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National Post
5 days ago
- Business
- National Post
Strategic Storage Trust VI, Inc. Reports Second Quarter 2025 Results
Article content Q2 Total revenues increased approximately 9.6% compared to the same period in 2024. Q2 Increased Same-Store Revenues by approximately 5.1% for the Quarter. Q2 Net loss attributable to common stockholders decreased approximately 46.4% compared to the same period in 2024. Q2 Increased Same-Store Net Operating Income ('NOI') by approximately 9.6% for the Quarter. YTD Total revenues increased approximately 10.3% compared to the same period in 2024. YTD Increased Same-Store Revenues by approximately 5.9% for the year. YTD Net loss attributable to common stockholders decreased approximately 30.1% compared to the same period in 2024. YTD Increased Same-Store Net Operating Income ('NOI') by approximately 11.5%. Decreased Same-Store Average Physical Occupancy by approximately 0.7%. Article content LADERA RANCH, Calif. — Strategic Storage Trust VI, Inc. ('SST VI'), a publicly registered non-traded real estate investment trust sponsored by an affiliate of SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE: SMA), announced operating results for the three and six months ended June 30, 2025. Article content 'Q2 was another strong quarter of performance, underscoring the resilience of our business model and the continued demand for high-quality self-storage solutions,' commented H. Michael Schwartz, President and CEO of Strategic Storage Trust VI, Inc. 'We achieved second quarter revenue growth of 9.6%, driven by strategic pricing initiatives and sustained occupancy levels across our portfolio. Year-to-date, our revenue has grown 10.3%, reflecting the strength of our operational execution and customer engagement in leasing up our non-stabilized properties. Our focus on operational efficiency also delivered solid results, with same-store NOI increasing 9.6% for the quarter and 11.5% year-to-date. These gains demonstrate our team's commitment to driving value and optimizing asset performance. As we look ahead, we remain confident in our ability to deliver consistent growth and long-term value for our shareholders.' Article content Key Highlights for the Three Months Ended June 30, 2025: Article content Total revenues were approximately $7.7 million, an increase of approximately $0.7 million when compared to the same period in 2024. Increased same-store revenues and NOI by 5.1% and 9.6%, respectively, for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Decreased same-store average physical occupancy by approximately 0.7% to 92.2% as of June 30, 2025 from 92.9% as of June 30, 2024. Increased same-store annualized rent per occupied square foot by approximately 4.3% to $17.38 for the three months ended June 30, 2025 from $16.67 for the three months ended June 30, 2024. Article content Key Highlights for the Six Months Ended June 30, 2025: Article content Total revenues were approximately $15.0 million, an increase of approximately $1.4 million when compared to the same period in 2024. Increased same-store revenues and NOI by 5.9% and 11.5%, respectively, for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Decreased same-store average physical occupancy by approximately 0.7% to 92.2% as of June 30, 2025 from 92.9% as of June 30, 2024. Increased same-store annualized rent per occupied square foot by approximately 4.0% to $17.20 for the six months ended June 30, 2025 from $16.54 for the six months ended June 30, 2024. Article content Opening of three joint venture development properties: Article content On April 16, 2025, SST VI announced the opening of an operating unconsolidated real estate venture located in York, Toronto. The property offers approximately 121,500 net rentable square feet of climate-controlled storage space, encompassing approximately 1,500 units. Article content On June 2, 2025, SST VI announced the opening of an operating unconsolidated real estate venture location in the Greater Montreal Area. The property, which is located in Dorval, Quebec, a suburb of Montreal, offers approximately 112,000 net rentable square feet of climate-controlled storage space, encompassing approximately 1,250 units. Article content On June 3, 2025, SST VI announced the opening of an operating unconsolidated real estate venture location in North York, Toronto. The property offers approximately 98,500 net rentable square feet of climate-controlled storage space, encompassing approximately 1,200 units. Article content Declared Distributions: Article content On June 27, 2025, our board of directors declared a daily distribution rate of approximately $0.001698 per day per share on the outstanding shares of common stock payable to Class A, Class T, Class W, Class P, Class Y and Class Z stockholders of record of such shares as shown on our books at the close of business on each day of the period commencing on July 1, 2025 and ending September 30, 2025. In connection with this distribution, stockholders who hold Class T and Class Y shares, will be paid an amount equal to approximately $0.001698 per day less the stockholder servicing fee payable per share per day. Such distributions payable to each stockholder of record during a month will be paid the following month. Article content Suspension of Share Redemption Program: Article content On August 6, 2025, our board of directors approved the suspension of our share redemption program for stockholders who purchased Class P shares in the private offering and our share redemption program for stockholders who purchased Class A, Class T, Class W, Class Y and Class Z shares in the public offering (collectively, the 'Share Redemption Program') effective September 6, 2025, except with respect to redemption requests made in connection with the death, commitment to a long-term care facility, qualifying disability or bankruptcy of a stockholder. Accordingly, all pending redemption requests in the third quarter or subsequent thereto that were not made in connection with the death, commitment to a long-term care facility, qualifying disability or bankruptcy of a stockholder will be not be redeemed. The Share Redemption Program shall remain suspended as discussed above until such time, if any, as our board of directors may determine. Article content About Strategic Storage Trust VI, Inc. (SST VI): Article content SST VI is a public non-traded REIT that elected to qualify as a REIT for federal income tax purposes. SST VI's primary investment strategy is to invest in income-producing and growth self-storage facilities and related self-storage real estate investments in the United States and Canada. As of August 14, 2025, SST VI has a portfolio of 13 operating properties in the United States comprising approximately 9,015 units and 1,079,395 rentable square feet (including parking); 11 properties with approximately 10,205 units and 1,067,715 rentable square feet (including parking) in Canada, joint venture interests in four operational and one development property in two Canadian provinces (Ontario and Québec) and one wholly owned development property in Ontario. Article content About SmartStop Self Storage REIT, Inc. (SmartStop): Article content SmartStop Self Storage REIT, Inc. ('SmartStop') (NYSE:SMA), is a self-managed REIT with a fully integrated operations team of more than 600 self-storage professionals focused on growing the SmartStop® Self Storage brand. SmartStop, through its indirect subsidiary SmartStop REIT Advisors, LLC, also sponsors other self-storage programs. As of August 14, 2025, SmartStop has an owned or managed portfolio of 230 operating properties in 23 states, the District of Columbia, and Canada, comprising approximately 167,200 units and 18.7 million rentable square feet. SmartStop and its affiliates own or manage 44 operating self-storage properties in Canada, which total approximately 39,000 units and 3.9 million rentable square feet. Additional information regarding SmartStop is available at . Article content 2025 2024 2025 2024 Self storage rental revenue $ 7,612,852 $ 6,946,834 $ 14,916,493 $ 13,524,421 Ancillary operating revenue 57,788 49,554 103,505 88,878 Total revenues 7,670,640 6,996,388 15,019,998 13,613,299 Operating expenses: Property operating expenses 2,831,451 2,765,425 5,770,531 5,694,139 Property operating expenses – affiliates 1,331,452 1,287,048 2,571,719 2,567,643 General and administrative 1,678,129 1,593,060 3,381,937 3,147,798 Depreciation 3,280,079 3,172,390 6,398,481 6,347,622 Intangible amortization expense — 838,548 — 1,878,146 Acquisition expense – affiliates 104,656 135,630 212,532 314,053 Other property acquisition expenses 43,058 49,801 57,078 103,842 Total operating expenses 9,268,825 9,841,902 18,392,278 20,053,243 Operating loss (1,598,185 ) (2,845,514 ) (3,372,280 ) (6,439,944 ) Other income (expense): Interest expense (4,176,197 ) (4,532,579 ) (8,283,492 ) (9,242,874 ) Interest expense – debt issuance costs (180,518 ) (277,667 ) (668,915 ) (553,925 ) Derivative fair value adjustment – 147,357 (531,449 ) 1,763,673 Other income (expense) (9,829 ) 157,331 69,183 345,149 Equity in loss of unconsolidated real estate ventures (385,074 ) — (607,602 ) — Foreign currency adjustment 3,304,699 (1,151,535 ) 3,108,763 (3,357,638 ) Net loss (3,045,104 ) (8,502,607 ) (10,285,792 ) (17,485,559 ) Less: Distributions to preferred stockholders (3,122,671 ) (3,085,113 ) (6,211,027 ) (6,251,155 ) Net loss attributable to the noncontrolling interests in our Operating Partnership 60,396 202,777 213,131 428,150 Net loss attributable to Strategic Storage Trust VI, Inc. common stockholders $ (6,107,379 ) $ (11,384,943 ) $ (16,283,688 ) $ (23,308,564 ) Net loss per Class P share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class A share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class T share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class W share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class Y share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Net loss per Class Z share—basic and diluted $ (0.23 ) $ (0.50 ) $ (0.63 ) $ (1.06 ) Weighted average Class P shares outstanding—basic and diluted 11,409,948 11,163,181 11,385,103 11,150,159 Weighted average Class A shares outstanding—basic and diluted 3,409,389 3,369,755 3,399,741 3,360,831 Weighted average Class T shares outstanding—basic and diluted 5,405,833 5,322,378 5,396,180 5,291,281 Weighted average Class W shares outstanding—basic and diluted 712,450 695,344 709,961 687,983 Weighted average Class Y shares outstanding—basic and diluted 5,068,605 1,872,410 4,721,402 1,406,340 Weighted average Class Z shares outstanding—basic and diluted 480,721 143,445 424,038 114,803 Article content STRATEGIC STORAGE TRUST VI, INC. AND SUBSIDIARIES Article content – Article content three months ended June 30, 2025 and 2024 Article content The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the three months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Article content N/M Not meaningful (1) Revenue includes rental revenue, ancillary revenue, administrative and late fees. (2) Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense and acquisition expenses, but includes property management fees. (3) Of the total rentable square feet, parking represented approximately 199,780 and 247,900 square feet as of June 30, 2025 and 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 43,000 square feet. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Article content Our increase in same-store revenue of approximately $0.2 million was primarily the result of decreased average physical occupancy of approximately 0.7% and an increase in revenue per occupied square foot of approximately 4.3% for the three months ended June 30, 2025 over the three months ended June 30, 2024. Article content Our same-store property operating expenses decreased by approximately $15,000 or 1.1% for the three months ended June 30, 2025 compared to the three months ended June 30, 2024. Article content NOI is a non-GAAP measure that SST VI defines as net income (loss), computed in accordance with GAAP, generated from properties, before corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization, acquisition expenses and other non-property related expenses. SST VI believes that NOI is useful for investors as it provides a measure of the operating performance of its operating assets because NOI excludes certain items that are not associated with the ongoing operation of the properties. Additionally, SST VI believes that NOI is a widely accepted measure of comparative operating performance in the real estate community. However, SST VI's use of the term NOI may not be comparable to that of other real estate companies as they may have different methodologies for computing this amount. Article content (1) Asset management fees are included in Property operating expenses – affiliates in the consolidated statements of operations. (2) Includes amortization of Advisor contract of approximately $0.3 million and $0.2 million for the three months ended June 30, 2025 and 2024, respectively. Article content Same-Store Facility Results Article content – Article content six months ended June 30, 2025 and 2024 Article content The following table sets forth operating data for our same-store facilities (stabilized and comparable properties that have been included in the consolidated results of operations since January 1, 2024) for the six months ended June 30, 2025 and 2024. We consider the following data to be meaningful as this allows for the comparison of results without the effects of acquisition, lease up, or development activity. Article content N/M Not meaningful (1) Revenue includes rental revenue, ancillary revenue, administrative and late fees. (2) Property operating expenses excludes corporate general and administrative expenses, asset management fees, interest expense, depreciation, amortization expense and acquisition expenses, but includes property management fees. (3) Of the total rentable square feet, parking represented approximately 199,780 and 247,900 square feet as of June 30, 2025 and 2024, respectively. On a same-store basis, for the same periods, parking represented approximately 43,000 square feet. (4) Determined by dividing the sum of the month-end occupied square feet for the applicable group of facilities for each applicable period by the sum of their month-end rentable square feet for the period. (5) Determined by dividing the aggregate realized rental income for each applicable period by the aggregate of the month-end occupied square feet for the period. Properties are included in the respective calculations in their first full month of operations, as appropriate. We have excluded the realized rental revenue and occupied square feet related to parking herein for the purpose of calculating annualized rent per occupied square foot. Article content Our increase in same-store revenue of approximately $0.4 million was primarily the result of decreased average physical occupancy of approximately 0.7% and an increase in revenue per occupied square foot of approximately 4.0% for the six months ended June 30, 2025 over the six months ended June 30, 2024. Article content Our same-store property operating expenses decreased by approximately $40,000 or 1.4% for the six months ended June 30, 2025 compared to the six months ended June 30, 2024. Article content (1) Asset management fees are included in Property operating expenses – affiliates in the consolidated statements of operations. (2) Includes amortization of Advisor contract of approximately $0.5 million and $0.4 million for the six months ended June 30, 2025 and 2024, respectively. Article content Forward-Looking Statements Article content Certain of the matters discussed in this earnings release, other than historical facts, constitute forward-looking statements within the meaning of the federal securities laws, and we intend for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in such federal securities laws. Such forward-looking statements can generally be identified by our use of forward-looking terminology such as 'may,' 'will,' 'expect,' 'intend,' 'anticipate,' 'estimate,' 'believe,' 'continue,' or other similar words, or the negative of such terms or other comparable terminology, or by discussions of strategy. We may also make additional forward-looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by us or on our behalf, are also expressly qualified by these cautionary statements. Article content Such statements include, but are not limited to statements concerning our plans, strategies, initiatives, prospects, objectives, goals, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions and other information that is not historical information. Such statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those projected or anticipated, including, without limitation: Article content disruptions in the economy, including debt and banking markets and foreign currency, including changes in the Canadian Dollar ('CAD')/U.S. Dollar ('USD') exchange rate; significant transaction costs, including financing costs, and unknown liabilities; whether we will be successful in the pursuit of our business plan and investment objectives; changes in the political and economic climate, economic conditions and fiscal imbalances in the United States, and other major developments, including tariffs, wars, natural disasters, epidemics and pandemics, military actions, and terrorist attacks; changes in tax and other laws and regulations, including tenant protection programs and other aspects of our business; difficulties in our ability to attract and retain qualified personnel and management; the effect of competition at our self-storage properties or from other storage alternatives, which could cause rents and occupancy rates to decline; failure to close on pending or future acquisitions on favorable terms or at all; our reliance on information technologies, which are vulnerable to, among other things, attack from computer viruses and malware, hacking, cyberattacks and other unauthorized access or misuse; increases in interest rates; and failure to maintain our REIT status. Article content All forward-looking statements, including without limitation, management's examination of historical operating trends and estimates of future earnings, are based upon our current expectations and various assumptions. Our expectations, beliefs and projections are expressed in good faith, and we believe there is a reasonable basis for them, but there can be no assurance that management's expectations, beliefs and projections will result or be achieved. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date this report is filed with the Securities and Exchange Commission (the 'SEC') and are not intended to be a guarantee of our performance in future periods. We cannot guarantee the accuracy of any such forward-looking statements contained in this earnings release, and we do not intend to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Article content For further information regarding risks and uncertainties associated with our business, and important factors that could cause our actual results to vary materially from those expressed or implied in such forward-looking statements, please refer to the factors listed and described under 'Management's Discussion and Analysis of Financial Condition and Results of Operations' and the 'Risk Factors' sections of the documents we file from time to time with the SEC, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024, as supplemented by the risk factors included in Part II, Item 1A of our Form 10-Qs, copies of which may be obtained from our website at Article content Article content Article content Contacts Article content David Corak Article content Article content Article content Article content
Associated Press
12-08-2025
- Business
- Associated Press
Royalty Management Holding Corporation Announces Second Quarter 2025 Financial Results and Reports 374% Year-Over-Year Six-Month Revenue Growth
Company reports Total Revenues for first half of 2025 of over $2.2 million, compared to Total Revenues of approximately $416,00 for the same period in 2024 Total Assets increased to approximately $16.9 million and Total Shareholders' Equity increased to approximately $14 million FISHERS, IN - August 11, 2025 ( NEWMEDIAWIRE ) - Royalty Management Holding Corporation (Nasdaq: RMCO) ('Royalty Management' 'RMCO', or the 'Company'), a forward leaning royalty company building shareholder value by acquiring and developing high value assets in a variety of resource-driven and emerging technology industries, is pleased to announce continuing record second quarterly results for the period ended June 30, 2025. Thomas Sauve, Chief Executive Officer of the Company, stated, 'Second quarter and first half of 2025 showcases that Company continues its march forward on realizing value for its shareholders by expanding the Company's revenues and increasing the assets and shareholder equity. With revenue in the first half of this year at over $2.25 million, we have been able to continue our expansion with several of our key investments contributing to the overall growth of the Company.' Tom continued, 'Second quarter of 2025 also saw our inaugural quarterly cash dividend to shareholders, which will continue quarterly with the next record date being September 30, 2025. We remain focused on creating shareholder value through organic and acquisitive expansion as well as realizing significant value from our underlying investments, payment of the quarterly dividends, and new thematic investments from our Company, such as our focus on critical minerals and rare earth elements, our upcoming adoption of a Treasury Management Strategy, and investment in other resource related assets.' Second Quarter 2025 Key Highlights (Unaudited): Select Financial Results for First Quarter 2025 (Unaudited): Select Portfolio Holdings Royalty Management has put together an exciting portfolio of royalty assets which support growing or transitioning industries and to generate near-future royalty and income streams. Some of RMCO's select portfolio holdings include: NeoRe, SpA. - An option to acquire an equity ownership position in the operations of NeoRe's La Marigen ionic clay project, containing the heavy and light rare earth elements Terbium, Dysprosium, Praseodymium, and Neodymium, among others. ReElement Technologies Corporation - Sponsored research and royalty agreement to develop low cost novel methods of purification of platinum group metals, silver, and gold from recycled and ore feedstocks. RMCO is sponsoring the research in return for a royalty from the use of the developed technologies. FUB Mineral LLC, an entity that owns over 2,200 acres of metallurgical (steelmaking) coal property in eastern Kentucky covering two coal seams and located within a mining complex that has processing capabilities and rail loadout. Greenhouse Technology - The Company has invested into intellectual property that is a key constituent to the next level of indoor agriculture and technology. RMCO receives a royalty based on the sales of this technology and products. RMC Environmental Service LLC - A wholly-owned, environmental service business line of RMCO that supports residential, municipal and commercial development in and around Hamilton County, Indiana. The company typically provides enough revenue and earnings to cover the majority, if not all, of the parent (Royalty Management Holding Corporation) company's expenses. Ferrox Holdings Ltd. - A majority owner of the Tivani Project; ilmenite, iron, vanadium and phosphate project which is in an advance development stage. It is located in the long-term mining region of the Limpopo Province in South Africa. Ferrox is the holding company for several South African subsidiaries and is focus is on developing mineral resources in Sub Saharan Africa. TR Mining - A high quality, Jamaica-based diversified mineral project with a focus on iron ore, titanium and vanadium with an initial estimated deposit of 212,925,000 tons of raw feedstock with an estimated 106,462,500 tons of ore body, based on an average of 50% magnetic material. The project is part of a Special Exclusive Prospecting License (or 'SEPL') that covers an area of approximately 25 permitted square kilometers. TR Mining is 51% owned by American Infrastructure Corporation and 49% owned by TR Mining & Equipment Limited, where RMC owns a royalty interest from the sale of produced product from the operation. Advanced Magnet Lab, Inc. (AML) - AML is a recognized leader in the development of innovative magnet technologies and magnet-based applications. Today, AML is executing on multiple product development programs including magnet materials and PM-Wire(TM) based motors and generators for industrial, aerospace and defense. This includes projects funded by large industry, U.S. Department of Energy and U.S. Department of Defense. RMCO has an ownership interest in AML through its participation in their Series A round of capital raising. Center for Advancing Sustainable and Distributed Fertilizer Production (CASFER) - CASFER vision is to enable resilient and sustainable food production by developing next generation, modular, distributed, and efficient technology for capturing, recycling, and producing decarbonized nitrogen-based fertilizers (NBFs). CASFER brings together a diverse leadership and the convergence of a multidisciplinary team drawn from Texas Tech University, Florida A&M University, Georgia Institute of Technology, Case Western Reserve University, and Massachusetts Institute of Technology. RMCO is a gold member of CASFER providing commercial technology rights into one of the fastest growing markets of fertilizer recycling. Heart Water, Inc. - Heart Water offers artisan alkaline rainwater with the aim of saving the depleting water resources. Heart Water is a cloud-harvested, nature-purified, and micro-filtered process, this is the purest alkaline water on the planet. The company has a unique process that utilizes ultraviolet light technology, multi-stage purification, and ozone oxidation, ensuring the naturally purest water available. RMCO owns an equity stake in Heart Water and will collect a royalty interest from each bottle of water that is sold from the facilities constructed by RMC's investment. The footnotes and additional information present in the Form 10Q filed with the Securities and Exchange Commission for this period are integral to the unaudited condensed consolidated financial statements. The footnotes and additional information present in the Form 10Q filed with the Securities and Exchange Commission for this period are integral to the unaudited condensed consolidated financial statements. The footnotes and additional information present in the Form 10Q filed with the Securities and Exchange Commission for this period are integral to the unaudited condensed consolidated financial statements. About Royalty Management Holding Corporation Royalty Management Holding Corporation (NASDAQ: RMCO) is a royalty company building shareholder value to benefit both its shareholders and communities by acquiring and developing high value assets in a variety of market environments. The model is to acquire and structure cash flow streams around assets that can support the communities by monetizing the current existing cash flow streams while identifying transitionary cash flow from the assets for the future. For more information visit Forward-Looking Statements This press release contains statements that constitute 'forward-looking statements,' including with respect to the initial public offering. No assurance can be given that the matters discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those that will be set forth in the 'Risk Factors' section of the Company's filings with the SEC. The information contained in this release is as of the date first set forth above. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law. Royalty Management Holding Corporation Contact: Thomas Sauve Chief Executive Officer (646) 245-2465 SOURCE: Royalty Management Holding Corporation View the original release on
Yahoo
04-08-2025
- Business
- Yahoo
BioMarin Reports Strong Second Quarter 2025 Results and Raises Full-year Guidance¹ for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS
Second Quarter 2025 Total Revenues of $825 million (+16% Y/Y and +17% at Constant Currency Y/Y) Second Quarter 2025 GAAP Diluted Earnings Per Share (EPS) of $1.23 (+124% Y/Y) Second Quarter 2025 Non-GAAP Diluted EPS of $1.44 (+50% Y/Y) BioMarin Completes Acquisition of Inozyme in July 2025; Pivotal Data from Lead Indication Expected 1H'26 BMN 333 Exceeds Targeted Exposures of Free C-type Natriuretic Peptide (CNP) in Healthy Volunteer Study; Pivotal Phase 2/3 Study with BMN 333 in Pediatric Achondroplasia Planned to Begin 1H'26 Conference Call and Webcast Scheduled Today at 4:30 p.m. ET SAN RAFAEL, Calif., Aug. 4, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the second quarter ended June 30, 2025. "We were very pleased with our second quarter performance across all aspects of the business, including strong growth, exciting pipeline progress, and delivery of our business development strategy," said Alexander Hardy, President and Chief Executive Officer of BioMarin. Mr. Hardy continued, "In the quarter, global demand for BioMarin's innovative therapies resulted in double-digit year-over-year revenue growth and significant profitability expansion. In addition to these strong results, today, we are pleased to share early data for BMN 333, a potential new treatment option for children with achondroplasia. BMN 333, our long-acting CNP, achieved our targeted profile in the healthy volunteer study and is now expected to move into the pivotal study in 2026. Our goal is for BMN 333 to demonstrate superiority to VOXZOGO and set a new standard for the treatment of achondroplasia. "We were also pleased to have delivered on our business development strategy with the acquisition of Inozyme, which closed on July 1st," Mr. Hardy added. "The acquisition strengthens our portfolio, adding a late stage enzyme replacement therapy, BMN 401, formerly INZ-701, for the treatment of ENPP1 Deficiency. In conclusion, with the first half of the year now complete, I am pleased with our progress and remain enthusiastic about our potential to deliver for patients, employees and our shareholders through the remainder of 2025 and beyond." 1Excludes the estimated impact of acquired in-process research and development (IPR&D) charges from BioMarin's acquisition of Inozyme Pharma, Inc. (Inozyme), which was completed on July 1, 2025. IPR&D charges are expected to be recorded in BioMarin's financial results in the third quarter of 2025. Second Quarter 2025 Financial Highlights Total Revenues for the second quarter of 2025 were $825 million, an increase of 16% compared to the same period in 2024, driven by strong 20% year-over-year VOXZOGO revenue growth from new patients initiating therapy across all regions. In the quarter, revenues from BioMarin's Enzyme Therapies (ALDURAZYME®, BRINEURA®, NAGLAZYME®, PALYNZIQ and VIMIZIM®) increased 15% compared to the second quarter of 2024, driven by a combination of increased patient demand in all regions and the timing of large government orders. The increase was partially offset by lower KUVAN® product revenues attributed to continued generic competition as a result of the loss of market exclusivity. GAAP Net Income increased by $134 million to $241 million in the second quarter of 2025 compared to the same period in 2024, an increase of 125%, primarily attributed to higher gross profit driven by the factors noted above. The increase was also attributed to lower Selling, General and Administrative (SG&A) expense due to severance and restructuring costs incurred in 2024 and lower Research and Development (R&D) spend due to re-prioritization of investments associated with the company's portfolio strategy review announced in 2024. These increases were partially offset by higher tax provision primarily due to an increase in taxable income. Non-GAAP Income increased by $93 million to $282 million in the second quarter of 2025 compared to the same period in 2024, representing 49% growth. The increase in Non-GAAP Income was primarily due to higher gross profit driven by the factors noted above. The increase was also attributed to lower R&D spend due to re-prioritization of R&D investments following the company's portfolio strategy review announced in 2024. These increases were partially offset by higher Non-GAAP SG&A spend in 2025 due to ongoing support of business initiatives. Second Quarter 2025 Business Highlights Innovation Skeletal Conditions: BioMarin announced today that Phase 1 data in its healthy volunteer study with BMN 333, BioMarin's long-acting C-type natriuretic peptide (CNP), demonstrated area-under-the-curve (AUC) pharmacokinetic (PK) levels greater than three times the levels observed in other long-acting CNP studies. No safety signals were noted. Based on these results, BioMarin is advancing plans to initiate the registration-enabling Phase 2/3 study in the first half of 2026. BMN 333 is on track for a potential 2030 launch, should data be supportive. In May, VOXZOGO data was presented at the Pediatric Endocrine Society (PES) Annual Meeting from the Phase 2 CANOPY clinical studies in younger children that assessed the impact of treatment on tibial bowing, an orthopedic complication and significant cause of pain in children with achondroplasia. Children who received VOXZOGO had a significant reduction in the magnitude of tibial bowing compared to children who received placebo. The study found that this improvement was sustained in children who received VOXZOGO treatment for several years. These findings further reinforce the growing body of evidence supporting VOXZOGO's therapeutic benefits, including improvements in craniofacial development, foramen magnum dimensions, body proportionality, quality of life, and durable increases in growth velocity—all while maintaining bone health and a consistent safety profile. During the quarter, BioMarin continued to advance its CANOPY clinical program studying VOXZOGO in additional indications, including hypochondroplasia, idiopathic short stature, Noonan syndrome, Turner syndrome, and SHOX deficiency. With VOXZOGO in hypochondroplasia, the company expects to share topline data from its pivotal study in the first half of 2026 and file submissions to global health authorities for approval in the second half of 2026, leading to a potential launch in 2027. Enzyme Therapies: In July 2025, BioMarin completed the acquisition of Inozyme, adding BMN 401 (formerly INZ-701), a potential first-in-disease treatment for ENPP1 Deficiency, to BioMarin's Enzyme Therapies portfolio. Initial pivotal data readout for the ENERGY 3 study in children ages 1–12 years is anticipated in the first half of 2026, with potential launch in 2027. BioMarin is committed to continue working with the patient and HCP communities to identify individuals with ENPP1 Deficiency who may benefit from treatment with BMN 401, in advance of a potential launch. BioMarin is progressing plans to advance BMN 401 for the treatment of ENPP1 Deficiency across additional age groups. The company is also evaluating BMN 401 for potential use in other indications. With PALYNZIQ for the treatment of adolescents between the ages of 12 and 17, BioMarin remains on track to submit applications in the second half of 2025 to expand PALYNZIQ age eligibility in the United States and Europe, with potential approval in 2026. PALYNZIQ is the only enzyme substitute therapy for phenylketonuria (PKU) that lowers physiological blood Phe levels to within the normal range as well as allow for an unrestricted diet, regardless of patient phenotype. Other Clinical Pipeline Programs: BMN 351, BioMarin's next generation oligonucleotide for Duchenne muscular dystrophy, and BMN 349, an oral therapeutic for alpha-1 antitrypsin deficiency (AATD)-associated liver disease, continue to advance. For BMN 351, the clinical study is progressing, and the company expects to share initial data by year-end. For BMN 349, the Phase 1 program is advancing, with the Phase 2 study expected to begin in the first half of 2026. During its regular evaluation of R&D programs, BioMarin determined that BMN 390, a pre-clinical candidate for the treatment of PKU, did not meet its target immunogenicity threshold for advancement. The program has been discontinued and employees working on the program have been redeployed within BioMarin. The company remains committed to developing new therapies for people with PKU, with other projects underway across the organization. Growth Total VOXZOGO revenue in the second quarter increased 20% compared to the same period in 2024, driven by strong worldwide demand. As of the end of the quarter, children with achondroplasia in 51 countries around the world were being treated with VOXZOGO, representing strong progress towards the company's target of accessing more than 60 countries by 2027. Global VOXZOGO Y/Y revenue growth in the quarter was led by U.S. contributions, with the majority of new patient starts in the 0-4 year age group. Outside of the U.S. (OUS), Q2 revenue expansion was supported by deeper penetration in previously opened markets and incremental contributions from new country access. Increasing new patient starts, execution of U.S. expansion initiatives, and ongoing OUS build-out are expected to drive higher VOXZOGO revenue in the second half of 2025 compared to the first half of 2025, and weighted to Q4. Total Enzyme Therapies revenues grew 15% in the second quarter Y/Y. PALYNZIQ revenue increased 20% Y/Y, and strength in the quarter was driven by greater numbers of patients titrating to daily maintenance dose and strong adherence. VIMIZIM revenue grew 21% Y/Y in the quarter, driven by both ongoing patient demand and order timing. Total Enzyme Therapies revenues in the second half of 2025 are expected to remain robust, despite typical quarter-to-quarter order timing dynamics in the third and fourth quarters. Value Commitment In the second quarter of 2025, BioMarin delivered expanding margins and increasing profitability. Second quarter GAAP Operating Margin of 33.5% expanded 16.6 percentage points Y/Y while GAAP Diluted EPS of $1.23 increased 124% Y/Y. Second quarter Non-GAAP Operating Margin of 39.9% expanded 8.7 percentage points Y/Y while Non-GAAP Diluted EPS of $1.44 increased 50% Y/Y. These measures of profitability increased at rates faster than revenue growth, reflecting the company's implementation of operational efficiencies. During the second quarter, GAAP and Non-GAAP R&D expenses were lower Y/Y, benefiting from focused R&D investment in prioritized assets following the results of last year's strategic portfolio review. GAAP SG&A decreased Y/Y due to higher 2024 restructuring expenses associated with the company's revamped operating model, and Non-GAAP SG&A increased Y/Y to support the company's ERP implementation and investment in business unit expansion initiatives. Operating expenses are expected to increase in the second half of 2025 vs. the first half of 2025 as clinical and commercial initiatives advance. As a result of the completed acquisition of Inozyme on July 1, 2025, BioMarin expects to account for the transaction as an asset purchase and record the impact of acquired in-process research and development (IPR&D) charges in its third quarter 2025 financial results, which are subject to BioMarin's financial statement closing procedures. The company expects to provide an update on full-year 2025 guidance items, including impact of the acquired IPR&D charges, in its third quarter 2025 earnings update. The company generated operating cash flows totaling $185 million in second quarter 2025, an increase of 55% compared to the same period in 2024. Total cash and investments at the end of the second quarter were approximately $1.9 billion, and increasing operating cash flow is expected to continue, supporting BioMarin's priority of investment in innovation and future growth. Today, BioMarin raised full-year 2025 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS. The improved guidance reflects continued growth in patient demand across the portfolio and the company's commitment to generate increasing profitability and cash flow to support reinvestment in innovation and growth. The guidance reflects the impact of tariffs that have already been enacted, and BioMarin expects that any new tariffs would have a limited impact in 2025. BioMarin has immaterial exposure to U.S. tariffs for China, Mexico and Canada across its global supply chain operations and product sales. Financial Highlights (in millions of U.S. dollars, except per share data, unaudited) Three Months Ended June 30,Six Months Ended June 30,20252024% Change20252024% Change Total Revenues $825$71216 %$1,571$1,36115 % Net Product Revenues by Product:VOXZOGO $221$18420 %$435$33729 % Enzyme Therapies:VIMIZIM $215$17821 %$404$3719 % NAGLAZYME 129132(2) %2432382 % PALYNZIQ 1068820 %19916421 % ALDURAZYME 563944 %1057442 % BRINEURA 49459 %89846 % Total Enzyme Therapies Revenue $555$48215 %$1,040$93112 % KUVAN $27$29(7) %$52$65(20) % ROCTAVIAN® $9$729 %$20$8150 % GAAP Net Income $241$107125 %$426$196117 % Non-GAAP Income (1) $282$18949 %$502$32953 % GAAP Operating Margin % (2) 33.5 %16.9 %31.9 %15.4 % Non-GAAP Operating Margin % (1) 39.9 %31.2 %37.9 %27.6 % GAAP Diluted Earnings per Share (EPS) $1.23$0.55124 %$2.19$1.01117 % Non-GAAP Diluted EPS (1) $1.44$0.9650 %$2.57$1.6754 % June 30,2025December 31,2024 Total cash, cash equivalents & investments $ 1,941$ 1,659 (1) Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP. (2) GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues. Forward-Looking Non-GAAP Financial Information BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors. 2025 Full-Year Financial Guidance (in millions, except % and EPS amounts) ItemProvided on May 1, 2025Updated August 4, 2025 Total Revenues (1)$3,100to$3,200$3,125to$3,200 Non-GAAP Operating Margin % (2)(4)32 %to33 %33 %to34 % Non-GAAP Diluted EPS (2)(3)(4)$4.20to$4.40$4.40to$4.55 (1) VOXZOGO contribution to full-year 2025 Total Revenues expected to be in the range of $900 million to $935 million. (2) Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Operating Margin and Non-GAAP Diluted EPS. (3) Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding. (4) Excludes the estimated impact of acquired IPR&D charges from BioMarin's acquisition of Inozyme, which was completed on July 1, 2025. Accounting for the Inozyme transaction will be finalized and included in the company's third quarter financial results, which are subject to BioMarin's financial statement closing procedures. The company expects to provide an update on full-year 2025 guidance items, including impact of the acquired IPR&D charges, in its third quarter 2025 earnings acquired IPR&D charges may be incurred upon execution of acquisitions, collaborations, licensing agreements, and other business development transactions, BioMarin does not forecast acquired IPR&D charges due to the uncertainty of the future occurrence, magnitude, and timing of these transactions in any given period. BioMarin will host a conference call and webcast to discuss second quarter 2025 financial results today, Monday, August 4, 2025, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at U.S./Canada Dial-in Number: 800-715-9871 Replay Dial-in Number: 800-770-2030 International Dial-in Number: 646-307-1963 Replay International Dial-in Number: 609-800-9909 Conference ID: 6336054 Conference ID: 6336054 About BioMarin BioMarin is a global biotechnology company dedicated to translating the promise of genetic discovery into medicines that make a profound impact on the life of each patient. The San Rafael, California-based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin pursues treatments that offer new possibilities for patients and families around the world navigating rare or difficult to treat genetic conditions. To learn more, please visit Forward-Looking Statements This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS and Operating Cash Flow for, in certain instances, the full-year 2025 and future periods, as well as increasing growth and increasing operating expenses in the remainder of 2025, and the underlying drivers of those results, such as the revenue opportunity represented by treatments for Skeletal Conditions, namely VOXZOGO and VOXZOGO's contribution to full-year 2025 Total Revenues, the expected demand and continued growth of BioMarin's Enzyme Therapies portfolio, the anticipated benefits of BioMarin's acquisition of Inozyme Pharma, Inc. and the accounting treatment of such acquisition; the timing of orders for commercial products; BioMarin's ability to meet product demand; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) expected advancements of pipeline candidates, including BMN 333, BMN 349, BMN 351 and BMN 401 (formerly INZ-701), the anticipated initial data read-out for BMN 351 by year-end, the expected Phase 2 study for BMN 349 in the first half of 2026, the anticipated initial readout for the BMN 401 ENERGY 3 study in the first quarter of 2026 and potential launch in 2027, plans to advance BMN 401 for the treatment of ENPP1 deficiency across additional age groups as well as potential use in other indications, and the expected data and data presentation for BMN 333 in the first half of 2026 and plans to initiate a registration-enabling study for BMN 333 in 2026 for a potential launch in 2030; (ii) plans to submit applications to expand PALYNZIQ age eligibility for the treatment of adolescents with phenylketonuria between the ages of 12 and 17 in the U.S. and Europe in the second half of 2025, with potential approval and launch in 2026; (iii) expected topline data from the VOXZOGO pivotal study in hypochondroplasia in 2026 and plans to submit applications in 2026 for a potential launch in 2027; (iv) the expectations regarding higher VOXZOGO revenue in the second half of 2025 compared to the first half of 2025 and the underlying assumptions for such expectations; and (v) plans to advance five new VOXZOGO indications with BioMarin's CANOPY clinical program; the expectation that any new tariffs would have limited impact in 2025; expectations for BMN 333's efficacy compared to VOXZOGO's and ability to set a new standard of treatment for achondroplasia; plans to expand VOXZOGO in more than 60 countries by 2027; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends. These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products; impacts of macroeconomic and other external factors on BioMarin's operations, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise. BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, ROCTAVIAN®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners. Contact: Investors:Media: Traci McCartyMarni Kottle BioMarin Pharmaceutical Pharmaceutical Inc. (415) 455-7558(650) 374-2803 BIOMARIN PHARMACEUTICAL CONSOLIDATED STATEMENTS OF INCOMEThree and Six Months Ended June 30, 2025 and 2024(In thousands of U.S. dollars, except per share amounts)(Unaudited) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 REVENUES:Net product revenues $ 812,982$ 702,129$ 1,547,626$ 1,339,944 Royalty and other revenues 12,4289,90022,92920,918 Total revenues 825,410712,0291,570,5551,360,862 OPERATING EXPENSES:Cost of sales 150,090130,459301,648255,639 Research and development 161,308183,787320,039388,774 Selling, general and administrative 232,279263,032438,395488,938 Intangible asset amortization 4,84614,2999,69328,597 Gain on sale of nonfinancial assets ———(10,000) Total operating expenses 548,523591,5771,069,7751,151,948 INCOME FROM OPERATIONS 276,887120,452500,780208,914 Interest income 18,82719,78537,84039,150 Interest expense (2,679)(3,574)(5,542)(7,121) Other income (expense), net 4,833(4,527)2,879(3,260) INCOME BEFORE INCOME TAXES 297,868132,136535,957237,683 Provision for income taxes 57,33624,962109,73941,847 NET INCOME $ 240,532$ 107,174$ 426,218$ 195,836 EARNINGS PER SHARE, BASIC $ 1.25$ 0.56$ 2.23$ 1.03 EARNINGS PER SHARE, DILUTED $ 1.23$ 0.55$ 2.19$ 1.01 Weighted average common shares outstanding, basic 191,907190,114191,440189,490 Weighted average common shares outstanding, diluted 197,091200,505196,643200,137 BIOMARIN PHARMACEUTICAL CONSOLIDATED BALANCE SHEETSJune 30, 2025 and December 31, 2024 (In thousands of U.S. dollars, except per share amounts)(Unaudited) June 30, 2025December 31, 2024 ⁽¹⁾ ASSETSCurrent assets:Cash and cash equivalents $ 1,213,816$ 942,842 Short-term investments 218,309194,864 Accounts receivable, net 855,855660,535 Inventory 1,340,1691,232,653 Other current assets 177,183201,533 Total current assets 3,805,3323,232,427 Noncurrent assets:Long-term investments 508,592521,238 Property, plant and equipment, net 1,030,3851,043,041 Intangible assets, net 239,620255,278 Goodwill 196,199196,199 Deferred tax assets 1,427,0211,489,366 Other assets 249,192251,391 Total assets $ 7,456,341$ 6,988,940 LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:Accounts payable and accrued liabilities $ 684,247$ 606,988 Total current liabilities 684,247606,988 Noncurrent liabilities:Long-term convertible debt, net 596,162595,138 Other long-term liabilities 148,819128,824 Total liabilities 1,429,2281,330,950 Stockholders' equity:Common stock, $0.001 par value: 500,000,000 shares authorized; 192,001,650 and 190,761,349 shares issued and outstanding, respectively 192191 Additional paid-in capital 5,851,6375,802,068 Company common stock held by the Nonqualified Deferred Compensation Plan (11,674)(11,227) Accumulated other comprehensive income (loss) (44,565)61,653 Retained earnings (accumulated deficit) 231,523(194,695) Total stockholders' equity 6,027,1135,657,990 Total liabilities and stockholders' equity $ 7,456,341$ 6,988,940 (1) December 31, 2024 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, 2024, filed with the SEC on February 24, 2025. BIOMARIN PHARMACEUTICAL CONSOLIDATED STATEMENTS OF CASH FLOWSSix Months Ended June 30, 2025 and 2024 (In thousands of U.S. dollars)(Unaudited) Six Months Ended June 30,20252024 CASH FLOWS FROM OPERATING ACTIVITIES:Net income $ 426,218$ 195,836 Adjustments to reconcile net income to net cash provided by operating activities:Depreciation and amortization 40,63253,813 Non-cash interest expense 1,3201,981 Accretion of discount on investments (2,717)(4,678) Stock-based compensation 85,231106,163 Gain on sale of nonfinancial assets —(10,000) Impairment of assets 2,96714,204 Deferred income taxes 61,7711,537 Unrealized foreign exchange gain (5,306)(19,958) Other (1,916)(858) Changes in operating assets and liabilities:Accounts receivable, net (156,124)(56,081) Inventory (72,462)(47,409) Other current assets (15,092)1,615 Other assets (13,505)(22,880) Accounts payable and accrued liabilities 3,111(54,261) Other long-term liabilities 5,5376,709 Net cash provided by operating activities 359,665165,733 CASH FLOWS FROM INVESTING ACTIVITIES:Purchases of property, plant and equipment (33,869)(47,431) Maturities and sales of investments 195,738317,649 Purchases of investments (202,433)(195,462) Proceeds from sale of nonfinancial assets —10,000 Purchase of intangible assets (266)(8,512) Net cash provided by (used in) investing activities (40,830)76,244 CASH FLOWS FROM FINANCING ACTIVITIES:Proceeds from exercises of awards under equity incentive plans 7,70736,618 Taxes paid related to net share settlement of equity awards (51,089)(66,739) Other —(60) Net cash used in financing activities (43,382)(30,181) Effect of exchange rate changes on cash (4,479)5,227 NET INCREASE IN CASH AND CASH EQUIVALENTS 270,974217,023 Cash and cash equivalents:Beginning of period $ 942,842$ 755,127 End of period $ 1,213,816$ 972,150 Non-GAAP Information The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP R&D expenses and Non-GAAP SG&A expenses are defined by the company as GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans and convertible debt in periods when they are dilutive under Non-GAAP. The company's presentation of percentage changes in total revenues at Constant Currency rates, which is computed using current period local currency sales at the prior period's foreign exchange rates, is also a Non-GAAP financial measure. This measure provides information about growth (or declines) in the company's total revenue as if foreign currency exchange rates had not changed between the prior period and the current period. BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP R&D expenses, Non-GAAP SG&A expenses, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS, Non-GAAP Weighted-Average Diluted Shares Outstanding and Constant Currency are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information: Reconciliation of GAAP Reported Information to Non-GAAP Information (1)(In millions of U.S. dollars, except per share data)(unaudited) Three Months Ended June 30,Six Months Ended June 30,2025202420252024 GAAP Reported Net Income $ 241$ 107$ 426$ 196 AdjustmentsStock-based compensation expense - COS 4467 Stock-based compensation expense - R&D 14132634 Stock-based compensation expense - SG&A 30315366 Amortization of intangible assets 5141029 Gain on sale of nonfinancial assets (2) ———(10) Severance and restructuring costs (3) —39—42 Loss on investments (4) —535 Income tax effect of adjustments (11)(24)(22)(39) Non-GAAP Income $ 282$ 189$ 502$ 329 Three Months Ended June 30,20252024DollarPercentageDollarPercentage GAAP Change in Total Revenues $ 11316 %$ 11720 % Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars 730 Non-GAAP change in Total Revenues at Constant Currency $ 12017 %$ 14725 %Six Months Ended June 30,20252024DollarPercentageDollarPercentage GAAP Change in Total Revenues $ 21015 %$ 16914 % Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars 2153 Non-GAAP change in Total Revenues at Constant Currency $ 23117 %$ 22219 % Three Months Ended June 30,Six Months Ended June 30,2025202420252024R&DSG&AR&DSG&AR&DSG&AR&DSG&A GAAP expenses $ 161$ 232$ 184$ 263$ 320$ 438$ 389$ 489 AdjustmentsStock-based compensation expense (14)(30)(13)(31)(26)(53)(34)(66) Severance and restructuring costs (3) ———(39)———(42) Non-GAAP expenses $ 147$ 203$ 171$ 193$ 294$ 385$ 355$ 381 Three Months Ended June 30,Six Months Ended June 30,2025 Percent of GAAP Total Revenue2024 Percent of GAAP Total Revenue2025 Percent of GAAP Total Revenue2024 Percent of GAAP Total Revenue GAAP Income from Operations $ 277 33.5 %$ 120 16.9 %$ 501 31.9 %$ 209 15.4 % AdjustmentsStock-based compensation expense 48 5.848 6.885 5.4106 7.7 Amortization of intangible assets 5 0.614 2.010 0.629 2.1 Gain on sale of nonfinancial assets (2) — —— —— —(10) (0.7) Severance and restructuring costs (3) — —39 5.5— —42 3.1 Non-GAAP Income from Operations $ 329 39.9 %$ 222 31.2 %$ 596 37.9 %$ 376 27.6 % Three Months Ended June 30,Six Months Ended June 30,2025202420252024 GAAP Diluted EPS $ 1.23$ 0.55$ 2.19$ 1.01 AdjustmentsStock-based compensation expense 0.240.240.430.53 Amortization of intangible assets 0.030.070.050.14 Gain on sale of nonfinancial assets (2) ———(0.05) Severance and restructuring costs (3) —0.20—0.21 Loss on investments (4) —0.020.020.02 Income tax effect of adjustments (0.06)(0.12)(0.11)(0.19) Non-GAAP Diluted EPS (5) $ 1.44$ 0.96$ 2.57$ 1.67 (1) Certain amounts may not sum or recalculate due to rounding. (2) Represents a payment triggered by a third party's attainment of a regulatory approval milestone related to previously sold intangible assets. (3) These amounts were included in SG&A and represent severance and restructuring costs related to the Company's 2024 corporate initiatives and the associated organizational redesign efforts. (4) Represents impairment loss on non-marketable equity securities recorded in Other income (expense), net. (5) Non-GAAP Weighted-Average Diluted Shares Outstanding were 197.1 million and 200.5 million shares for the three months ended June 30, 2025 and 2024, respectively, and 196.6 million and 200.1 million shares for the six months ended June 30, 2025 and 2024, respectively, which were equal to the respective GAAP Weighted-Average Diluted Shares Outstanding in the periods presented. View original content to download multimedia: SOURCE BioMarin Pharmaceutical Inc.
