEarningsMember2021-04-012021-06-300001048477us-gaap:RetainedEarningsMember2022-01-012022-06-300001048477us-gaap:RetainedEarningsMember2021-01-012021-06-300001048477us-gaap:RetainedEarningsMember2022-06-300001048477us-gaap:RetainedEarningsMember2021-06-3000010484772021-06-30bmrn:commercial_product0001048477us-gaap:CashMemberus-gaap:FairValueInputsLevel1Member2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberbmrn:ForeignGovernmentAndOtherDebtSecuritiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Member2022-06-300001048477us-gaap:CashMemberus-gaap:FairValueInputsLevel1Member2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:MoneyMarketFundsMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberbmrn:ForeignGovernmentAndOtherDebtSecuritiesMember2021-12-310001048477us-gaap:FairValueInputsLevel2Member2021-12-310001048477srt:MaximumMember2022-01-012022-06-300001048477srt:MaximumMember2021-01-012021-12-310001048477srt:MinimumMember2022-01-012022-06-300001048477srt:MinimumMember2021-01-012021-12-310001048477us-gaap:FairValueMeasurementsRecurringMemberbmrn:StrategicInvestmentMember2022-06-300001048477us-gaap:FairValueMeasurementsRecurringMemberbmrn:StrategicInvestmentMember2021-12-310001048477bmrn:ValoctocogeneRoxaparvovecMember2022-06-300001048477us-gaap:FairValueInputsLevel1Member2022-06-300001048477us-gaap:FairValueInputsLevel1Member2021-12-310001048477us-gaap:FairValueInputsLevel2Memberbmrn:NonqualifiedDeferredCompensationPlanAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueInputsLevel3Memberbmrn:NonqualifiedDeferredCompensationPlanAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477bmrn:NonqualifiedDeferredCompensationPlanAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberbmrn:RestrictedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueInputsLevel3Memberbmrn:RestrictedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477bmrn:RestrictedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueMeasurementsRecurringMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:NonqualifiedDeferredCompensationPlanLiabilityMember2022-06-300001048477us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:NonqualifiedDeferredCompensationPlanLiabilityMember2022-06-300001048477us-gaap:FairValueMeasurementsRecurringMemberbmrn:NonqualifiedDeferredCompensationPlanLiabilityMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:ContingentConsiderationMember2022-06-300001048477us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:ContingentConsiderationMember2022-06-300001048477us-gaap:FairValueMeasurementsRecurringMemberbmrn:ContingentConsiderationMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberbmrn:NonqualifiedDeferredCompensationPlanAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueInputsLevel3Memberbmrn:NonqualifiedDeferredCompensationPlanAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477bmrn:NonqualifiedDeferredCompensationPlanAssetsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberbmrn:RestrictedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueInputsLevel3Memberbmrn:RestrictedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477bmrn:RestrictedInvestmentsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueMeasurementsRecurringMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:NonqualifiedDeferredCompensationPlanLiabilityMember2021-12-310001048477us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:NonqualifiedDeferredCompensationPlanLiabilityMember2021-12-310001048477us-gaap:FairValueMeasurementsRecurringMemberbmrn:NonqualifiedDeferredCompensationPlanLiabilityMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:ContingentConsiderationMember2021-12-310001048477us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberbmrn:ContingentConsiderationMember2021-12-310001048477us-gaap:FairValueMeasurementsRecurringMemberbmrn:ContingentConsiderationMember2021-12-310001048477bmrn:ContingentPaymentMember2021-12-310001048477bmrn:ContingentPaymentMember2022-01-012022-06-300001048477bmrn:ContingentPaymentMember2022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMember2022-01-012022-06-300001048477us-gaap:NondesignatedMember2022-01-012022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ShortMemberus-gaap:ForeignExchangeContractMember2022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ShortMemberus-gaap:ForeignExchangeContractMember2021-12-310001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongMemberus-gaap:ForeignExchangeContractMember2022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:LongMemberus-gaap:ForeignExchangeContractMember2021-12-310001048477us-gaap:NondesignatedMemberus-gaap:ShortMemberus-gaap:ForeignExchangeContractMember2022-06-300001048477us-gaap:NondesignatedMemberus-gaap:ShortMemberus-gaap:ForeignExchangeContractMember2021-12-310001048477us-gaap:NondesignatedMemberus-gaap:LongMemberus-gaap:ForeignExchangeContractMember2022-06-300001048477us-gaap:NondesignatedMemberus-gaap:LongMemberus-gaap:ForeignExchangeContractMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherCurrentAssetsMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:OtherNoncurrentAssetsMemberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:OtherNoncurrentLiabilitiesMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:OtherCurrentAssetsMember2021-12-310001048477us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-06-300001048477us-gaap:FairValueInputsLevel2Memberus-gaap:NondesignatedMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ProductMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ProductMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:OperatingExpenseMember2022-04-012022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:OperatingExpenseMember2021-04-012021-06-300001048477us-gaap:NondesignatedMember2022-04-012022-06-300001048477us-gaap:NondesignatedMember2021-04-012021-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ProductMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:ProductMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:OperatingExpenseMember2022-01-012022-06-300001048477us-gaap:DesignatedAsHedgingInstrumentMemberus-gaap:AccumulatedGainLossNetCashFlowHedgeParentMemberus-gaap:OperatingExpenseMember2021-01-012021-06-300001048477us-gaap:NondesignatedMember2021-01-012021-06-300001048477bmrn:A125SeniorSubordinatedConvertibleNotesDueInMay2027Member2021-12-31xbrli:pure0001048477bmrn:A125SeniorSubordinatedConvertibleNotesDueInMay2027Member2022-06-300001048477bmrn:ZeroPointFiveNineNinePercentSeniorSubordinatedConvertibleNotesDueInAugustTwoThousandTwentyFourMember2022-06-300001048477bmrn:ZeroPointFiveNineNinePercentSeniorSubordinatedConvertibleNotesDueInAugustTwoThousandTwentyFourMember2021-12-310001048477us-gaap:ConvertibleDebtMember2022-04-012022-06-300001048477us-gaap:ConvertibleDebtMember2021-04-012021-06-300001048477us-gaap:ConvertibleDebtMember2022-01-012022-06-300001048477us-gaap:ConvertibleDebtMember2021-01-012021-06-300001048477bmrn:SeniorUnsecuredRevolvingTwoThousandEighteenCreditFacilityMember2018-10-310001048477bmrn:SeniorUnsecuredRevolvingTwoThousandEighteenCreditFacilityMember2022-06-300001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-03-310001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-04-012022-06-300001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-04-012022-06-300001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-06-300001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-03-310001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-04-012021-06-300001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-06-300001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-12-310001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2022-01-012022-06-300001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-06-300001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2020-12-310001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001048477us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2021-01-012021-06-300001048477us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-30bmrn:Segment0001048477bmrn:ProductFourMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductFourMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductFourMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductFourMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductTwoMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductTwoMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductTwoMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductTwoMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductSevenMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductSevenMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductSevenMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductSevenMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductThreeMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductThreeMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductThreeMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductThreeMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductSixMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductSixMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductSixMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductSixMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductEightMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductEightMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductEightMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductEightMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477us-gaap:SalesChannelThroughIntermediaryMemberbmrn:ProductOneMember2022-04-012022-06-300001048477us-gaap:SalesChannelThroughIntermediaryMemberbmrn:ProductOneMember2021-04-012021-06-300001048477us-gaap:SalesChannelThroughIntermediaryMemberbmrn:ProductOneMember2022-01-012022-06-300001048477us-gaap:SalesChannelThroughIntermediaryMemberbmrn:ProductOneMember2021-01-012021-06-300001048477bmrn:ProductsExcludingProductOneMembercountry:USus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductsExcludingProductOneMembercountry:USus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductsExcludingProductOneMembercountry:USus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductsExcludingProductOneMembercountry:USus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMembersrt:EuropeMember2022-04-012022-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMembersrt:EuropeMember2021-04-012021-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMembersrt:EuropeMember2022-01-012022-06-300001048477bmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMembersrt:EuropeMember2021-01-012021-06-300001048477bmrn:ProductsExcludingProductOneMembersrt:LatinAmericaMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:ProductsExcludingProductOneMembersrt:LatinAmericaMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:ProductsExcludingProductOneMembersrt:LatinAmericaMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:ProductsExcludingProductOneMembersrt:LatinAmericaMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:RestOfWorldMemberbmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-04-012022-06-300001048477bmrn:RestOfWorldMemberbmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-04-012021-06-300001048477bmrn:RestOfWorldMemberbmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2022-01-012022-06-300001048477bmrn:RestOfWorldMemberbmrn:ProductsExcludingProductOneMemberus-gaap:SalesChannelDirectlyToConsumerMember2021-01-012021-06-300001048477bmrn:CustomerOneMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001048477bmrn:CustomerOneMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001048477bmrn:CustomerOneMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001048477bmrn:CustomerOneMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerTwoMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001048477bmrn:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001048477bmrn:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001048477bmrn:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001048477bmrn:CustomerThreeMemberus-gaap:SalesRevenueNetMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerOneTwoAndThreeMemberus-gaap:CustomerConcentrationRiskMember2022-04-012022-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerOneTwoAndThreeMemberus-gaap:CustomerConcentrationRiskMember2021-04-012021-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerOneTwoAndThreeMemberus-gaap:CustomerConcentrationRiskMember2022-01-012022-06-300001048477us-gaap:SalesRevenueNetMemberbmrn:CustomerOneTwoAndThreeMemberus-gaap:CustomerConcentrationRiskMember2021-01-012021-06-300001048477bmrn:CustomerOneMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2022-01-012022-06-300001048477us-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMemberbmrn:CustomerTwoMember2022-01-012022-06-300001048477bmrn:CustomerOneMemberus-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMember2021-01-012021-12-310001048477us-gaap:AccountsReceivableMemberus-gaap:CreditConcentrationRiskMemberbmrn:CustomerTwoMember2021-01-012021-12-310001048477bmrn:CustomersMember2022-06-300001048477bmrn:CustomersMember2021-12-310001048477us-gaap:CostOfSalesMember2022-04-012022-06-300001048477us-gaap:CostOfSalesMember2021-04-012021-06-300001048477us-gaap:CostOfSalesMember2022-01-012022-06-300001048477us-gaap:CostOfSalesMember2021-01-012021-06-300001048477us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001048477us-gaap:ResearchAndDevelopmentExpenseMember2021-04-012021-06-300001048477us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001048477us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-06-300001048477us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-04-012022-06-300001048477us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-04-012021-06-300001048477us-gaap:SellingGeneralAndAdministrativeExpensesMember2022-01-012022-06-300001048477us-gaap:SellingGeneralAndAdministrativeExpensesMember2021-01-012021-06-300001048477us-gaap:StockCompensationPlanMember2022-04-012022-06-300001048477us-gaap:StockCompensationPlanMember2021-04-012021-06-300001048477us-gaap:StockCompensationPlanMember2022-01-012022-06-300001048477us-gaap:StockCompensationPlanMember2021-01-012021-06-300001048477bmrn:ConvertibleSeniorNotesDueTwoThousandTwentyFourMember2022-04-012022-06-300001048477bmrn:ConvertibleSeniorNotesDueTwoThousandTwentyFourMember2021-04-012021-06-300001048477bmrn:ConvertibleSeniorNotesDueTwoThousandTwentyFourMember2022-01-012022-06-300001048477bmrn:ConvertibleSeniorNotesDueTwoThousandTwentyFourMember2021-01-012021-06-300001048477bmrn:CommonStockIssuableUnderTheConvertibleNotesMember2022-04-012022-06-300001048477bmrn:CommonStockIssuableUnderTheConvertibleNotesMember2021-04-012021-06-300001048477bmrn:ConvertibleSeniorNotesDueTwoThousandTwentySevenMember2022-01-012022-06-300001048477bmrn:CommonStockIssuableUnderTheConvertibleNotesMember2021-01-012021-06-300001048477bmrn:EarlyStageDevelopmentProgramMemberbmrn:ThirdPartyMember2021-10-012021-12-310001048477bmrn:EarlyStageDevelopmentProgramMemberbmrn:ThirdPartyMember2020-04-012020-06-30
Table of Contents

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 June 30, 2022
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.  


Table of Contents

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: 185,473,867 shares of common stock, par value $0.001, outstanding as of July 28, 2022.



Table of Contents

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®, Vimizim® and Voxzogo® are our registered trademarks. 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, 2021, which was filed with the Securities and Exchange Commission (the SEC) on February 25, 2022. 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 relatively 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.


Table of Contents

The sale of generic versions of Kuvan by generic manufacturers has adversely affected and will continue to adversely affect our revenues and may cause a decline in Kuvan revenues faster than expected.
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, the European Medicines Agency 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.


Table of Contents

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.


Table of Contents

BIOMARIN PHARMACEUTICAL INC.
TABLE OF CONTENTS
Page
FINANCIAL INFORMATION
Financial Statements
Condensed Consolidated Balance Sheets as of June 30, 2022 (Unaudited) and December 31, 2021
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and six months ended June 30, 2022 and 2021
Condensed Consolidated Statement of Stockholders’ Equity (Unaudited) for the three and six months ended June 30, 2022 and 2021
Condensed Consolidated Statements of Cash Flows (Unaudited) for the six months ended June 30, 2022 and 2021
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
June 30, 2022 and December 31, 2021
(In thousands, except share amounts)
June 30, 2022December 31, 2021 ⁽¹⁾
ASSETS(unaudited) 
Current assets:
Cash and cash equivalents$619,802 $587,276 
Short-term investments489,945 426,599 
Accounts receivable, net466,507 373,399 
Inventory802,315 776,669 
Other current assets139,029 110,442 
Total current assets2,517,598 2,274,385 
Noncurrent assets:
Long-term investments412,503 507,793 
Property, plant and equipment, net1,049,464 1,035,461 
Intangible assets, net369,368 388,652 
Goodwill196,199 196,199 
Deferred tax assets1,448,912 1,449,075 
Other assets151,797 151,760 
Total assets$6,145,841 $6,003,325 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued liabilities$434,773 $491,590 
Short-term contingent consideration29,954 48,232 
Total current liabilities464,727 539,822 
Noncurrent liabilities:
Long-term convertible debt, net1,081,047 1,079,077 
Long-term contingent consideration 15,167 
Other long-term liabilities95,260 98,519 
Total liabilities1,641,034 1,732,585 
Stockholders’ equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 185,452,454 and 183,912,514 shares issued and outstanding, respectively
186 184 
Additional paid-in capital5,272,666 5,191,502 
Company common stock held by the Nonqualified Deferred Compensation Plan(9,290)(9,689)
Accumulated other comprehensive income18,472 14,432 
Accumulated deficit(777,227)(925,689)
Total stockholders’ equity4,504,807 4,270,740 
Total liabilities and stockholders’ equity$6,145,841 $6,003,325 
(1)December 31, 2021 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, 2021, filed with the SEC on February 25, 2022.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
3


BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Three and Six Months Ended June 30, 2022 and 2021
(In thousands, except per share amounts)
(unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
 
2022202120222021
REVENUES:
Net product revenues$517,660 $486,670 $1,023,185 $954,439 
Royalty and other revenues16,138 15,023 29,972 33,284 
Total revenues533,798 501,693 1,053,157 987,723 
OPERATING EXPENSES:
Cost of sales 123,126 127,062 240,091 247,228 
Research and development158,190 161,107 319,026 309,832 
Selling, general and administrative196,835 184,161 391,454 358,479 
Intangible asset amortization and contingent consideration16,495 17,691 34,107 35,426 
Gain on sale of nonfinancial assets, net  (108,000) 
Total operating expenses494,646 490,021 876,678 950,965 
INCOME FROM OPERATIONS39,152 11,672 176,479 36,758 
Interest income2,505 4,471 4,325 6,910 
Interest expense(3,859)(3,817)(7,665)(7,621)
Other income (expense), net(2,947)1,830 (4,101)1,337 
INCOME BEFORE INCOME TAXES34,851 14,156 169,038 37,384 
Provision for income taxes7,187 1,215 20,576 7,072 
NET INCOME$27,664 $12,941 $148,462 $30,312 
NET INCOME PER SHARE, BASIC$0.15 $0.07 $0.80 $0.17 
NET INCOME PER SHARE, DILUTED$0.15 $0.07 $0.79 $0.16 
Weighted average common shares outstanding, basic185,254 182,844 184,710 182,311 
Weighted average common shares outstanding, diluted187,448 185,427 191,096 185,089 
COMPREHENSIVE INCOME$47,013 $6,998 $152,502 $45,512 
 
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 Six Months Ended June 30, 2022 and 2021
(In thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
 2022202120222021
Shares of common stock, beginning balances (1)
184,902 182,671 183,913 181,741 
Issuances under equity incentive plans551 651 1,540 1,581 
Shares of common stock, ending balances185,453 183,322 185,453 183,322 
Total stockholders' equity, beginning balances (1)
$4,391,315 $4,162,010 $4,270,740 $4,106,002 
Common stock:
Beginning balances (1)
185 183 184 182 
Issuances under equity incentive plans, net of tax1 — 2 1 
Ending balance186 183 186 183 
Additional paid-in capital:
Beginning balance (1)
5,206,287 5,010,619 5,191,502 4,993,407 
Issuances under equity incentive plans, net of tax18,480 18,825 (15,153)(11,091)
Stock-based compensation47,998 53,738 96,716 101,147 
Common stock held by the Nonqualified Deferred Compensation Plan (the NQDC)(99)649 (399)368 
Ending balance
5,272,666 5,083,831 5,272,666 5,083,831 
Company common stock held by the NQDC:
Beginning balance (1)
(9,389)(9,558)(9,689)(9,839)
Common stock held by the NQDC99 (649)399 (368)
Ending balance(9,290)(10,207)(9,290)(10,207)
Accumulated other comprehensive income (loss):
Beginning balance (1)
(877)5,004 14,432 (16,139)
Other comprehensive income (loss)19,349 (5,943)4,040 15,200 
Ending balance18,472 (939)18,472 (939)
Accumulated Deficit:
Beginning balance (1)
(804,891)(844,238)(925,689)(861,609)
Net income27,664 12,941 148,462 30,312 
Ending balance(777,227)(831,297)(777,227)(831,297)
Total stockholders' equity, ending balances
$4,504,807 $4,241,571 $4,504,807 $4,241,571 
(1)The beginning balances for the six-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, 2021, filed with the SEC on February 25, 2022.
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements. 
5


BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2022 and 2021
(In thousands)
(unaudited)
Six Months Ended June 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income$148,462 $30,312 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization52,614 55,214 
Non-cash interest expense2,062 2,082 
Amortization of premium on investments3,070 1,878 
Stock-based compensation94,911 104,346 
Gain on sale of nonfinancial assets, net(108,000) 
Deferred income taxes3,455 1,204 
Unrealized foreign exchange gain(12,333)(1,004)
Non-cash changes in the fair value of contingent consideration1,338 4,488 
Other(18)(376)
Changes in operating assets and liabilities:
Accounts receivable, net(92,562)17,420 
Inventory(1,431)6,379 
Other current assets(12,001)34,331 
Other assets9,149 321 
Accounts payable and other short-term liabilities(76,345)(60,884)
Other long-term liabilities(1,576)585 
Net cash provided by operating activities10,795 196,296 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment(55,971)(48,106)
Maturities and sales of investments311,598 348,941 
Purchases of investments(304,805)(484,572)
Proceeds from sale of nonfinancial assets110,000  
Purchase of intangible assets(2,739)(6,400)
Other (908)
Net cash provided by (used in) investing activities58,083 (191,045)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans29,493 27,640 
Taxes paid related to net share settlement of equity awards(44,377)(38,731)
Payment of contingent consideration(21,054) 
Principal repayments of financing leases(1,122)(1,941)
Other (381)
Net cash used in financing activities(37,060)(13,413)
Effect of exchange rate changes on cash708 537 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS32,526 (7,625)
Cash and cash equivalents:
Beginning of period$587,276 $649,158 
End of period$619,802 $641,533 
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for income taxes$11,821 $10,159 
Cash paid for interest$5,137 $5,195 
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:
Increase (decrease) in accounts payable and accrued liabilities related to fixed assets$1,012 $(9,393)
Increase in accounts payable and accrued liabilities related to intangible assets$6,563 $1,397 

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)

(1) BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
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 seven commercial products and multiple clinical and preclinical product candidates for the treatment of various diseases.
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, 2021 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 six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2022 or any other period.
Use of Estimates
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 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.
Significant Accounting Policies
There have been no material changes to the Company’s significant accounting policies during the six months ended June 30, 2022, as compared to the significant accounting policies disclosed in Note 1 – Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
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 six months ended June 30, 2022, as compared to the recent accounting pronouncements described in Note 1 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, that the Company believes are of significance or potential significance to the Company.


7

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
(2) FINANCIAL INSTRUMENTS
All marketable securities were classified as available-for-sale at June 30, 2022 and December 31, 2021.
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category for each period presented:
June 30, 2022
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$355,318 $ $ $355,318 $355,318 $ $ 
Level 2:
Money market instruments264,484   264,484 264,484   
Corporate debt securities560,401 3 (12,450)547,954  273,400 274,554 
U.S. government agency securities263,184 15 (2,734)260,465  180,952 79,513 
Commercial paper33,107  (23)33,084  33,084  
Asset-backed securities58,888 8 (633)58,263   58,263 
Foreign and other2,562 124 (4)2,682  2,509 173 
Subtotal1,182,626 150 (15,844)1,166,932 264,484 489,945 412,503 
Total$1,537,944 $150 $(15,844)$1,522,250 $619,802 $489,945 $412,503 
December 31, 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$301,177 $ $ $301,177 $301,177 $ $ 
Level 2:
Money market instruments285,099   285,099 285,099   
Corporate debt securities584,000 386 (2,086)582,300  200,304 381,996 
U.S. government agency securities224,774 182 (325)224,631  146,421 78,210 
Commercial paper68,384   68,384 1,000 67,384  
Asset-backed securities56,936 10 (95)56,851  9,451 47,400 
Foreign and other3,097 141 (12)3,226  3,039 187 
Subtotal1,222,290 719 (2,518)1,220,491 286,099 426,599 507,793 
Total$1,523,467 $719 $(2,518)$1,521,668 $587,276 $426,599 $507,793 
(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 June 30, 2022, 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.
8

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
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 June 30, 2022 and December 31, 2021, the fair value of the Company’s strategic investments was $23.8 million and $16.5 million, respectively. These investments were recorded in Other Assets in the Company’s Condensed Consolidated Balance Sheets.

(3) SUPPLEMENTAL FINANCIAL STATEMENTS INFORMATION
Supplemental Balance Sheet Information
Inventory consisted of the following:
June 30,
2022
December 31,
2021
Raw materials$104,493 $80,269 
Work-in-process429,486 415,261 
Finished goods268,336 281,139 
Total inventory$802,315 $776,669 

Inventory as of June 30, 2022, included manufacturing-related costs for the commercial production of valoctocogene roxaparvovec totaling $31.8 million. Valoctocogene roxaparvovec is an investigational gene therapy product candidate for the treatment of severe hemophilia A. The Company must receive marketing approval from the applicable regulators before the valoctocogene roxaparvovec inventory can be sold commercially. Starting in the first quarter of 2022, the Company believed that material uncertainties related to the ultimate regulatory approval of valoctocogene roxaparvovec by the European Medicines Agency had been significantly reduced and the Company expects to realize economic benefit in the future. 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 and correspondence with the relevant regulatory authority following the submission of the additional two-year follow-up safety and efficacy data requested by the regulatory authority in the third quarter of 2020, historical experience, as well as potential impediments to the approval process such as product safety or efficacy, and commercialization and marketplace trends.
See Note 1 – Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 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:
June 30,
2022
December 31,
2021
Property, plant and equipment, gross$1,811,263 $1,756,035 
Accumulated depreciation(761,799)(720,574)
Total property, plant and equipment, net$1,049,464 $1,035,461 
Depreciation expense, net of amounts capitalized into inventory, for the three and six months ended June 30, 2022 was $9.5 million and $21.2 million, respectively. Depreciation expense, net of amounts capitalized into inventory, for the three and six months ended June 30, 2021 was $11.8 million and $24.3 million, respectively.
Intangible Assets, Net consisted of the following:
June 30,
2022
December 31,
2021
Finite-lived intangible assets$689,499 $677,350 
Accumulated amortization(320,131)(288,698)
Net carrying value$369,368 $388,652 
    
9

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(In thousands of U.2. Dollars, except per share amounts or as otherwise disclosed)
Accounts Payable and Accrued Liabilities consisted of the following:
June 30,
2022
December 31,
2021
Accounts payable and accrued operating expenses$199,251 $193,003 
Accrued compensation expense127,929 204,446 
Accrued rebates payable62,485 47,987 
Accrued royalties payable15,620 15,215 
Foreign currency exchange forward contracts10,224 6,263 
Lease liabilities10,611 10,464 
Value added taxes payable2,472 1,935 
Accrued income taxes1,568 1,213 
Deferred revenue305 6,956 
Other4,308 4,108 
Total accounts payable and accrued liabilities$434,773 $491,590 
Supplemental Statement of Comprehensive Income Information
Gain on Sale of Nonfinancial Assets, Net for the six months ended June 30, 2022 consisted of the completed sale of a Rare Pediatric Disease Priority Review Voucher (PRV) the Company received from the Food and Drug Administration (FDA) in connection with the U.S. approval of Voxzogo. As a result of the PRV sale, the Company recognized a $108.0 million net gain on sale of nonfinancial assets in the Company's Consolidated Statement of Comprehensive Income.

(4) FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 1 – Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
10

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
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 June 30, 2022 and December 31, 2021. Other than the Company’s fixed-rate convertible debt disclosed in Note 6 – 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 June 30, 2022 or December 31, 2021.
Fair Value Measurements as of June 30, 2022
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Other current assets:
NQDC Plan assets$2,232 $ $2,232 
Other assets:
NQDC Plan assets19,336  19,336 
Restricted investments (1)
2,468  2,468 
Total other assets21,804  21,804 
Total assets$24,036 $ $24,036 
Liabilities:
Current liabilities:
NQDC Plan liability$2,232 $ $2,232 
Contingent consideration 29,954 29,954 
Total current liabilities2,232 29,954 32,186 
Other long-term liabilities:
NQDC Plan liability19,336  19,336 
Total liabilities$21,568 $29,954 $51,522 
Fair Value Measurements as of December 31, 2021
Significant Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Total
Assets:
Other current assets:
NQDC Plan assets$2,043 $ $2,043 
Other assets:
NQDC Plan assets23,929  23,929 
Restricted investments (1)
2,940  2,940 
Total other assets26,869  26,869 
Total assets$28,912 $ $28,912 
Liabilities:
Current liabilities:
NQDC Plan liability$2,043 $ $2,043 
Contingent consideration 48,232 48,232 
Total current liabilities2,043 48,232 50,275 
Other long-term liabilities:
NQDC Plan liability23,929  23,929 
Contingent consideration 15,167 15,167 
Total other long-term liabilities23,929 15,167 39,096 
Total liabilities$25,972 $63,399 $89,371 
11

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
(1)    The restricted investments at June 30, 2022 and December 31, 2021 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 six months ended June 30, 2022.
Liabilities measured at fair value using Level 3 inputs consisted of contingent consideration. The following table represents a roll-forward of contingent consideration.

Contingent consideration as of December 31, 2021$63,399 
Milestone payments to Ares Trading S.A. (Merck Serono)(33,293)
Realized foreign exchange gain on settlement of contingent consideration(133)
Changes in fair value of contingent consideration2,860 
Foreign exchange remeasurement of Euro denominated contingent consideration(2,879)
Contingent consideration as of June 30, 2022$29,954 

(5) 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 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 flow 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 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.
Forward ContractsJune 30,
2022
December 31, 2021
Derivatives designated as hedging instruments:
Sell$585,370 $740,667 
Purchase$121,257 $183,256 
Derivatives not designated as hedging instruments:
Sell$113,793 $113,257 
Purchase$ $31,068 
12

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
Balance Sheet LocationJune 30,
2022
December 31, 2021
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$35,654 $17,357 
Other assets6,853 4,991 
Subtotal$42,507 $22,348 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$10,151 $5,487 
Other long-term liabilities1,848 1,378 
Subtotal$11,999 $6,865 
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$18 $427 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$73 $776 
Total Derivatives Assets$42,525 $22,775 
Total Derivatives Liabilities$12,072 $7,641 
(1)    For additional discussion of fair value measurements, see Note 1 – Business Overview and Significant Accounting Policies included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.
13

Table of Contents
BIOMARIN PHARMACEUTICAL INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (continued)
(In thousands of U.S. Dollars, except per share amounts or as otherwise disclosed)
The following tables summarize the impact of gains and losses from the Company's derivatives on its Condensed Consolidated Statements of Comprehensive Income for the periods presented.
Three Months Ended June 30,
20222021
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings
Cash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues as reported$517,660 $5,927 $486,670 $(2,678)
Operating expenses as reported$494,646 $(1,800)$490,021 $344 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$4,950 $(3,260)

Six Months Ended June 30,
20222021
Derivatives Designated as Cash Flow Hedging Instrument