BIOMARIN PHARMACEUTICAL INC, 10-K filed on 2/26/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 19, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 000-26727    
Entity Registrant Name BioMarin Pharmaceutical Inc    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 68-0397820    
Entity Address, Address Line One 770 Lindaro Street    
Entity Address, City or Town San Rafael    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 94901    
City Area Code 415    
Local Phone Number 506-6700    
Title of 12(b) Security Common Stock, par value $.001    
Trading Symbol BMRN    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction Flag false    
Entity Shell Company false    
Entity Public Float     $ 6.7
Entity Common Stock, Shares Outstanding   192,323,359  
Documents Incorporated by Reference Documents Incorporated by Reference: Specified portions of the registrant's definitive proxy statement for the registrant's 2026 annual meeting of stockholders, which will be filed with the Commission no later than 120 days after the end of the registrant's fiscal year ended December 31, 2025, are incorporated by reference under Part III of this Annual Report on Form 10-K.    
Amendment Flag false    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001048477    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location San Francisco, California
v3.25.4
CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES:      
Total revenues $ 3,221,253 $ 2,853,915 $ 2,419,226
OPERATING EXPENSES:      
Cost of sales 717,442 580,235 532,062
Research and development 921,930 747,184 746,773
Selling, general and administrative 1,153,017 1,009,025 892,406
Intangible asset amortization 19,386 43,257 62,211
Gain on sale of nonfinancial assets 0 (10,000) 0
Total operating expenses 2,811,775 2,369,701 2,233,452
INCOME FROM OPERATIONS 409,478 484,214 185,774
Interest income 74,904 74,883 58,339
Interest expense (10,899) (12,666) (17,335)
Other income (expense), net 8,997 (4,668) (38,215)
INCOME BEFORE INCOME TAXES 482,480 541,763 188,563
Provision for income taxes 133,579 114,904 20,918
NET INCOME $ 348,901 $ 426,859 $ 167,645
EARNINGS PER SHARE, BASIC (in dollars per share) $ 1.82 $ 2.25 $ 0.89
EARNINGS PER SHARE, DILUTED (in dollars per share) $ 1.80 $ 2.21 $ 0.87
Weighted-average common shares outstanding, basic (in shares) 191,787 190,027 187,834
Weighted average common shares outstanding, diluted (in shares) 197,394 196,708 191,595
Net product revenues      
REVENUES:      
Total revenues $ 3,167,759 $ 2,809,445 $ 2,372,538
Royalty and other revenues      
REVENUES:      
Total revenues $ 53,494 $ 44,470 $ 46,688
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 348,901 $ 426,859 $ 167,645
Available-for-sale debt securities:      
Unrealized holding gain (loss) arising during the period, net    of tax impact of $(587), $(289) and $(3,922), respectively 1,942 959 12,963
Cash flow hedges:      
Unrealized holding gain (loss) arising during the period, net of tax impact of $0 for all periods presented (92,542) 104,354 (37,720)
Less: reclassifications to net income, net of tax impact of $0 for all periods presented (15,474) 14,872 164
Net change in unrealized holding gain (loss), net of tax (77,068) 89,482 (37,884)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (75,126) 90,441 (24,921)
COMPREHENSIVE INCOME $ 273,775 $ 517,300 $ 142,724
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Unrealized holding gain (loss) arising during the period, tax $ (587) $ (289) $ (3,922)
Unrealized holding gain (loss) arising during the period, tax 0 0 0
Reclassifications to net income (loss), tax $ 0 $ 0 $ 0
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 1,311,679 $ 942,842
Short-term investments 248,930 194,864
Accounts receivable, net 908,214 660,535
Inventory 1,298,883 1,232,653
Other current assets 185,784 201,533
Total current assets 3,953,490 3,232,427
Noncurrent assets:    
Long-term investments 492,242 521,238
Property, plant and equipment, net 952,508 1,043,041
Intangible assets, net 213,837 255,278
Goodwill 196,199 196,199
Deferred tax assets 1,508,697 1,489,366
Other assets 277,049 251,391
Total assets 7,594,022 6,988,940
Current liabilities:    
Accounts payable and accrued liabilities 759,031 606,988
Total current liabilities 759,031 606,988
Noncurrent liabilities:    
Long-term convertible debt, net 597,176 595,138
Other long-term liabilities 150,816 128,824
Total liabilities 1,507,023 1,330,950
Stockholders’ equity:    
Common stock, $0.001 par value: 500,000,000 shares authorized; 192,300,101 and 190,761,349 shares issued and outstanding, respectively 192 191
Additional paid-in capital 5,956,582 5,802,068
Company common stock held by the Nonqualified Deferred Compensation Plan (10,508) (11,227)
Accumulated other comprehensive income (loss) (13,473) 61,653
Retained earnings (accumulated deficit) 154,206 (194,695)
Total stockholders’ equity 6,086,999 5,657,990
Total liabilities and stockholders’ equity $ 7,594,022 $ 6,988,940
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 192,300,101 190,761,349
Common stock, shares outstanding (in shares) 192,300,101 190,761,349
v3.25.4
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)
$ in Thousands
Total
Common stock:
Additional paid-in capital:
Company common stock held by the NQDC:
Accumulated other comprehensive income (loss):
Retained earnings (accumulated deficit)
Beginning balance (in shares) at Dec. 31, 2022   186,251,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   2,347,000        
Ending balance (in shares) at Dec. 31, 2023   188,598,000        
Total stockholders' equity, beginning balances at Dec. 31, 2022 $ 4,603,156 $ 186 $ 5,404,895 $ (8,859) $ (3,867) $ (789,199)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax   3 (7,162)      
Stock-based compensation     212,828      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     1,001 (1,001)    
Other comprehensive income (loss) (24,921)       (24,921)  
Net income 167,645         167,645
Total stockholders' equity, ending balances at Dec. 31, 2023 $ 4,951,549 $ 189 5,611,562 (9,860) (28,788) (621,554)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   2,163,000        
Ending balance (in shares) at Dec. 31, 2024 190,761,349 190,761,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax   $ 2 (28,354)      
Stock-based compensation     217,493      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     1,367 (1,367)    
Other comprehensive income (loss) $ 90,441       90,441  
Net income 426,859         426,859
Total stockholders' equity, ending balances at Dec. 31, 2024 $ 5,657,990 $ 191 5,802,068 (11,227) 61,653 (194,695)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   1,539,000        
Ending balance (in shares) at Dec. 31, 2025 192,300,101 192,300,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax   $ 1 (41,555)      
Stock-based compensation     196,788      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     (719) 719    
Other comprehensive income (loss) $ (75,126)       (75,126)  
Net income 348,901         348,901
Total stockholders' equity, ending balances at Dec. 31, 2025 $ 6,086,999 $ 192 $ 5,956,582 $ (10,508) $ (13,473) $ 154,206
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
NET INCOME $ 348,901 $ 426,859 $ 167,645
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 79,557 96,426 104,386
Non-cash interest expense 2,622 3,359 4,188
Accretion of discount on investments (4,801) (8,345) (9,228)
Stock-based compensation 181,409 201,571 207,099
Gain on sale of nonfinancial assets 0 (10,000) 0
Impairment of assets 125,012 19,889 38,608
ROCTAVIAN inventory write-off 119,208 0 0
Deferred income taxes 48,738 56,096 (44,981)
Unrealized foreign exchange gain 4,459 (16,753) 28,446
Acquired in-process research & development expense 220,963 0 0
Other (4,414) 20,135 (365)
Changes in operating assets and liabilities:      
Accounts receivable, net (228,054) (57,909) (190,435)
Inventory (116,929) (63,530) (157,058)
Other current assets 8,891 (3,778) (50,335)
Other assets (38,573) (73,700) (31,149)
Accounts payable and accrued liabilities 66,136 (32,240) 68,853
Other long-term liabilities 14,869 14,761 23,585
Net cash provided by operating activities 827,994 572,841 159,259
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (103,038) (85,424) (96,691)
Maturities and sales of investments 337,801 633,018 864,863
Purchases of investments (355,875) (410,250) (868,496)
Proceeds from sale of nonfinancial assets 0 10,000 0
Purchase of intangible assets (7,937) (11,994) (10,920)
Acquisition, net of cash acquired (285,193) 0 0
Other 0 1,141 0
Net cash provided by (used in) investing activities (414,242) 136,491 (111,244)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from exercises of awards under equity incentive plans 14,460 49,277 69,353
Taxes paid related to net share settlement of equity awards (55,965) (77,560) (76,319)
Repayments of convertible debt 0 (494,987) 0
Other (889) (3,177) (11,761)
Net cash used in financing activities (42,394) (526,447) (18,727)
Effect of exchange rate changes on cash (2,521) 4,830 1,308
NET INCREASE IN CASH AND CASH EQUIVALENTS 368,837 187,715 30,596
Cash and cash equivalents:      
Beginning of period 942,842 755,127 724,531
End of period 1,311,679 942,842 755,127
SUPPLEMENTAL CASH FLOW DISCLOSURES:      
Cash paid for interest 7,245 10,361 10,303
Cash paid for income taxes 96,205 57,269 73,312
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Accounts payable and accrued liabilities related to fixed assets 3,780 3,751 10,280
Accounts payable and accrued liabilities related to intangible assets $ 1,247 $ 6,327 $ 8,000
v3.25.4
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
Nature of Operations
BioMarin Pharmaceutical Inc. (the Company or 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.
Basis of Presentation
These 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 Annual Reports on Form 10-K and include the accounts of BioMarin and its wholly owned subsidiaries. All intercompany transactions have been eliminated. Management performed an evaluation of the Company’s activities through the date of filing of this Annual Report on Form 10-K, and has concluded that there were no other events or transactions that occurred subsequent to the balance sheet date and prior to the filing of this Annual Report on Form 10-K except for the transactions disclosed in Note 21 to these Consolidated Financial Statements.
Use of Estimates
U.S. GAAP requires management to make estimates and assumptions that affect amounts reported on the Company’s 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 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.
Significant Accounting Policies
Cash and Cash Equivalents
The Company treats highly liquid investments, readily convertible to cash, with original maturities of three months or less on the purchase date as cash equivalents.
Marketable and Non-Marketable Securities
Marketable Securities
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such designations at each reporting period. The Company classifies its debt and equity securities with original maturities greater than three months when purchased as either short-term or long-term investments based on each instrument’s underlying contractual maturity date and its availability for use in current operations.
All marketable securities are classified as available-for-sale. Available-for-sale debt securities are measured and recorded at fair market value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) (AOCI) on the Company’s Consolidated Balance Sheets, with the exception of any declines in fair value below the cost basis that are a result of a credit loss, which, if any, are reported in Other income (expense), net in the current period through an allowance for credit losses. Impairment assessments are made at the individual security level each reporting period. When the fair value of an investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is related to a credit loss and, if so, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date.
Non-Marketable Equity Securities
The Company records investments in equity securities, other than equity method investments, at fair market value, if fair value is readily determinable. Equity securities with no readily determinable fair values are recorded using the measurement alternative of cost adjusted for observable price changes in orderly transactions for identical or similar investments of the same
issuer less impairment, if any. Investments in equity securities are recorded in Other Assets on the Company's Consolidated Balance Sheets. Unrealized gains and losses are reported in Other income (expense), net. The Company regularly reviews its non-marketable equity securities for indicators of impairment.
Inventory
The Company values inventory at the lower of cost and net realizable value. The Company determines the cost of inventory using the standard-cost and average-cost methods, which approximates cost based on the first-in, first out (FIFO) method. The Company analyzes its inventory levels quarterly for obsolescence and, if required, adjusts inventory to its net realizable value if the cost basis of inventory is in excess of its expected net realizable value, or for quantities in excess of expected demand. If the Company determines cost exceeds its net realizable value, the resulting adjustments are recognized as Cost of Sales in the Consolidated Statements of Income.
Property, Plant and Equipment
Property, plant and equipment are stated at historical cost net of accumulated depreciation. Depreciation is computed using the straight-line method over the related estimated useful lives, as presented in the table below. Significant additions and improvements are capitalized, whereas repairs and maintenance are expensed as incurred. Depreciation of property, plant and equipment are included in Cost of Sales, Research and Development (R&D) and SG&A, as appropriate, in the Consolidated Statements of Income. Property and equipment purchased for specific R&D projects with no alternative future uses are expensed as incurred and recorded to R&D in the Consolidated Statements of Income.
Leasehold improvementsShorter of life of asset or lease term
Building and improvements
20 to 50 years
Manufacturing and laboratory equipment
5 to 15 years
Computer hardware and software
3 to 7 years
Office furniture and equipment
5 years
Land improvements
10 to 20 years
LandNot applicable
Construction-in-progressNot applicable
Leases
The Company's lease portfolio primarily consists of leases for properties and equipment for administrative, manufacturing and R&D activities. The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, Right of Use (ROU) assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent the lease payment obligation. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset also includes any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants.
Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. When an arrangement requires payments for lease and non-lease components, the Company has elected to account for lease and non-lease components separately. Lease expense for leases with a term of twelve months or less is recognized on a straight-line basis and are not included in the recognized ROU assets and lease liabilities.
Goodwill and Intangible Assets
The Company records goodwill in a business combination when the total consideration exceeds the fair value of the assets acquired.
Intangible assets with indefinite useful lives are related to purchased in-process research and development (IPR&D) projects and are measured at their respective fair values as of the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets are
considered finite-lived and are amortized using the straight-line method based on their respective estimated useful lives at that point in time. The amortization of these intangible assets is included in Intangible Asset Amortization in the Consolidated Statements of Income.
Intangible assets with finite useful lives primarily consist of acquired intellectual property and royalty rights, regulatory approval and first commercial sales milestone payments as well as costs associated with technology transfer to qualify third-party manufacturing facilities for commercial production. Intangible assets are recorded at cost, net of accumulated amortization, and amortized over their estimated useful lives on a straight-line basis. Amortization expense is recorded in Intangible Asset Amortization on the Company's Consolidated Statements of Income, except for amortization expense related to the technology transfer, which is recorded in Cost of Sales.
Impairment
The Company assesses goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter, or more frequently as warranted by events or changes in circumstances that indicate that the carrying amount may not be recoverable.
Goodwill is assessed for impairment by comparing the fair value of the Company’s reporting unit with its carrying amount. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the difference would be recorded.
Indefinite-lived intangible assets are assessed for impairment first by performing a qualitative assessment. If the qualitative assessment indicates that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then the Company will perform a quantitative assessment and record an impairment loss.
Long-Lived Asset Impairment
The Company’s long-lived assets consist of property, plant and equipment, lease ROU assets and finite-lived intangible assets, which includes costs associated with technology transfer to qualify manufacturing facilities for commercial production. Should there be an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset or asset group and its eventual disposition to the carrying amount of the asset or asset group. Any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. Impairment charges related to property, plant or equipment that are not material are recorded to depreciation expense and presented in SG&A in the Consolidated Statements of Income. Impairment charges for finite-lived intangible assets associated with technology transfer costs that are not material are recorded to Cost of Sales in the Consolidated Statements of Income. Impairment charges related to all other finite-lived intangible assets that are not material are recorded to Intangible Asset Amortization in the Consolidated Statements of Income.
Capitalized Software
The Company capitalizes software development costs associated with internal use software, including external direct costs of materials and services and payroll costs for employees devoting time to a software project. Costs incurred during the preliminary project stage, as well as costs for maintenance and training, are expensed as incurred. When placed in service, implementation costs are subsequently amortized on a straight-line basis over the expected useful life of the asset.
The following table presents the Company's capitalized software costs for the periods presented:
December 31,
Capitalized Software Classification
20252024
Assets:
Other current assets
$9.1 $6.4 
Other assets
97.0 65.7 
Total Capitalized Software
$106.1 $72.1 
Amortization expense related to capitalized software was $7.4 million for the year ended December 31, 2025 and was not material for the years ended December 31, 2024 and 2023.
Revenue Recognition
The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for contracts with customers, the Company performs the following five steps:
(i)identification of the promised goods or services in the contract;
(ii)determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;
(iii)measurement of the transaction price, including the constraint on variable consideration;
(iv)allocation of the transaction price to the performance obligations based on estimated selling prices; and
(v)recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account.
Net Product Revenues
In the U.S., the Company’s commercial products, except for PALYNZIQ and ALDURAZYME, are generally sold to specialty pharmacies or end-users, such as hospitals, which act as retailers. PALYNZIQ is distributed in the U.S. through certain certified specialty pharmacies under the PALYNZIQ Risk Evaluation and Mitigation Strategy (REMS) and ALDURAZYME is marketed world-wide by Sanofi. Outside the U.S., the Company’s commercial products are sold to its authorized distributors or directly to government purchasers or hospitals, which act as the end-users. Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon shipment to the customer. The Company's payment terms vary by customer, jurisdiction or, in some instances, by product. With the exception of Sanofi and certain outcomes-based contracts, most of the Company's payment terms are based on customary commercial terms and are generally less than one year after the customer obtains control. The Company does not adjust revenue for the effects of a significant financing component for contracts if the period between the transfer of control and corresponding payment is expected to be one year or less. Amounts collected from customers and remitted to governmental authorities, which primarily consist of value-added taxes related to product sales in foreign jurisdictions, are presented on a net basis on the Company’s Consolidated Statements of Income, in that taxes billed to customers are not included as a component of Net Product Revenues.
For ALDURAZYME revenues, the Company receives a payment ranging from 39.5% to 50% on worldwide net ALDURAZYME sales by Sanofi depending on sales volume, which is included in Net Product Revenues on the Company’s Consolidated Statements of Income. The Company recognizes its best estimate of the revenue it expects to earn when the product is released and control is transferred to Sanofi. The Company records ALDURAZYME net product revenues based on the estimated variable consideration payable when the product is sold through by Sanofi. Actual amounts of consideration ultimately received may differ from the Company’s estimates. Differences between the estimated variable consideration to be received from Sanofi and actual payments received are not expected to be material. If actual results vary from the Company’s estimates, the Company will make adjustments, which would affect Net Product Revenues and earnings in the period such variances become known.
Revenue Reserves
Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from government and commercial rebates, chargebacks, sales returns, and other incentives that are offered within contracts between the Company and its customers, such as specialty pharmacies, hospitals, authorized distributors and government purchasers. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, patient outcomes, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates, however the Company does not expect any such
difference to be material. If actual results in the future vary from the Company’s estimates, the Company will adjust its estimates, which would affect net product revenue and earnings in the period such variances become known.
Government and Commercial Rebates: The Company records reserves for rebates payable under government programs, such as Medicaid, and commercial arrangements, such as managed care rebates, as a reduction of revenue at the time product revenues are recorded. The Company’s reserve calculations require estimates, including estimates of customer mix and patient outcomes, to determine which sales will be subject to rebates and the amount of such rebates. The Company updates its estimates and assumptions on a quarterly basis and records any necessary adjustments to its reserves.
Sales Returns: The Company records allowances for product returns, if appropriate, as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including market exclusivity of the products based on their orphan drug status, the patient population, the customers’ limited return rights and the Company’s historical experience with returns. Because of the pricing of the Company’s commercial products, the limited number of patients and the customers’ limited return rights, most customers and retailers carry a limited inventory. The Company relies on historical return rates to estimate a reserve for returns. Based on these factors and the fact that the Company has not experienced significant product returns to date, return allowances are not material.
Other Incentives: Other incentives include fees paid to the Company’s distributors and discounts for prompt payment. The Company also offers a branded co-pay assistance program for eligible patients with commercial insurance in the U.S. who are on an eligible BioMarin product. The branded co-pay assistance programs assist commercially insured patients who have coverage for an eligible BioMarin product and are intended to reduce each participating patient’s portion of the financial responsibility of the purchase price up to a specified dollar amount of assistance. The Company records fees paid to distributors, cash discounts and amounts paid under the brand specific co-pay assistance program for each patient as a reduction of revenue.
Royalty and Other Revenues
Royalties: For arrangements that include the receipt of sales-based royalties, including milestone payments based on the level of sales when the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).
Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.
Milestone payments: At the inception of each arrangement that includes developmental, regulatory or commercial milestone payments, the Company evaluates whether achieving the milestones is considered probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone (such as a regulatory submission by the Company) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators or where attainment of the specified event is dependent on the development activities of a third party, are not considered probable of being achieved until those approvals are received or the specified event occurs. Revenue is recognized from the satisfaction of performance obligations in the amount billable to the customer.
Research and Development
R&D costs are generally expensed as incurred. These expenses include contract R&D services provided by third parties, preclinical and clinical studies, raw materials costs associated with manufacturing clinical product, quality control and assurance, other R&D activities, facilities and regulatory costs and R&D-related personnel costs including salaries, benefits and stock-based compensation. Upfront and milestone payments made to third parties in connection with licensed intellectual property, which does not have an alternative future use or does not reach technological feasibility, are expensed as incurred up to the point of regulatory
approval. Advance payments for goods or services for use in research and development (R&D) activities are capitalized and recorded in other current assets, and then expensed as the related goods are delivered or the services are performed.
Advertising Expenses
The costs of advertising are presented in SG&A in the Consolidated Statements of Income and are expensed as incurred. Advertising expenses were $50.5 million, $34.5 million and $27.8 million in 2025, 2024 and 2023, respectively.
Earnings Per Common Share
Basic earnings per share is calculated by dividing Net Income by the weighted average shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common stock equivalent shares are excluded if their effect is anti-dilutive.
Stock-Based Compensation
The Company has equity incentive plans under which various types of equity-based awards may be granted to employees. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period required to obtain full vesting, and is classified as Cost of Sales, R&D or SG&A, as appropriate, in the Consolidated Statements of Income. The Company accounts for forfeitures as they occur.
Restricted Stock Units
The fair value of restricted stock units (RSUs) with service-based vesting conditions and RSUs with performance conditions is determined to be the fair market value of the Company’s underlying common stock on the date of grant. The stock-based compensation expense for RSUs with service-based vesting is recognized over the period during which the vesting restrictions lapse. Stock-based compensation expense for RSUs with performance conditions is recognized beginning in the period the Company determines it is probable that the performance condition will be achieved. Management expectations related to the achievement of performance goals associated with RSUs with performance conditions are assessed regularly to determine whether such grants are expected to vest. The fair value for RSUs with market conditions is estimated using the Monte Carlo valuation model, utilizing expected volatility rates derived from those of the Company and the members of the referenced peer group. Related stock-based compensation is recognized, beginning on the grant date, on a straight-line basis regardless of whether the market condition is met unless the required service is not performed.
Stock Options and Purchase Rights
The fair value of each stock option award and purchase rights under the Company’s Employee Stock Purchase Plan (ESPP) are estimated on the date of grant using the Black-Scholes valuation model and the following assumptions: expected term, expected volatility, risk-free interest rate and expected dividend yield. The dividend yield reflects that the Company has not paid any cash dividends since inception and does not intend to pay any cash dividends in the foreseeable future. The expected term of stock options is based on observed historical exercise patterns. In estimating the life of stock options, the Company has identified two employee groups with distinctly different historical exercise patterns: executive and non-executive. The executive employee group has a history of holding stock options for longer periods than non-executive employees. The expected term of purchase rights for ESPP is based on each tranche of an offering period, which is four tranches in a twenty-four-month period.
The determination of the fair value of stock-based payment awards using a pricing model is affected by the Company’s stock price and may use assumptions regarding a number of complex and subjective variables.
Income Taxes
The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. Deferred tax assets and liabilities, measured using enacted tax rates, are recognized for the future tax consequences of temporary differences between the tax and financial statement basis of assets and liabilities. A valuation allowance reduces the deferred tax assets to the amount that is more likely than not to be realized. The Company establishes liabilities or reduces assets for uncertain tax positions when the Company believes certain tax positions are not more likely than not of being sustained if challenged. Each quarter, the
Company evaluates these uncertain tax positions and adjusts the related tax assets and liabilities in light of changing facts and circumstances.
The Company uses financial projections to support its net deferred tax assets, which contain significant assumptions and estimates of future operations. If such assumptions were to differ significantly, it may have a material impact on the Company’s ability to realize its deferred tax assets. At the end of each period, the Company will reassess the ability to realize its deferred tax assets. If it is more likely than not that the Company would not realize the deferred tax assets, a valuation allowance may need to be established against all or a portion of the deferred tax assets, which will result in a charge to tax expense.
Foreign Currency
For the Company and its subsidiaries, the functional currency has been determined to be the U.S. Dollar (USD). Assets and liabilities denominated in foreign currency are remeasured at period-end exchange rates for monetary assets and liabilities. Non-monetary assets and liabilities denominated in foreign currencies are remeasured at historical rates. Foreign currency transaction losses resulting from remeasurement recognized in Other Expense, Net in the Consolidated Statements of Income totaled $6.1 million, $8.6 million and $27.7 million in 2025, 2024 and 2023, respectively.
Derivatives and Hedging Activities
The Company uses foreign currency exchange forward contracts (forward contracts) to hedge certain operational exposures resulting from potential changes in foreign currency exchange rates. Such exposures result from portions of the Company’s forecasted revenues and operating expenses being denominated in currencies other than the USD, primarily the Euro. The Company designates certain of these forward contracts as hedging instruments and also enters into forward contracts that are considered to be economic hedges that are not designated as hedging instruments. Whether designated or undesignated, these forward contracts protect against the change in value of forecasted foreign currency cash flows resulting from gross product revenues, operating expenses and monetary asset or liability positions designated in currencies other than the USD. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The Company does not hold or issue derivative instruments for trading or speculative 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 Company accounts for its derivative instruments as either assets or liabilities on its Consolidated Balance Sheets and measures them at fair value, which is estimated using current exchange and interest rates and takes into consideration the current creditworthiness of the counterparties or the Company, as applicable. For derivatives designated as hedging instruments, the entire change in the fair value of qualifying derivative instruments is recorded in AOCI and amounts deferred in AOCI are reclassified to earnings in the same line item in which the earnings effect of the hedged item is reported. Derivatives not designated as hedging instruments are adjusted to fair value through earnings in Other income (expense), net, in the Consolidated Statements of Income.
Acquisitions
Acquisitions of businesses are accounted for using the acquisition method of accounting. The Company allocates the purchase price of acquired businesses to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets and acquired IPR&D assets. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill.
If it is determined that the net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Acquired IPR&D assets with no alternative future use under the acquisition method of accounting are charged to R&D in the Consolidated Statements of Income.
Fair Value of Financial Instruments
The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use to price the asset or liability, such as risks
inherent in valuation techniques, transfer restrictions and credit risk. When estimating fair value, depending on the nature and complexity of the asset or liability, the Company may use the following techniques:
•Income approach, which is based on the present value of a future stream of net cash flows
•Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities.
The Company’s fair value methodologies depend on the following types of inputs:
•Quoted prices for identical assets or liabilities in active markets (Level 1 inputs)
•Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities that are not active, or inputs other than quoted process that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (Level 2 inputs)
•Unobservable inputs that reflect estimates and assumptions (Level 3 inputs)
The Company’s Level 2 instruments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. The Company validates the prices provided by its third-party pricing services by understanding the models used, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming those securities traded in active markets.
The Company’s Level 3 financial assets and liabilities include acquired intangible assets resulting from business acquisitions. The estimated fair value of acquired finite-lived intangible assets is measured by applying a probability-based income approach utilizing an appropriate discount rate as of the acquisition date.
See Notes 7, 8, and 10 to these Consolidated Financial Statements for further information on the nature of these financial instruments.
Recent Accounting Pronouncements
New Accounting Pronouncements Issued and Adopted
Income Taxes
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures. The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this ASU in December 2025 on a prospective basis and it did not have a material impact on the Company’s Consolidated Financial Statements. See Note 15 - Income Taxes to these Consolidated Financial Statements for further information.
New Accounting Pronouncements Issued and Not Yet Adopted
Income Statement Disaggregation
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Topic 220, Expense Disaggregation Disclosures. The guidance requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's related disclosures.
Internal-use Software
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software Topic 350-40: Accounting for and Disclosure of Software Costs. The guidance clarifies the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold to be applied to begin capitalizing. The guidance also specifies that disclosure under Accounting Standards Codification Topic 360-10, Property, Plant, and Equipment - Overall,
apply to capitalized software costs. The Company may apply the guidance using a prospective, retrospective or modified transition approach. The effective date for the update is for fiscal years beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's Consolidated Financial Statements and related disclosures.
Accounting pronouncements not listed above were assessed and determined to be either not applicable or did not have a material impact on the Company's consolidated financial statements.
v3.25.4
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
FINANCIAL INSTRUMENTS FINANCIAL INSTRUMENTS
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of December 31, 2025 and 2024, respectively:
December 31, 2025
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$415,760 $— $— $415,760 $415,760 $— $— 
Level 2:
Money market instruments895,919 — — 895,919 895,919 — — 
Corporate debt securities472,572 3,286 (3)475,855 — 189,566 286,289 
U.S. government agency securities206,018 1,197 (1)207,214 — 59,115 148,099 
Asset-backed securities57,687 420 (4)58,103 — 249 57,854 
Subtotal1,632,196 4,903 (8)1,637,091 895,919 248,930 492,242 
Total$2,047,956 $4,903 $(8)$2,052,851 $1,311,679 $248,930 $492,242 

December 31, 2024
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$329,619 $— $— $329,619 $329,619 $— $— 
Level 2:
Money market instruments613,223 — — 613,223 613,223 — — 
Corporate debt securities503,202 2,410 (390)505,222 — 168,104 337,118 
U.S. government agency securities72,027 359 (33)72,353 — 896 71,457 
Asset-backed securities138,508 363 (344)138,527 — 25,864 112,663 
Subtotal1,326,960 3,132 (767)1,329,325 613,223 194,864 521,238 
Total$1,656,579 $3,132 $(767)$1,658,944 $942,842 $194,864 $521,238 
(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 December 31, 2025, 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.
See Note 1 to these Consolidated Financial Statements for additional discussion regarding the Company’s fair value measurements.
v3.25.4
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible Assets, Net consisted of the following:
December 31,
20252024
Finite-lived intangible assets$723,966 $721,110 
Accumulated amortization(510,129)(465,832)
Net carrying value$213,837 $255,278 
The following table summarizes the carrying value and estimated remaining life of the Company’s finite-lived intangible assets as of December 31, 2025:
Net BalanceAverage Remaining Life
Acquired intellectual property$127,163 7.4 years
Technology transfer
83,397 
6.0 years(1)
License payments
3,277 4.9 years
Total$213,837 
(1)Certain technology transfer assets have not yet been placed into service. The average remaining life presented is only for those placed into service.

As of December 31, 2025, the estimated future amortization expense associated with the Company’s finite-lived intangible assets that have been placed into service, was as follows:
Fiscal YearAmount
2026$30,281 
202730,281 
202828,709 
202927,470 
203027,332 
Thereafter55,538 
$199,611 
v3.25.4
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment, Net, consisted of the following:
December 31,
20252024
Building and improvements$910,710 $892,484 
Manufacturing and laboratory equipment574,576 542,856 
Computer hardware and software202,588 204,768 
Land90,781 90,781 
Leasehold improvements44,035 44,368 
Furniture and equipment41,647 41,871 
Land improvements27,565 27,433 
Construction-in-progress
134,911 90,271 
2,026,813 1,934,832 
Accumulated depreciation(1,074,305)(891,791)
Total property, plant and equipment, net$952,508 $1,043,041 
Depreciation expense, net of amounts capitalized into inventory, was $48.5 million, $46.6 million and $40.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
INVENTORY
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
INVENTORY INVENTORY
Inventory consisted of the following:
December 31,
20252024
Raw materials$106,510 $154,341 
Work-in-process801,061 550,678 
Finished goods391,312 527,634 
Total inventory$1,298,883 $1,232,653 
v3.25.4
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
Accounts Payable and Accrued Liabilities consisted of the following:
December 31,
2025
2024
Accounts payable and accrued operating expenses$312,768 $235,403 
Accrued compensation expense219,422 202,513 
Accrued rebates payable166,925 120,835 
Foreign currency exchange forward contracts31,007 13,056 
Lease liability8,685 7,574 
Accrued royalties payable7,968 7,923 
Accrued income taxes 3,667 12,567 
Other8,589 7,117 
Total accounts payable and accrued liabilities$759,031 $606,988 
Significant Revenue Rebates and Reserves for Cash Discounts
The roll forward of significant estimated accrued rebates and reserve for cash discounts for the years ended December 31, 2025, 2024 and 2023, were as follows:
Balance at
Beginning
of Period
Provision for Current Period SalesPayments
Balance at
End of
Period
Year ended December 31, 2025:
Accrued rebates$120,835 312,122 (266,032)$166,925 
Reserve for cash discounts$2,644 24,822 (24,266)$3,200 
Year ended December 31, 2024:
Accrued rebates$96,179 230,801 (206,145)$120,835 
Reserve for cash discounts$5,390 18,771 (21,517)$2,644 
Year ended December 31, 2023:
Accrued rebates$72,654 196,864 (173,339)$96,179 
Reserve for cash discounts$3,639 21,081 (19,330)$5,390 
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The Company measures certain financial assets and liabilities at fair value in accordance with the policy described in Note 1 to these Consolidated Financial Statements.
Other than the Company’s fixed-rate convertible debt disclosed in Note 10 to these Consolidated Financial Statements, there were no financial assets or liabilities that were remeasured using Level 1 inputs as of December 31, 2025 and 2024. Refer to Notes 2 and 8 to these Consolidated Financial Statements for other financial assets and liabilities measured at fair value. The
Company had no financial assets or liabilities that are remeasured on a recurring basis using Level 3 inputs as of December 31, 2025 and 2024.
Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following, except for derivatives, which are discussed in Note 8 – Derivative Instruments and Hedging Strategies: 
December 31,
2025
2024
Assets:
Other current assets:
NQDC Plan assets$3,765 $2,928 
Other assets:
NQDC Plan assets41,689 34,978 
Restricted investments (1)
375 514 
Total other assets42,064 35,492 
Total assets$45,829 $38,420 
Liabilities:
Current liabilities:
NQDC Plan liability$3,765 $2,928 
Other long-term liabilities:
NQDC Plan liability41,689 34,978 
Total liabilities$45,454 $37,906 
    
(1)The restricted investments as of December 31, 2025 and 2024 secure the Company’s irrevocable standby letters of credit obtained in connection with certain commercial agreements.
There were no transfers between levels during the periods presented.
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
The Company's forward contracts designated as hedging instruments have maturities up to two years. The Company's forward contracts that are considered to be economic hedges that are not designated as hedging instruments have maturities up to three months.
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
December 31,
Forward Contracts20252024
Derivatives designated as hedging instruments:
Sell$1,573,184 $1,371,816 
Purchase$385,499 $289,967 
Derivatives not designated as hedging instruments:
Sell$356,285 $344,101 
Purchase$36,798 $63,617 
The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
December 31,
Balance Sheet Location20252024
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$17,585 $60,192 
Other assets5,591 14,514 
Subtotal$23,176 $74,706 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$30,134 $12,381 
Other long-term liabilities9,905 2,536 
Subtotal$40,039 $14,917 
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$2,479 $4,934 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$873 $675 
Total Derivatives Assets$25,655 $79,640 
Total Derivatives Liabilities$40,912 $15,592 
(1)    Refer to Note 1 to these Consolidated Financial Statements for additional information related to the Company’s fair value measurements.
The following tables summarize the impact of gains and losses from the Company's derivatives on its Consolidated Statements of Income for the periods presented.
Years Ended December 31,
202520242023
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues $(20,611)$14,708 $(186)
Operating expenses $5,137 $164 $350 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in Earnings
Operating expenses$(32,536)$33,966 $(8,808)
As of December 31, 2025, the Company expects to reclassify unrealized losses of $12.9 million from AOCI to earnings as the forecasted revenue and operating expense transactions occur over the next twelve months. For additional discussion of balances in AOCI see Note 11 to these Consolidated Financial Statements.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
The following table presents the Company’s ROU assets and lease liabilities for the periods presented.
December 31,
Lease ClassificationClassification20252024
Assets:
OperatingOther assets$35,243 $28,680 
FinancingOther assets4,046 5,071 
Total ROU assets$39,289 $33,751 
Liabilities:
Current:
OperatingAccounts payable and accrued liabilities$8,569 $7,233 
FinancingAccounts payable and accrued liabilities116 341 
Noncurrent:
OperatingOther long-term liabilities36,576 30,501 
FinancingOther long-term liabilities436 756 
Total lease liabilities$45,697 $38,831 
Maturities of lease liabilities as of December 31, 2025 by fiscal year were as follows: 

OperatingFinancingTotal
2026$10,066 $235 $10,301 
20279,355 222 9,577 
20288,592 141 8,733 
20296,332 — 6,332 
20303,848 — 3,848 
Thereafter18,459 — 18,459 
Total lease payments56,652 598 57,250 
Less: Imputed interest
(11,507)(46)(11,553)
Present value of lease liabilities$45,145 $552 $45,697 
Lease costs associated with payments under the Company’s leases for the periods presented were as follows:
Years Ended December 31,
Lease CostClassification202520242023
Operating (1)
Operating expenses$11,330 $14,154 $14,197 
Financing:
AmortizationOperating expenses1,729 1,703 3,360 
Interest expense
Interest expense
6 5 2,648 
Total lease costs$13,065 $15,862 $20,205 
(1)    Includes short-term leases and variable lease costs, both of which were not material in the periods presented.
The following table includes the weighted average remaining lease terms and the weighted average discount rate used to calculate the present value of the Company’s lease liabilities:
December 31,

20252024
Weighted average remaining lease term (in years):
Operating leases7.06.5
Financing leases2.83.1
Weighted average discount rate:
Operating leases6.2%6.1%
Financing leases6.0%5.4%
As of December 31, 2025, no leases were expected to commence that would create significant rights and obligations for the Company.
Years Ended December 31,
Supplemental Cash Flow Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Cash used in operating activities:
Operating leases$9,342 $13,388 $9,980 
Financing leases$47 $23 $51 
Cash used in financing activities:
Financing leases$889 $216 $2,286 
ROU assets obtained in exchange for lease obligations:
Operating leases$12,933 $2,812 $16,321 
Financing leases$661 $1,196 $68 
v3.25.4
DEBT
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT DEBT
Convertible Notes
As of December 31, 2025, the Company had outstanding fixed-rate convertible notes for an undiscounted aggregate principal amount of $600.0 million. The following table summarizes information regarding the Company’s convertible notes: 
December 31,
20252024
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(2,824)(4,862)
Total convertible debt, net$597,176 $595,138 
Fair value of fixed-rate convertible debt (1):
2027 Notes$576,267 $558,894 
(1)The fair value of the Company’s fixed-rate convertible debt is based on open market trades and is classified as Level 1 in the fair value hierarchy. See Note 1 to these Consolidated Financial Statements for additional discussion of fair value measurements.
Interest expense on the Company’s fixed-rate convertible debt consisted of the following:
Years Ended December 31,
202520242023
Coupon interest expense$7,500 $9,564 $10,465 
Accretion of discount on convertible notes1,942 2,775 3,359 
Amortization of debt issuance costs107 391 594 
Total interest expense on convertible debt$9,549 $12,730 $14,418 
2027 Notes
In May 2020, the Company issued $600.0 million in aggregate principal amount of senior subordinated unsecured convertible notes with a maturity date of May 15, 2027. The 2027 Notes were issued to the public at par value and bear interest at the rate of 1.25% per annum. Interest is payable semi-annually in cash in arrears on May 15 and November 15 of each year, beginning November 15, 2020. The 2027 Notes are convertible, at the option of the holder into shares of the Company’s common stock. The initial conversion rate for the 2027 Notes is 7.2743 shares per $1,000 principal amount of the 2027 Notes, which represents a conversion price of $137.47 per share, subject to adjustment under certain conditions. Following certain corporate transactions, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2027 Notes in connection with such corporate transactions by a number of additional shares of the Company’s common stock. A holder may convert fewer than all of such holder’s 2027 Notes so long as the amount of the 2027 Notes converted is an integral multiple of $1,000 principal amount. Net proceeds from the offering were $585.8 million. In connection with the issuance of the 2027 Notes, the Company recorded a discount on the 2027 Notes of $13.5 million, which will be accreted and recorded as additional interest expense over the life of the 2027 Notes.
The 2027 Notes are senior subordinated, unsecured obligations, and rank (i) subordinated in right of payment to the prior payment in full of all of the Company’s existing and future senior debt, (ii) equal in right of payment with the Company’s existing and future senior subordinated debt, (iii) senior in right of payment to the Company’s existing and future indebtedness that is expressly subordinated in right of payment to the notes, (vi) effectively subordinated to the Company’s existing and future secured indebtedness, to the extent of the value of the collateral securing that indebtedness, and (v) structurally subordinated to all existing and future indebtedness and other liabilities, including trade payables, and (to the extent the Company is not a holder thereof) preferred equity, if any, of the Company’s subsidiaries. Upon the occurrence of a “fundamental change,” as defined in the indenture governing the 2027 Notes, the holders may require the Company to repurchase all or a portion of such holder’s 2027 Notes for cash at 100% of the principal amount of the 2027 Notes being purchased, plus any accrued and unpaid interest.
The offer and sale of the 2027 Notes and the shares of the Company’s common stock issuable upon conversion of the 2027 Notes have not been registered under the Securities Act or any state securities laws and the 2027 Notes were offered only to qualified institutional buyers as defined in Rule 144A under the Securities Act.
See Note 16 to these Consolidated Financial Statements for further discussion of the effect of conversion of the Company's convertible debt on earnings per common share.
Revolving Credit Facility
In August 2024, the Company entered into an unsecured revolving credit facility providing for $600.0 million in revolving loan commitments. The credit facility was intended to finance ongoing working capital needs and for other general corporate purposes. The credit facility contains financial covenants including a maximum total net leverage ratio and a minimum interest coverage ratio. The credit facility matures in August 2029. As of December 31, 2025, there were no amounts outstanding under the credit facility and the Company was in compliance with all covenants.
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE INCOME ACCUMULATED OTHER COMPREHENSIVE INCOME
The following table summarizes changes in the accumulated balances for each component of AOCI, including current period other comprehensive income (loss) and reclassifications out of AOCI, for the periods presented.
Unrealized Gains (Losses) on Cash Flow HedgesUnrealized Gains (Losses) on Available-for-Sale Debt SecuritiesTotal
AOCI balance as of December 31, 2022$8,226 $(12,093)$(3,867)
Other comprehensive income (loss) before
reclassifications		(37,720)16,885 (20,835)
Less: gain (loss) reclassified from AOCI164 — 164 
Tax effect— (3,922)(3,922)
Net current period other comprehensive income (loss)(37,884)12,963 (24,921)
AOCI balance as of December 31, 2023$(29,658)$870 $(28,788)
Other comprehensive income (loss) before
reclassifications		104,354 1,248 105,602 
Less: gain (loss) reclassified from AOCI14,872 — 14,872 
Tax effect— (289)(289)
Net current period other comprehensive income
89,482 959 90,441 
AOCI balance as of December 31, 2024$59,824 $1,829 $61,653 
Other comprehensive income (loss) before
reclassifications		(92,542)2,529 (90,013)
Less: gain (loss) reclassified from AOCI(15,474)— (15,474)
Tax effect— (587)(587)
Net current period other comprehensive income (loss)
(77,068)1,942 (75,126)
AOCI balance as of December 31, 2025$(17,244)$3,771 $(13,473)
v3.25.4
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company operates and is managed as one operating segment which derives revenue from activities related to the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions.
The Company’s commercial organization is responsible for marketing its approved products worldwide. The Company’s R&D organization is responsible for research and discovery of new product candidates and supporting the development and registration efforts for potential new products. The Company’s technical operations group is responsible for the development of
manufacturing processes, supplying clinical drug product, and the manufacturing and distribution of its commercial products. The Company is also supported by corporate staff functions.
The Company’s Chief Executive Officer as the CODM manages and allocates resources to the operations of the total company by assessing the overall level of resources available and how to best allocate them to support the Company’s long-term company-wide strategic goals. In making this decision, the CODM uses consolidated financial information for the purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods.
The key measure of segment profit or loss used by the CODM to allocate resources and assess the Company's performance is its Consolidated Net Income, as reported on the Consolidated Statements of Income. The CODM's analysis includes a comparison to budgeted results. Segment assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company's available liquidity including cash, cash equivalents, investments, accounts receivable and inventory.
The following table includes information about segment revenue, significant segment expenses, and segment measure of profitability:
Years Ended December 31,
202520242023
Total revenues$3,221,253 $2,853,915 $2,419,226 
Less:
Cost of sales717,442 580,235 532,062 
R&D expenses
Research and early pipeline383,705 434,023 393,078 
Later-stage clinical programs308,334 27,581 62,604 
Marketed products229,891 285,580 291,091 
SG&A expenses
S&M expenses
530,156 476,739 488,442 
G&A expenses
622,861 532,286 403,964 
Other segment expense, net (1)
79,963 90,612 80,340 
Net income$348,901 $426,859 $167,645 
(1)Other segment expense, net, during the years ended December 31, 2025, 2024 and 2023 included Intangible Asset Amortization, Interest Income and Expense, Other Income (Expense), Net and Provision for Income Taxes. The year ended December 31, 2024 also included Gain on Sale of Nonfinancial Assets.
The following table presents Total Revenues and disaggregates Net Product Revenues by product.
Years Ended December 31,
202520242023
VOXZOGO$926,923 $735,092 $469,881 
Enzyme Therapies:
VIMIZIM792,051 739,784 701,053 
NAGLAZYME485,400 479,584 420,292 
PALYNZIQ433,310 355,047 303,919 
ALDURAZYME208,508 183,887 131,248 
BRINEURA186,397 169,083 161,889 
KUVAN99,530 120,902 180,767 
ROCTAVIAN35,640 26,066 3,489 
Total net product revenues3,167,759 2,809,445 2,372,538 
Royalty and other revenues53,494 44,470 46,688 
Total revenues$3,221,253 $2,853,915 $2,419,226 
The Company considers there to be revenue concentration risks for regions where Net Product Revenues exceed 10% of consolidated Net Product Revenues. The concentration of the Company’s Net Product Revenues within the regions below may have a material adverse effect on the Company’s revenues and results of operations if sales in the respective regions experience difficulties. The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for Company's commercial products sold directly by the Company, except for ALDURAZYME, which is distributed, marketed and sold exclusively by Sanofi worldwide.
Years Ended December 31,
202520242023
United States$1,104,973 $924,810 $771,314 
Europe874,331 829,031 669,331 
Latin America435,478 378,084 332,437 
Rest of world544,469 493,633 468,208 
Total net product revenues marketed by the Company2,959,251 2,625,558 2,241,290 
ALDURAZYME net product revenues marketed by Sanofi208,508 183,887 131,248 
Total net product revenues$3,167,759 $2,809,445 $2,372,538 
The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented.
Years Ended December 31,
202520242023
Customer A14 %13 %14 %
Customer B12 %12 %12 %
Customer C11 %10 %10 %
Total37 %35 %36 %
Long-lived assets, which consist of net property, plant and equipment and ROU assets are summarized by geographic region in the following table.
December 31,
20252024
Long-lived assets by geography:
United States$639,669 $755,069 
Ireland331,287 308,123 
Rest of world20,841 13,600 
Total long-lived assets$991,797 $1,076,792 
Concentration Information
On a consolidated basis, two customers accounted for 20% and 10% of the Company’s December 31, 2025 accounts receivable balance, respectively, compared to December 31, 2024 when two customers accounted for 20% and 11% of the accounts receivable balance, respectively. As of December 31, 2025 and 2024, the accounts receivable balance for Sanofi included $148.0 million and $96.8 million, respectively, of unbilled accounts receivable, which becomes payable to the Company when the product is sold through by Sanofi. The Company does not require collateral from its customers, but does perform periodic credit evaluations of its customers’ financial condition and requires prepayments in certain circumstances.
The Company is mindful that conditions in the current macroeconomic environment, such as inflation, changes in interest and foreign currency exchange rates, natural disasters, geopolitical instability, impact of new or increased tariffs and escalating trade tensions, regulatory uncertainty, and supply chain disruptions, could affect the Company’s ability to achieve its goals. In addition, the Company sells its products in countries that face economic volatility and weakness. Although the Company has historically collected receivables from customers in certain countries, sustained weakness or further deterioration of the local economies and currencies may cause customers in those countries to delay payment or be unable to pay for the Company’s products. The Company believes that the allowances for doubtful accounts related to these countries, if any, are adequate based on its analysis of the specific business circumstances and expectations of collection for each of the underlying accounts in these countries. The Company will continue to monitor these conditions and will attempt to adjust its business processes, as appropriate, to mitigate macroeconomic risks to its business.
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION
Equity Compensation Plans
Shares Available Under Equity Compensation Plans
As of December 31, 2025, an aggregate of approximately 54.9 million unissued shares were authorized for future issuance under the Company’s stock plans, which primarily includes shares issuable under the 2017 Equity Incentive Plan (2017 EIP) and the ESPP. Under the 2017 EIP, shares issued and outstanding under the Amended and Restated 2006 Share Incentive Plan (the 2006 Share Incentive Plan) and the 2017 EIP that expire or are forfeited generally become available for future issuance under the 2017 EIP. No additional awards will be granted under the 2006 Share Incentive Plan; however, there are vested awards outstanding under the 2006 Share Incentive Plan. The Company’s stock-based compensation plans are administered by the Company’s Board of Directors (the Board), or designated Committee thereof, which selects persons to receive awards and
determines the number of shares subject to each award and the terms, conditions, performance measures and other provisions of the awards. See Note 1 to these Consolidated Financial Statements for discussion regarding the valuation of equity awards.
2017 Equity Incentive Plan
The 2017 EIP provides for awards of RSUs and stock options as well as other forms of equity compensation. RSUs granted to employees generally vest annually over a straight-line four-year period after the grant date. RSUs with Performance-based Vesting Conditions (PRSUs) and RSUs with market-based vesting conditions (base TSR-RSUs) generally vest over a three-year period on a cliff basis three years after the grant date. Stock option awards granted to employees generally vest over a four-year period on a cliff basis 12 months after the grant date and then monthly thereafter. The contractual term of stock option awards is generally 10 years from the grant date. As of December 31, 2025, approximately 43.1 million shares were authorized and reserved for future issuance under the 2017 EIP.
Employee Stock Purchase Plan
The ESPP was initially approved in June 2006, replacing the Company’s previous plan which was amended in June 2019. Under BioMarin’s ESPP, employees meeting specific employment qualifications are eligible to participate and can purchase shares on established dates (each purchase date) semi-annually through payroll deductions at the lower of 85% of the fair market value of the stock at the commencement of the offering period or each purchase date of the offering period. Each offering period will span up to two years. The ESPP permits eligible employees to purchase common stock through payroll deductions for up to 10% of qualified compensation, up to an annual limit of $25,000. The ESPP is intended to qualify as an “employee stock purchase plan” under Section 423 of the Internal Revenue Code. During the year ended December 31, 2025, the Company issued 0.3 million shares under the ESPP. As of December 31, 2025, approximately 7.0 million shares were authorized and 2.0 million shares reserved for future issuance under the ESPP.
Board of Director Grants
On the date of the Company’s annual meeting of stockholders for a given year, each re-elected Independent Director receives an RSU grant valued at $400,000, with the number of RSUs to be granted calculated based on the thirty-day trailing average closing price of the Company’s common stock on the Nasdaq Global Select Market. The annual RSU grant for a director who has served for less than a year is prorated to the nearest quarter of the calendar year. The RSUs subject to the annual award vest in full on the one-year anniversary of the grant date, subject to each respective Director providing service to the Company through such vesting date. Upon election or appointment, a new Independent Director will receive an RSU grant on the same terms as the annual award, pro-rated for amount and vesting to the nearest quarter for the time such new Independent Director will serve prior to the Company’s next annual meeting of stockholders.
Stock-based Compensation
Stock-based compensation expense included on the Company’s Consolidated Statements of Income for all stock-based compensation arrangements was as follows:
Years Ended December 31,
202520242023
Cost of sales$14,165 $15,131 $17,604 
Research and development54,691 59,545 65,714 
Selling, general and administrative112,553 126,895 123,781 
Total stock-based compensation expense$181,409 $201,571 $207,099 
Stock-based compensation of $27.2 million, $28.3 million and $21.7 million was capitalized into inventory for the years ended December 31, 2025, 2024 and 2023, respectively. Capitalized stock-based compensation is recognized in Cost of Sales when the related product is sold.
Restricted Stock Units
Restricted Stock Unit Awards with Service-Based Vesting Conditions
Below is a summary of activity related to RSUs with service-based vesting conditions for the year ended December 31, 2025:
SharesWeighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 20244,536,723 $83.88 
Granted3,033,951 $68.23 
Vested(1,719,176)$83.38 
Forfeited(625,092)$79.27 
Non-vested units as of December 31, 20255,226,406 $75.50 
The weighted-average grant date fair values per share of RSUs with service-based vesting granted during the years ended December 31, 2025, 2024 and 2023, was $68.23, $82.98 and $88.96, respectively. The total intrinsic values of restricted stock that vested and released in the years ended December 31, 2025, 2024 and 2023, was $114.3 million, $152.2 million and $149.8 million, respectively.
As of December 31, 2025, total unrecognized compensation cost related to unvested RSUs with service-based vesting conditions of $279.5 million was expected to be recognized over a weighted average period of 2.6 years.
Restricted Stock Unit Awards with Performance-based Vesting Conditions
Below is a summary of activity related to RSUs with vesting conditions based on performance targets for the year ended December 31, 2025:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2024427,310 $84.29 
Granted279,134 $71.55 
Vested(228,252)$83.43 
Forfeited(9,960)$79.32 
Non-vested units as of December 31, 2025468,232 $79.60 
The weighted-average grant date fair value of the PRSUs for the years ended December 31, 2025, 2024 and 2023, was $71.55, $81.27 and $89.22, respectively.
Non-vested PRSUs included grants with vesting contingent upon the achievement of three-year or five-year performance targets for strategic goals, revenue growth or other internal financial measures. The awarded PRSUs vest over a three-year or a five-year service period on a cliff basis. The Company evaluated the targets in the context of its current long-range financial plan and its product candidate development pipeline to determine when attainment of each grant target was probable for accounting purposes. The number of shares that may be earned generally range between 50% and 200% of the base PRSUs granted.
As of December 31, 2025, total unrecognized compensation expense related to non-vested PRSUs of $5.5 million was expected to be recognized over a weighted average period of 1.6 years.
Restricted Stock Unit Awards with Market-based Vesting Conditions
The Compensation Committee and Board may grant base TSR-RSUs to certain executives. These base TSR-RSUs vest, if at all, in full following a three-year service period only if certain total shareholder return (TSR) results relative to the Nasdaq Biotechnology Index comparative companies are achieved. The number of shares that may be earned range between zero percent and 200% of the base TSR-RSUs with a ceiling achievement level of 100% of the base TSR-RSUs in the event the Company’s TSR is negative on an absolute basis.
Below is a summary of activity related to RSUs with market-based vesting conditions for the year ended December 31, 2025:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2024443,340 $120.92 
Granted214,578 $117.60 
Vested(132,390)$136.49 
Forfeited(11,650)$116.96 
Non-vested units as of December 31, 2025513,878 $115.61 
The grant date fair values and assumptions used to determine the fair value of TSR-RSUs on grant date during the periods presented were as follows:
Years Ended December 31,
202520242023
Grant date fair value
$117.60
102.07
$132.56
Expected volatility
22.4 – 155.5%
20.8 – 168.3%
22.4 – 152.1%
Dividend yield0.0%0.0%0.0%
Expected term
2.8 - 4.8 years
2.3 - 2.8 years
2.8 years
Risk-free interest rate
4.0 - 4.1%
3.6 - 4.6%
3.8%
As of December 31, 2025, total unrecognized compensation expense of $24.2 million related to base TSR-RSUs was expected to be recognized over a weighted average period of 2.1 years.
Stock Options and Purchase Rights
Stock Options
The following table summarizes activity under the Company’s stock option plans for the year ended December 31, 2025. All stock option grants presented in the table had exercise prices not less than the fair value of the underlying common stock on the grant date:
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Years
Aggregate
Intrinsic
Value (1)
Options outstanding as of December 31, 20245,747,448 $86.44 $5,198 
Granted791,700 $69.63 
Exercised— $— 
Expired and forfeited(895,698)$101.60 
Options outstanding as of December 31, 20255,643,450 $81.77 4.9$266,346 
Options unvested as of December 31, 20251,309,927 $75.55 8.7$266,346 
Exercisable as of December 31, 20254,331,730 $83.65 3.8$— 
(1)The aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock on the Nasdaq Global Select Market as of the last trading day for the respective year. The aggregate intrinsic value of options outstanding and exercisable includes options with an exercise price below $59.43, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2025.
The weighted-average grant date fair values of stock options granted in the years ended December 31, 2025, 2024 and 2023, were $30.06, $35.87 and $39.30, respectively. No options were exercised during the year ended December 31, 2025. The total intrinsic values of options exercised during the years ended December 31, 2024 and 2023, were $9.5 million and $25.9 million, respectively, determined as of the date of option exercise. Upon the exercise of the options, the Company issues new common stock from its authorized shares.
The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows:
Years Ended December 31,
202520242023
Expected volatility
37.0 – 39.6%
38.0 – 39.4%
37.8 – 40.3%
Dividend yield0.0%0.0%0.0%
Expected term
5.3 – 5.9 years
4.7 – 6.2 years
4.7 – 6.2 years
Risk-free interest rate
3.7 – 4.5%
3.5 – 4.5%
3.5 – 4.6%
As of December 31, 2025, total unrecognized compensation cost related to unvested stock options of $34.6 million was expected to be recognized over a weighted average period of 2.5 years.
Stock Purchase Rights
The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows:
Years Ended December 31,
202520242023
Expected volatility
26.9 – 35.7%
24.0 – 36.9%
24.0 – 48.0%
Dividend yield0.0%0.0%0.0%
Expected term
0.5 – 2.0 years
0.5 – 2.0 years
0.5 – 2.0 years
Risk-free interest rate
3.6 – 4.2%
4.1 – 5.5%
0.06 – 5.5%
As of December 31, 2025, total unrecognized compensation cost related to unvested stock purchase rights under the ESPP of $11.3 million was expected to be recognized over a weighted average period of 1.3 years.
v3.25.4
OTHER EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2025
Compensation Related Costs [Abstract]  
OTHER EMPLOYEE BENEFITS OTHER EMPLOYEE BENEFITS
401(k) Plan
The Company sponsors the BioMarin Retirement Savings Plan (the 401(k) Plan) for eligible U.S. employees. The Company pays the direct expenses of the 401(k) Plan and matches 100% of each participating employee’s eligible contributions, up to a maximum of the lesser of 6% of the employee’s annual compensation or the annual statutory contribution limit. The Company’s matching contribution vests immediately and was approximately $33.4 million, $34.4 million and $32.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Deferred Compensation Plan
The Company maintains the NQDC under which eligible directors and key employees may defer compensation. The NQDC prohibits the diversification of deferrals of Company stock. Company stock issued and held by the NQDC is accounted for similarly to treasury stock in that the fair value of the employer stock was determined on the grant date and the shares are issued into the NQDC when the restricted stock vests. The corresponding deferred compensation obligation is classified as equity with no changes in the fair value of Company stock held in the NQDC recognized in earnings. Other contributions held in the NQDC are classified as trading securities, recorded at fair value with the corresponding deferred compensation obligation classified as a liability and subsequent changes in the fair value of these non-BioMarin investments are recognized in earnings in the period they occur.
See Note 7 to these Consolidated Financial Statements for additional discussion on the fair value and presentation of the NQDC assets and liabilities.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Provision for Income Taxes was based on Income before Income Taxes as follows:
Years Ended December 31,
20252024
2023
U.S. Source$(262,617)$130,503 $(453,840)
Non-U.S. Source745,097 411,260 642,403 
Income before income taxes
$482,480 $541,763 $188,563 
The U.S. and foreign components of the Provision for Income Taxes were as follows:
Years Ended December 31,
20252024
2023
Provision for income taxes
Federal$32,428 $32,344 $25,120 
State and local11,528 8,813 5,098 
Foreign40,885 17,651 35,681 
84,841 58,808 65,899 
Provision for deferred income taxes:
Federal5,498 (2,117)(70,754)
State and local(5,148)(5,166)(8,030)
Foreign48,388 63,379 33,803 
48,738 56,096 (44,981)
Provision for income taxes
$133,579 $114,904 $20,918 
The following is a reconciliation of the statutory federal income tax expense and rate to the Company’s effective tax rate for the year ended December 31, 2025:
Year Ended December 31,
2025%
Federal Tax Expense$101,321 21.0%
State and local income taxes, net of federal income tax effect(1)
1,413 0.3
Foreign tax effects
Ireland
Statutory tax rate difference between Ireland and United States
(47,988)(10.0)
Other(2,013)(0.4)
Other Foreign Jurisdictions2,927 0.6
Effects of changes in tax laws or rates enacted in the current period
Effect of cross-border tax laws
Global intangible low taxed income (GILTI)88,510 18.3
Foreign derived intangible income (FDII)(30,052)(6.2)
Subpart F Income5,353 1.1
Tax credits
Foreign Tax Credits(31,972)(6.6)
Orphan Drug Credits
(13,638)(2.8)
R&D tax credits(7,495)(1.6)
Changes in valuation allowances5,274 1.1
Nontaxable or nondeductible items
Nondeductible IPR&D(2)
45,709 9.5
Stock compensation expense16,225 3.4
162m Addback6,764 1.4
Other1,198 0.3
Changes in unrecognized tax benefits(3)
(8,969)(1.9)
Other Adjustments1,012 0.2
Effective Tax Rate$133,579 27.7%
(1)    State taxes in Pennsylvania, Michigan and Illinois made up a simple majority (greater than 50%) of the tax effect in this category.
(2)    Non-deductible IPR&D charges in 2025 of $45.7 million primarily related to the impact of a $221.0 million one-time, non-tax deductible charge for the acquisition of Inozyme Pharma, Inc. (Inozyme).
(3)    Changes in unrecognized tax benefits for all jurisdictions are aggregated within this category.
The following is a reconciliation of the statutory federal income tax expense to the Company’s effective tax rate for the years ended December 31, 2024 and 2023:
Years Ended December 31,
2024
2023
Federal statutory income tax rate$113,770 $39,598 
State and local taxes4,756 (3,614)
Orphan Drug & General Business Credit(35,486)(39,535)
Stock compensation expense7,467 2,209 
Foreign Source Income Subject to US Tax44,492 47,721 
Foreign tax rate differential (1)
(34,905)(69,987)
Section 162(m) limitation9,278 9,699 
Tax Reserves32,560 27,296 
Intra-entity transfer of assets(33,432)5,019 
Valuation allowance/deferred benefit7,175 3,723 
Other(771)(1,211)
Effective income tax rate$114,904 $20,918 
(1)For the year ended December 31, 2024, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate offset by elimination of intercompany sales. For the year ended December 31, 2023, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate.
Cash paid for income taxes, net of refunds received, by jurisdiction for the year ended December 31, 2025, was as follows.
Year Ended December 31, 2025
Federal
$33,000 
State
8,719 
Foreign
Ireland
45,807 
United Kingdom
5,027 
Other
3,652 
Total cash paid for income taxes
$96,205 
The significant components of the Company’s net deferred tax assets were as follows:
December 31,
20252024
Net deferred tax assets:
Net operating loss carryforwards$105,642 $18,585 
Tax credit carryforwards
398,769 462,925 
Accrued expenses, reserves, and prepaids148,124 119,986 
Intangible assets625,084 696,096 
Capitalized R&D expenses
367,200 310,081 
Stock-based compensation35,848 42,609 
Lease liabilities6,054 7,209 
Inventory37,158 19,119 
Other(219)1,168 
Valuation allowance(181,743)(126,311)
Total deferred tax assets1,541,917 1,551,467 
Joint venture basis difference(989)(1,037)
Acquired intangibles(803)(915)
ROU Assets(3,911)(4,684)
Property, plant and equipment(27,573)(55,923)
Total deferred tax liabilities(33,276)(62,559)
Net deferred tax assets$1,508,641 $1,488,908 
The increase in net deferred tax assets is primarily related to additional net operating loss carryforwards from Inozyme acquisition, capitalization of R&D expenses, impairment charges related to the divestiture of ROCTAVIAN, partially offset by valuation allowance related to acquired Inozyme net operating loss carryforwards, utilization of current year R&D credits and intangible asset amortization.
Valuation allowances are provided to reduce the amounts of the Company's deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. At the end of each period, the Company will reassess the ability to realize its deferred tax benefits. If it is more likely than not that the Company would not realize the deferred tax benefits, a valuation allowance may need to be established against all or a portion of the deferred tax assets, which will result in a charge to tax expense.
In the third quarter of 2025, the Company determined that it is more likely than not that part of the deferred tax assets acquired in the Inozyme acquisition related to net operating losses and R&D credits will not be realized due to Section 382 limitations and state Separate Return Limitation Year (SRLY) rules and, therefore, a valuation allowance was recorded as part of the acquisition purchase accounting. In the third quarter of 2023, the Company determined that it is more likely than not that the deferred tax assets related to a future royalty stream will be realized. In making this determination, the Company analyzed both the consistent historical royalty earnings and the forecast of future royalty earnings and reached the conclusion that it was appropriate to release the valuation allowance reserve. The release is offset by an increase due to the Company’s expectation that state R&D credits generated will not be utilized.
As of December 31, 2025, the Company had the following net operating loss and tax credit carryforwards, which if not utilized, will expire as follows:
TypeAmountYear
Federal net operating loss carryforwards$336,545 Indefinite
Federal net operating loss carryforwards$2,632 2030-2033
Federal R&D and orphan drug credit carryforwards$441,294  2028-2045
State net operating loss carryforwards$466,453  2025-2045
Dutch net operating loss carryforwards$26,927  Indefinite
Not included in the table above are $191.3 million of state research credit carryovers that will carry forward indefinitely.
The Company’s net operating losses and credits could be subject to annual limitations due to ownership change limitations provided by Internal Revenue Code Section 382 and similar state provisions. An annual limitation could result in the expiration of net operating losses and tax credit carryforward before utilization. There are limitations on the tax attributes of acquired entities however, the Company does not believe the limitations will have a material impact on the utilization of the net operating losses or tax credits.
The financial statement recognition of the benefit for a tax position is dependent upon the benefit being more likely than not to be sustainable upon audit by the applicable taxing authority. If this threshold is met, the tax benefit is then measured and recognized at the largest amount that is greater than 50% likely of being realized upon ultimate settlement.
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2025 and 2024, is as follows:
December 31,
20252024
Balance at beginning of period$325,035 $277,456 
Additions based on tax positions related to the current year48,843 47,682 
Additions (reductions) for tax positions of prior years
(2,206)(103)
Acquired Tax Positions9,214 — 
Balance at end of period$380,886 $325,035 
Included in the balance of unrecognized tax benefits as of December 31, 2025 were potential benefits of $366.8 million that, if recognized, would affect the effective tax rate. The Company’s policy for classifying interest and penalties associated with unrecognized income tax benefits is to include such items in the income tax expense. The total amount of accrued interest and penalties was not significant as of December 31, 2025. The Company believes it will not have any material decreases in its previously unrecognized tax benefits within the next twelve months.
The Company files income tax returns in the U.S., Ireland and various foreign jurisdictions. The U.S. and foreign jurisdictions have statute of limitations ranging from three to five years. However, carryforward tax attributes that were generated in 2022 and earlier may still be adjusted upon examination by tax authorities. The Company's 2022 federal income tax return is currently under audit by the IRS.
The Company has not provided U.S. federal and applicable foreign withholding income taxes on the undistributed earnings of certain foreign subsidiaries as such earnings are intended to be indefinitely reinvested outside the U.S. The Company is unable to reasonably estimate the amount of the unrecognized deferred tax liability associated with these undistributed earnings.
During the year ended December 31, 2025, the Company received distributions from its Irish Subsidiary’s previously taxed earnings and profits (PTEP). These distributions did not result in U.S. federal income taxes or Irish withholding taxes. Any related state income tax impact was estimated to be immaterial for the year ended December 31, 2025. Going forward, the Company intends to repatriate the Irish Subsidiary’s earnings to the extent that such repatriations are not restricted by local rulings, and do not incur substantial incremental costs.
v3.25.4
EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
EARNINGS PER COMMON SHARE EARNINGS PER COMMON SHARE
Potentially issuable shares of common stock include shares issuable upon the exercise of outstanding employee stock option awards, common stock issuable under the Company’s ESPP, unvested RSUs and contingent issuances of common stock related to the Company's convertible debt.
The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):
Years Ended December 31,
202520242023
Numerator:
Net income, basic
$348,901 $426,859 $167,645 
Add: Interest expense, net of tax, on the Company's convertible debt
7,334 7,327 — 
Net income, diluted
$356,235 $434,186 $167,645 
Denominator:
Weighted-average common shares outstanding, basic191,787 190,027 187,834 
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans1,242 2,316 3,761 
Common stock issuable under the Company’s convertible debt (1)
4,365 4,365 — 
Weighted-average common shares outstanding, diluted197,394 196,708 191,595 
Earnings per common share, basic
$1.82 $2.25 $0.89 
Earnings per common share, diluted
$1.80 $2.21 $0.87 
In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands):
Years Ended December 31,
202520242023
Common stock issuable under the Company's equity incentive plans
11,307 9,438 8,072 
Common stock issuable under the Company’s convertible debt (1)
— — 8,335 
Total number of potentially issuable shares11,307 9,438 16,407 
(1)    If converted, the Company would issue 4.4 million shares under the 2027 Notes and, for the year ended December 31, 2023, would have issued 4.0 million shares under the Company’s 2024 Notes, which matured and were settled in August 2024.
v3.25.4
LICENSE AND COLLABORATION AGREEMENTS
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LICENSE AND COLLABORATION AGREEMENTS LICENSE AND COLLABORATION AGREEMENTS
On October 1, 2015, the Company entered into an agreement with Ares Trading S.A. (Merck Serono) under which the Company acquired all global rights to KUVAN and PALYNZIQ from Merck Serono, with the exception of KUVAN in Japan. Previously, the Company had exclusive rights to KUVAN in the U.S. and Canada and PALYNZIQ in the U.S. and Japan. Pursuant to the agreement, if future sales milestones were met, the Company was obligated to pay Merck Serono up to a maximum of €60.0 million, all of which were met and paid as of December 31, 2023.
The Company is engaged in R&D collaborations with various other entities. These provide for sponsorship of R&D by the Company and may also provide for exclusive royalty-bearing intellectual property licenses or rights of first negotiation regarding licenses to intellectual property development under the collaborations. Typically, these agreements can be terminated for cause by either party upon written notice.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Contingencies
From time to time the Company is involved in legal actions arising in the normal course of its business. The process of resolving matters through litigation or other means is inherently uncertain and it is possible that an unfavorable resolution of these matters could adversely affect the Company, its results of operations, financial condition or cash flows. The Company’s general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable based on existing information. The Company accrues for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then the minimum amount in the range is accrued. Liabilities are evaluated and refined each reporting period as additional information is known. Any receivables for insurance recoveries for these liability claims are recorded as assets when it is probable that a recovery will be realized.
As first disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023, the Company received a subpoena from the U.S. Department of Justice (DOJ) requesting that the Company produce certain documents regarding sponsored testing programs relating to VIMIZIM and NAGLAZYME. The Company has produced the requested documents in response to the subpoena and is cooperating fully. The Company is unable to make any assurances regarding the outcome of the investigation by the DOJ, or the impact, if any, that such investigation may have on the Company’s business and financial statements.
Other Commitments
The Company uses experts and laboratories at universities and other institutions to perform certain R&D activities. These amounts are included as R&D expense as services are provided. In the normal course of business, the Company enters into various firm purchase commitments primarily to procure active pharmaceutical ingredients, certain inventory-related items and certain third-party R&D services, production services and facility construction services. As of December 31, 2025, such commitments were estimated at $590.8 million, of which $354.1 million is expected to be paid in 2026 as underlying goods and services are received. The Company has also licensed technology from third parties, for which it is required to pay royalties upon future sales, subject to certain annual minimums.
v3.25.4
RESTRUCTURING
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
During the fourth quarter of 2025, the Company committed to a plan to voluntarily withdraw ROCTAVIAN from the market due to lower than previously anticipated commercial opportunities. In connection with this strategic decision, the Company recorded approximately $240.0 million of restructuring charges in 2025 primarily related to inventory and long-lived assets which will no longer provide an economic benefit to the Company. The impaired ROCTAVIAN long-lived assets included dedicated facilities, specialized equipment and intangible assets.
The inventory write-off was included in Cost of Sales, and the remaining restructuring charges were included in SG&A in the Company's Consolidated Statement of Income. Restructuring charges consisted of the following:
Year Ended
December 31,
2025
Inventory write-off
$119,208 
Long-lived asset impairments
118,522 
Severance and other related costs
3,523 
$241,253 
The restructuring related liabilities were not material as of December 31, 2025, and were recorded in Accounts Payable and Accrued Liabilities on the in the Company's Consolidated Balance Sheet.
v3.25.4
ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS
Asset Acquisition
On July 1, 2025, the Company completed its acquisition of Inozyme, a publicly traded clinical-stage biopharmaceutical company dedicated to developing innovative therapeutics, for a total consideration of approximately $285.0 million, net of cash acquired. Upon closing, Inozyme became a wholly-owned subsidiary of the Company.
The Company accounted for this transaction as an asset acquisition since substantially all of the fair value of the gross assets acquired was concentrated in a single identifiable IPR&D asset, BMN 401 (formerly INZ-701). The Company recognized the acquired assets and assumed liabilities based on the consideration paid, inclusive of transaction costs, on a relative fair value basis. As the acquired IPR&D does not have an alternative future use, the Company recorded approximately $221.0 million in acquired IPR&D expense related to the INZ-701 IPR&D asset during the third quarter of 2025. The IPR&D charge is included in R&D on the Company’s Consolidated Statements of Income.
The following summarizes the total consideration transferred and allocation to the assets acquired, liabilities assumed and acquired IPR&D:
Cash consideration for outstanding shares $260,424 
Cash consideration for equity awards 9,950 
Consideration paid to Inozyme 270,374 
Payment of Inozyme debt 49,095 
Employee-related incentive payments 2,714 
Transaction costs 6,950 
Total consideration
$329,133 
 
Cash and cash equivalents $43,939 
Other assets 10,779 
Deferred tax assets 68,697 
Other liabilities (15,245)
Total identifiable assets acquired, net 108,170 
Acquired IPR&D
220,963 
Total assets and liabilities
$329,133 
Pending Acquisition
In December 2025, the Company entered into a definitive agreement to acquire Amicus Therapeutics, Inc. (Amicus), a publicly traded, global, biotechnology company for $14.50 per share in an all-cash transaction for a total consideration of approximately $4.8 billion. The pending acquisition is expected to strengthen the Company's commercial portfolio by adding two new therapies for the treatment of Fabry disease and late-onset Pompe disease. The transaction is expected to close in the second quarter of 2026, subject to regulatory clearances, approval by the stockholders of Amicus and other customary closing conditions. The accounting treatment as a business combination or asset acquisition will be determined in the period the transaction closes.
The Company intends to finance the transaction through a combination of cash on hand and non-convertible debt financing. In December 2025, the Company entered into a debt financing commitment letter and related fee letter with certain lenders, pursuant to which the lenders have committed to provide the Company with debt financing up to approximately $3.7 billion (the Bridge Commitment) in the form of 364-day senior secured bridge loan facility (Bridge Facility) for the pending acquisition of Amicus. In place of the Bridge Facility, the Company also expects to enter into a senior secured term loan facility and a new senior secured revolving credit facility in 2026 that will be executed prior to or concurrently with the closing of the pending Amicus acquisition. No amounts have been drawn or were outstanding under the Bridge Commitment as of December 31, 2025. The Company incurred approximately $22.8 million in commitment fees related to the Bridge Commitment that were deferred and included in Other Current Assets on the Consolidated Balance Sheet as of December 31, 2025.
v3.25.4
SUBSEQUENT EVENT
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
Subsequent Event SUBSEQUENT EVENTS
In February 2026, the Company issued $850.0 million in aggregate principal amount of 5.5% senior unsecured notes due 2034 (the 2034 Notes), and the proceeds from the issuance were deposited into an escrow account that will be used to finance the pending acquisition of Amicus. In the event that the acquisition in not completed on or prior to December 19, 2026, or upon the occurrence of certain other events, the Company will be required to redeem all of the Notes at par and pay any accrued and unpaid interest. Subsequent to issuance of the 2034 Notes, the Bridge Facility was reduced from $3.7 billion to $2.8 billion.
v3.25.4
Insider Trading Arrangements
 12 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including, among other things, intellectual property, trade secrets, confidential information that is proprietary, strategic or competitive in nature, and personal data (collectively, Information Systems and Data).
Our cybersecurity risk management program leverages the National Institute of Standards and Technology (NIST) cybersecurity framework. Our cybersecurity operations team identifies and assesses risks from cybersecurity threats by monitoring and evaluating our threat environment and the Company’s risk profile. We use various methods and security tools designed to help prevent, identify, protect, detect, escalate, respond, and recover from identified vulnerabilities and security incidents in a timely manner.
Depending on the technology environment, we implement and maintain various technical, physical, and organizational measures, in the form of policies, standards, processes, and technical capabilities, designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, among other things, internal reporting, annual and ongoing cybersecurity awareness training for employees, mechanisms to detect and monitor unusual network activity, as well as threat detection, containment, incident response and backup recovery tools.
Our assessment and management of material risks from cybersecurity threats are integrated into the Company’s overall risk management processes. As part of such process, we conduct tests of our cybersecurity program on a regular basis that are designed to identify cybersecurity risks associated with our technology environment. We use third-party security service providers and cybersecurity consultants to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats and review our cybersecurity program. Our internal audit team also conducts audits to evaluate the effectiveness of our cybersecurity program and improve our security measures and planning. The results of such reviews are reflected in the cybersecurity risk register and certain members of our senior management evaluates material risks from cybersecurity threats against our overall business objectives and reports to the Audit Committee (Audit Committee) of the Board of Directors (Board), which evaluates our overall enterprise risk, as well as to the full Board.
We use third-party service providers to perform a variety of functions throughout our business, such as research collaborators, contract research organizations, contract manufacturers, suppliers, and distributors. Depending on the nature of the services provided, certain providers are subject to cybersecurity risk assessments at the time of onboarding and upon contract renewal. We also use various inputs to assess the risk of our third-party service providers, including information supplied by them. Depending on the sensitivity of the Information Systems and Data at issue, and the identity of the provider, our vendor management process may involve various levels of assessment designed to help identify cybersecurity risks associated with a provider and impose contractual obligations related to cybersecurity on the provider.
For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, please see “Risk Factors” included in Part I, Item 1A of this Annual Report on Form 10-K, including “We, and the third parties with whom we work, rely significantly on information technology systems and any failure, inadequacy, interruption or security lapse of that technology, including any cybersecurity incidents, could harm our ability to operate our business effectively and have a material adverse effect on our business, reputation, financial condition, and results of operations."
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including, among other things, intellectual property, trade secrets, confidential information that is proprietary, strategic or competitive in nature, and personal data (collectively, Information Systems and Data).
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our Board has ultimate oversight of cybersecurity risk, which it manages as part of its general risk oversight function. The Board satisfies its responsibility to oversee cybersecurity risk through full reports by the Chair of the Audit Committee regarding such committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of risks. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. The Board and the Audit Committee receive periodic reports, summaries, and presentations from our senior management concerning our significant cybersecurity threats and risk and the processes the Company has implemented to address them.
We have an Executive Cybersecurity Committee (ECC), which is comprised of our Chief Financial Officer (CFO), Chief Digital and Information Officer, Chief Legal Officer and Chief Accounting Officer, with the goal of providing oversight of the Company’s cybersecurity program. The ECC is responsible for, among other things, evaluating and determining the materiality of
cybersecurity incidents as well as reviewing and approving any public disclosures with respect to material cybersecurity incidents. Our cybersecurity incident response policy is designed for our cybersecurity operations team, which is led by our Chief Digital and Information Officer, who works in conjunction with the cross-functional incident response team, to escalate certain cybersecurity incidents to the ECC depending on the circumstances. The ECC also has the responsibility of reporting to the Board and/or the Audit Committee.
We maintain a Cybersecurity Risk Committee (CRC) that is comprised of management level representatives from key organizations and functions within the Company and led by our Chief Digital and Information Officer. The CRC is responsible for our enterprise-wide cybersecurity risk management framework established by certain members of our senior management, including the review and approval of significant strategies, policies, procedures, processes, controls, and systems designed to identify, assess, monitor, and report the major risk factors facing the Company. In addition, the CRC provides guidance to senior management on risk appetite and risk profile and approves the effectiveness of the Company’s enterprise-wide cybersecurity risk framework and such other duties as directed by the Board. The CRC also assists in the oversight of decisions that affect cybersecurity compliance with applicable laws, regulations, and corporate policies.
Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of Company management, including the Chief Digital and Information Officer, who reports to the CEO. Our Chief Digital and Information Officer joined us in January 2026, and has more than 20 years of experience in information technology and artificial intelligence in the biopharmaceutical industry.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Board has ultimate oversight of cybersecurity risk, which it manages as part of its general risk oversight function.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] The Board satisfies its responsibility to oversee cybersecurity risk through full reports by the Chair of the Audit Committee regarding such committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of risks. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. The Board and the Audit Committee receive periodic reports, summaries, and presentations from our senior management concerning our significant cybersecurity threats and risk and the processes the Company has implemented to address them.
We have an Executive Cybersecurity Committee (ECC), which is comprised of our Chief Financial Officer (CFO), Chief Digital and Information Officer, Chief Legal Officer and Chief Accounting Officer, with the goal of providing oversight of the Company’s cybersecurity program. The ECC is responsible for, among other things, evaluating and determining the materiality of
cybersecurity incidents as well as reviewing and approving any public disclosures with respect to material cybersecurity incidents. Our cybersecurity incident response policy is designed for our cybersecurity operations team, which is led by our Chief Digital and Information Officer, who works in conjunction with the cross-functional incident response team, to escalate certain cybersecurity incidents to the ECC depending on the circumstances. The ECC also has the responsibility of reporting to the Board and/or the Audit Committee.
We maintain a Cybersecurity Risk Committee (CRC) that is comprised of management level representatives from key organizations and functions within the Company and led by our Chief Digital and Information Officer. The CRC is responsible for our enterprise-wide cybersecurity risk management framework established by certain members of our senior management, including the review and approval of significant strategies, policies, procedures, processes, controls, and systems designed to identify, assess, monitor, and report the major risk factors facing the Company. In addition, the CRC provides guidance to senior management on risk appetite and risk profile and approves the effectiveness of the Company’s enterprise-wide cybersecurity risk framework and such other duties as directed by the Board. The CRC also assists in the oversight of decisions that affect cybersecurity compliance with applicable laws, regulations, and corporate policies.
Cybersecurity Risk Role of Management [Text Block] The Board satisfies its responsibility to oversee cybersecurity risk through full reports by the Chair of the Audit Committee regarding such committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of risks. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. The Board and the Audit Committee receive periodic reports, summaries, and presentations from our senior management concerning our significant cybersecurity threats and risk and the processes the Company has implemented to address them.
We have an Executive Cybersecurity Committee (ECC), which is comprised of our Chief Financial Officer (CFO), Chief Digital and Information Officer, Chief Legal Officer and Chief Accounting Officer, with the goal of providing oversight of the Company’s cybersecurity program. The ECC is responsible for, among other things, evaluating and determining the materiality of
cybersecurity incidents as well as reviewing and approving any public disclosures with respect to material cybersecurity incidents. Our cybersecurity incident response policy is designed for our cybersecurity operations team, which is led by our Chief Digital and Information Officer, who works in conjunction with the cross-functional incident response team, to escalate certain cybersecurity incidents to the ECC depending on the circumstances. The ECC also has the responsibility of reporting to the Board and/or the Audit Committee.
We maintain a Cybersecurity Risk Committee (CRC) that is comprised of management level representatives from key organizations and functions within the Company and led by our Chief Digital and Information Officer. The CRC is responsible for our enterprise-wide cybersecurity risk management framework established by certain members of our senior management, including the review and approval of significant strategies, policies, procedures, processes, controls, and systems designed to identify, assess, monitor, and report the major risk factors facing the Company. In addition, the CRC provides guidance to senior management on risk appetite and risk profile and approves the effectiveness of the Company’s enterprise-wide cybersecurity risk framework and such other duties as directed by the Board. The CRC also assists in the oversight of decisions that affect cybersecurity compliance with applicable laws, regulations, and corporate policies.
Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of Company management, including the Chief Digital and Information Officer, who reports to the CEO. Our Chief Digital and Information Officer joined us in January 2026, and has more than 20 years of experience in information technology and artificial intelligence in the biopharmaceutical industry.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
Our Board has ultimate oversight of cybersecurity risk, which it manages as part of its general risk oversight function. The Board satisfies its responsibility to oversee cybersecurity risk through full reports by the Chair of the Audit Committee regarding such committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of risks. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. The Board and the Audit Committee receive periodic reports, summaries, and presentations from our senior management concerning our significant cybersecurity threats and risk and the processes the Company has implemented to address them.
We have an Executive Cybersecurity Committee (ECC), which is comprised of our Chief Financial Officer (CFO), Chief Digital and Information Officer, Chief Legal Officer and Chief Accounting Officer, with the goal of providing oversight of the Company’s cybersecurity program. The ECC is responsible for, among other things, evaluating and determining the materiality of
cybersecurity incidents as well as reviewing and approving any public disclosures with respect to material cybersecurity incidents. Our cybersecurity incident response policy is designed for our cybersecurity operations team, which is led by our Chief Digital and Information Officer, who works in conjunction with the cross-functional incident response team, to escalate certain cybersecurity incidents to the ECC depending on the circumstances. The ECC also has the responsibility of reporting to the Board and/or the Audit Committee.
We maintain a Cybersecurity Risk Committee (CRC) that is comprised of management level representatives from key organizations and functions within the Company and led by our Chief Digital and Information Officer. The CRC is responsible for our enterprise-wide cybersecurity risk management framework established by certain members of our senior management, including the review and approval of significant strategies, policies, procedures, processes, controls, and systems designed to identify, assess, monitor, and report the major risk factors facing the Company. In addition, the CRC provides guidance to senior management on risk appetite and risk profile and approves the effectiveness of the Company’s enterprise-wide cybersecurity risk framework and such other duties as directed by the Board. The CRC also assists in the oversight of decisions that affect cybersecurity compliance with applicable laws, regulations, and corporate policies.
Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of Company management, including the Chief Digital and Information Officer, who reports to the CEO. Our Chief Digital and Information Officer joined us in January 2026, and has more than 20 years of experience in information technology and artificial intelligence in the biopharmaceutical industry.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of Company management, including the Chief Digital and Information Officer, who reports to the CEO. Our Chief Digital and Information Officer joined us in January 2026, and has more than 20 years of experience in information technology and artificial intelligence in the biopharmaceutical industry.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] The Board satisfies its responsibility to oversee cybersecurity risk through full reports by the Chair of the Audit Committee regarding such committee’s considerations and actions, as well as through regular reports directly from officers responsible for oversight of risks. The Audit Committee is responsible for overseeing our cybersecurity risk management processes, including oversight and mitigation of risks from cybersecurity threats. The Board and the Audit Committee receive periodic reports, summaries, and presentations from our senior management concerning our significant cybersecurity threats and risk and the processes the Company has implemented to address them.
We have an Executive Cybersecurity Committee (ECC), which is comprised of our Chief Financial Officer (CFO), Chief Digital and Information Officer, Chief Legal Officer and Chief Accounting Officer, with the goal of providing oversight of the Company’s cybersecurity program. The ECC is responsible for, among other things, evaluating and determining the materiality of
cybersecurity incidents as well as reviewing and approving any public disclosures with respect to material cybersecurity incidents. Our cybersecurity incident response policy is designed for our cybersecurity operations team, which is led by our Chief Digital and Information Officer, who works in conjunction with the cross-functional incident response team, to escalate certain cybersecurity incidents to the ECC depending on the circumstances. The ECC also has the responsibility of reporting to the Board and/or the Audit Committee.
We maintain a Cybersecurity Risk Committee (CRC) that is comprised of management level representatives from key organizations and functions within the Company and led by our Chief Digital and Information Officer. The CRC is responsible for our enterprise-wide cybersecurity risk management framework established by certain members of our senior management, including the review and approval of significant strategies, policies, procedures, processes, controls, and systems designed to identify, assess, monitor, and report the major risk factors facing the Company. In addition, the CRC provides guidance to senior management on risk appetite and risk profile and approves the effectiveness of the Company’s enterprise-wide cybersecurity risk framework and such other duties as directed by the Board. The CRC also assists in the oversight of decisions that affect cybersecurity compliance with applicable laws, regulations, and corporate policies.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
These 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 Annual Reports on Form 10-K and include the accounts of BioMarin and its wholly owned subsidiaries. All intercompany transactions have been eliminated. Management performed an evaluation of the Company’s activities through the date of filing of this Annual Report on Form 10-K, and has concluded that there were no other events or transactions that occurred subsequent to the balance sheet date and prior to the filing of this Annual Report on Form 10-K except for the transactions disclosed in Note 21 to these Consolidated Financial Statements.
Use of Estimates
Use of Estimates
U.S. GAAP requires management to make estimates and assumptions that affect amounts reported on the Company’s 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 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.
Cash and Cash Equivalents
Cash and Cash Equivalents
The Company treats highly liquid investments, readily convertible to cash, with original maturities of three months or less on the purchase date as cash equivalents.
Marketable Securities
Marketable Securities
The Company determines the appropriate classification of its investments in debt and equity securities at the time of purchase and reevaluates such designations at each reporting period. The Company classifies its debt and equity securities with original maturities greater than three months when purchased as either short-term or long-term investments based on each instrument’s underlying contractual maturity date and its availability for use in current operations.
All marketable securities are classified as available-for-sale. Available-for-sale debt securities are measured and recorded at fair market value with unrealized gains and losses included in Accumulated Other Comprehensive Income (Loss) (AOCI) on the Company’s Consolidated Balance Sheets, with the exception of any declines in fair value below the cost basis that are a result of a credit loss, which, if any, are reported in Other income (expense), net in the current period through an allowance for credit losses. Impairment assessments are made at the individual security level each reporting period. When the fair value of an investment is less than its cost at the balance sheet date, a determination is made as to whether the impairment is related to a credit loss and, if so, an impairment loss is recognized in earnings equal to the difference between the investment’s amortized cost and fair value at such date.
Non-Marketable Equity Securities
Non-Marketable Equity Securities
The Company records investments in equity securities, other than equity method investments, at fair market value, if fair value is readily determinable. Equity securities with no readily determinable fair values are recorded using the measurement alternative of cost adjusted for observable price changes in orderly transactions for identical or similar investments of the same
issuer less impairment, if any. Investments in equity securities are recorded in Other Assets on the Company's Consolidated Balance Sheets. Unrealized gains and losses are reported in Other income (expense), net. The Company regularly reviews its non-marketable equity securities for indicators of impairment.
Inventory
Inventory
The Company values inventory at the lower of cost and net realizable value. The Company determines the cost of inventory using the standard-cost and average-cost methods, which approximates cost based on the first-in, first out (FIFO) method. The Company analyzes its inventory levels quarterly for obsolescence and, if required, adjusts inventory to its net realizable value if the cost basis of inventory is in excess of its expected net realizable value, or for quantities in excess of expected demand. If the Company determines cost exceeds its net realizable value, the resulting adjustments are recognized as Cost of Sales in the Consolidated Statements of Income.
Property, Plant and Equipment
Property, Plant and Equipment
Property, plant and equipment are stated at historical cost net of accumulated depreciation. Depreciation is computed using the straight-line method over the related estimated useful lives, as presented in the table below. Significant additions and improvements are capitalized, whereas repairs and maintenance are expensed as incurred. Depreciation of property, plant and equipment are included in Cost of Sales, Research and Development (R&D) and SG&A, as appropriate, in the Consolidated Statements of Income. Property and equipment purchased for specific R&D projects with no alternative future uses are expensed as incurred and recorded to R&D in the Consolidated Statements of Income.
Leasehold improvementsShorter of life of asset or lease term
Building and improvements
20 to 50 years
Manufacturing and laboratory equipment
5 to 15 years
Computer hardware and software
3 to 7 years
Office furniture and equipment
5 years
Land improvements
10 to 20 years
LandNot applicable
Construction-in-progressNot applicable
Leases
Leases
The Company's lease portfolio primarily consists of leases for properties and equipment for administrative, manufacturing and R&D activities. The Company determines if an arrangement is a lease at contract inception. For leases where the Company is the lessee, Right of Use (ROU) assets represent the Company’s right to use the underlying asset for the term of the lease and the lease liabilities represent the lease payment obligation. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date of the underlying lease arrangement to determine the present value of lease payments. The ROU asset also includes any prepaid lease payments and any lease incentives received. The lease term to calculate the ROU asset and related lease liability includes options to extend or terminate the lease when it is reasonably certain that the Company will exercise the option. The Company’s lease agreements generally do not contain any material variable lease payments, residual value guarantees or restrictive covenants.
Lease expense for operating leases is recognized on a straight-line basis over the lease term as an operating expense while expense for financing leases is recognized as depreciation expense and interest expense using the accelerated interest method of recognition. When an arrangement requires payments for lease and non-lease components, the Company has elected to account for lease and non-lease components separately. Lease expense for leases with a term of twelve months or less is recognized on a straight-line basis and are not included in the recognized ROU assets and lease liabilities.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The Company records goodwill in a business combination when the total consideration exceeds the fair value of the assets acquired.
Intangible assets with indefinite useful lives are related to purchased in-process research and development (IPR&D) projects and are measured at their respective fair values as of the acquisition date. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated R&D efforts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets are
considered finite-lived and are amortized using the straight-line method based on their respective estimated useful lives at that point in time. The amortization of these intangible assets is included in Intangible Asset Amortization in the Consolidated Statements of Income.
Intangible assets with finite useful lives primarily consist of acquired intellectual property and royalty rights, regulatory approval and first commercial sales milestone payments as well as costs associated with technology transfer to qualify third-party manufacturing facilities for commercial production. Intangible assets are recorded at cost, net of accumulated amortization, and amortized over their estimated useful lives on a straight-line basis. Amortization expense is recorded in Intangible Asset Amortization on the Company's Consolidated Statements of Income, except for amortization expense related to the technology transfer, which is recorded in Cost of Sales.
Impairment and Long-Lived Asset Impairment
Impairment
The Company assesses goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter, or more frequently as warranted by events or changes in circumstances that indicate that the carrying amount may not be recoverable.
Goodwill is assessed for impairment by comparing the fair value of the Company’s reporting unit with its carrying amount. If the carrying value of the reporting unit exceeds its fair value, an impairment loss equal to the difference would be recorded.
Indefinite-lived intangible assets are assessed for impairment first by performing a qualitative assessment. If the qualitative assessment indicates that it is more likely than not that the fair value of an indefinite-lived intangible asset is less than its carrying amount, then the Company will perform a quantitative assessment and record an impairment loss.
Long-Lived Asset Impairment
The Company’s long-lived assets consist of property, plant and equipment, lease ROU assets and finite-lived intangible assets, which includes costs associated with technology transfer to qualify manufacturing facilities for commercial production. Should there be an indication of impairment, the Company tests for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of the asset or asset group and its eventual disposition to the carrying amount of the asset or asset group. Any excess of the carrying value of the asset or asset group over its estimated fair value is recognized as an impairment loss. Impairment charges related to property, plant or equipment that are not material are recorded to depreciation expense and presented in SG&A in the Consolidated Statements of Income. Impairment charges for finite-lived intangible assets associated with technology transfer costs that are not material are recorded to Cost of Sales in the Consolidated Statements of Income. Impairment charges related to all other finite-lived intangible assets that are not material are recorded to Intangible Asset Amortization in the Consolidated Statements of Income.
Capitalized Software
Capitalized Software
The Company capitalizes software development costs associated with internal use software, including external direct costs of materials and services and payroll costs for employees devoting time to a software project. Costs incurred during the preliminary project stage, as well as costs for maintenance and training, are expensed as incurred. When placed in service, implementation costs are subsequently amortized on a straight-line basis over the expected useful life of the asset.
Revenue Recognition
Revenue Recognition
The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for contracts with customers, the Company performs the following five steps:
(i)identification of the promised goods or services in the contract;
(ii)determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract;
(iii)measurement of the transaction price, including the constraint on variable consideration;
(iv)allocation of the transaction price to the performance obligations based on estimated selling prices; and
(v)recognition of revenue when (or as) the Company satisfies each performance obligation. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer and is the unit of account.
Net Product Revenues
In the U.S., the Company’s commercial products, except for PALYNZIQ and ALDURAZYME, are generally sold to specialty pharmacies or end-users, such as hospitals, which act as retailers. PALYNZIQ is distributed in the U.S. through certain certified specialty pharmacies under the PALYNZIQ Risk Evaluation and Mitigation Strategy (REMS) and ALDURAZYME is marketed world-wide by Sanofi. Outside the U.S., the Company’s commercial products are sold to its authorized distributors or directly to government purchasers or hospitals, which act as the end-users. Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon shipment to the customer. The Company's payment terms vary by customer, jurisdiction or, in some instances, by product. With the exception of Sanofi and certain outcomes-based contracts, most of the Company's payment terms are based on customary commercial terms and are generally less than one year after the customer obtains control. The Company does not adjust revenue for the effects of a significant financing component for contracts if the period between the transfer of control and corresponding payment is expected to be one year or less. Amounts collected from customers and remitted to governmental authorities, which primarily consist of value-added taxes related to product sales in foreign jurisdictions, are presented on a net basis on the Company’s Consolidated Statements of Income, in that taxes billed to customers are not included as a component of Net Product Revenues.
For ALDURAZYME revenues, the Company receives a payment ranging from 39.5% to 50% on worldwide net ALDURAZYME sales by Sanofi depending on sales volume, which is included in Net Product Revenues on the Company’s Consolidated Statements of Income. The Company recognizes its best estimate of the revenue it expects to earn when the product is released and control is transferred to Sanofi. The Company records ALDURAZYME net product revenues based on the estimated variable consideration payable when the product is sold through by Sanofi. Actual amounts of consideration ultimately received may differ from the Company’s estimates. Differences between the estimated variable consideration to be received from Sanofi and actual payments received are not expected to be material. If actual results vary from the Company’s estimates, the Company will make adjustments, which would affect Net Product Revenues and earnings in the period such variances become known.
Revenue Reserves
Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established and which result from government and commercial rebates, chargebacks, sales returns, and other incentives that are offered within contracts between the Company and its customers, such as specialty pharmacies, hospitals, authorized distributors and government purchasers. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as reductions of accounts receivable (if the amount is payable to the customer) or a current liability (if the amount is payable to a party other than a customer). Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, patient outcomes, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates, however the Company does not expect any such
difference to be material. If actual results in the future vary from the Company’s estimates, the Company will adjust its estimates, which would affect net product revenue and earnings in the period such variances become known.
Government and Commercial Rebates: The Company records reserves for rebates payable under government programs, such as Medicaid, and commercial arrangements, such as managed care rebates, as a reduction of revenue at the time product revenues are recorded. The Company’s reserve calculations require estimates, including estimates of customer mix and patient outcomes, to determine which sales will be subject to rebates and the amount of such rebates. The Company updates its estimates and assumptions on a quarterly basis and records any necessary adjustments to its reserves.
Sales Returns: The Company records allowances for product returns, if appropriate, as a reduction of revenue at the time product sales are recorded. Several factors are considered in determining whether an allowance for product returns is required, including market exclusivity of the products based on their orphan drug status, the patient population, the customers’ limited return rights and the Company’s historical experience with returns. Because of the pricing of the Company’s commercial products, the limited number of patients and the customers’ limited return rights, most customers and retailers carry a limited inventory. The Company relies on historical return rates to estimate a reserve for returns. Based on these factors and the fact that the Company has not experienced significant product returns to date, return allowances are not material.
Other Incentives: Other incentives include fees paid to the Company’s distributors and discounts for prompt payment. The Company also offers a branded co-pay assistance program for eligible patients with commercial insurance in the U.S. who are on an eligible BioMarin product. The branded co-pay assistance programs assist commercially insured patients who have coverage for an eligible BioMarin product and are intended to reduce each participating patient’s portion of the financial responsibility of the purchase price up to a specified dollar amount of assistance. The Company records fees paid to distributors, cash discounts and amounts paid under the brand specific co-pay assistance program for each patient as a reduction of revenue.
Royalty and Other Revenues
Royalties: For arrangements that include the receipt of sales-based royalties, including milestone payments based on the level of sales when the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (a) when the related sales occur, or (b) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied).
Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company uses judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.
Milestone payments: At the inception of each arrangement that includes developmental, regulatory or commercial milestone payments, the Company evaluates whether achieving the milestones is considered probable and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the value of the associated milestone (such as a regulatory submission by the Company) is included in the transaction price. Milestone payments that are not within the control of the Company, such as approvals from regulators or where attainment of the specified event is dependent on the development activities of a third party, are not considered probable of being achieved until those approvals are received or the specified event occurs. Revenue is recognized from the satisfaction of performance obligations in the amount billable to the customer.
Research and Development
Research and Development
R&D costs are generally expensed as incurred. These expenses include contract R&D services provided by third parties, preclinical and clinical studies, raw materials costs associated with manufacturing clinical product, quality control and assurance, other R&D activities, facilities and regulatory costs and R&D-related personnel costs including salaries, benefits and stock-based compensation. Upfront and milestone payments made to third parties in connection with licensed intellectual property, which does not have an alternative future use or does not reach technological feasibility, are expensed as incurred up to the point of regulatory
approval. Advance payments for goods or services for use in research and development (R&D) activities are capitalized and recorded in other current assets, and then expensed as the related goods are delivered or the services are performed.
Advertising Expenses
Advertising Expenses
The costs of advertising are presented in SG&A in the Consolidated Statements of Income and are expensed as incurred.
Earnings Per Common Share
Earnings Per Common Share
Basic earnings per share is calculated by dividing Net Income by the weighted average shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock; however, potential common stock equivalent shares are excluded if their effect is anti-dilutive.
Stock-Based Compensation
Stock-Based Compensation
The Company has equity incentive plans under which various types of equity-based awards may be granted to employees. Stock-based compensation expense is recognized on a straight-line basis over the requisite service period, which is generally the vesting period required to obtain full vesting, and is classified as Cost of Sales, R&D or SG&A, as appropriate, in the Consolidated Statements of Income. The Company accounts for forfeitures as they occur.
Restricted Stock Units
The fair value of restricted stock units (RSUs) with service-based vesting conditions and RSUs with performance conditions is determined to be the fair market value of the Company’s underlying common stock on the date of grant. The stock-based compensation expense for RSUs with service-based vesting is recognized over the period during which the vesting restrictions lapse. Stock-based compensation expense for RSUs with performance conditions is recognized beginning in the period the Company determines it is probable that the performance condition will be achieved. Management expectations related to the achievement of performance goals associated with RSUs with performance conditions are assessed regularly to determine whether such grants are expected to vest. The fair value for RSUs with market conditions is estimated using the Monte Carlo valuation model, utilizing expected volatility rates derived from those of the Company and the members of the referenced peer group. Related stock-based compensation is recognized, beginning on the grant date, on a straight-line basis regardless of whether the market condition is met unless the required service is not performed.
Stock Options and Purchase Rights
The fair value of each stock option award and purchase rights under the Company’s Employee Stock Purchase Plan (ESPP) are estimated on the date of grant using the Black-Scholes valuation model and the following assumptions: expected term, expected volatility, risk-free interest rate and expected dividend yield. The dividend yield reflects that the Company has not paid any cash dividends since inception and does not intend to pay any cash dividends in the foreseeable future. The expected term of stock options is based on observed historical exercise patterns. In estimating the life of stock options, the Company has identified two employee groups with distinctly different historical exercise patterns: executive and non-executive. The executive employee group has a history of holding stock options for longer periods than non-executive employees. The expected term of purchase rights for ESPP is based on each tranche of an offering period, which is four tranches in a twenty-four-month period.
The determination of the fair value of stock-based payment awards using a pricing model is affected by the Company’s stock price and may use assumptions regarding a number of complex and subjective variables.
Income Taxes
Income Taxes
The Company calculates and provides for income taxes in each of the tax jurisdictions in which it operates. Deferred tax assets and liabilities, measured using enacted tax rates, are recognized for the future tax consequences of temporary differences between the tax and financial statement basis of assets and liabilities. A valuation allowance reduces the deferred tax assets to the amount that is more likely than not to be realized. The Company establishes liabilities or reduces assets for uncertain tax positions when the Company believes certain tax positions are not more likely than not of being sustained if challenged. Each quarter, the
Company evaluates these uncertain tax positions and adjusts the related tax assets and liabilities in light of changing facts and circumstances.
The Company uses financial projections to support its net deferred tax assets, which contain significant assumptions and estimates of future operations. If such assumptions were to differ significantly, it may have a material impact on the Company’s ability to realize its deferred tax assets. At the end of each period, the Company will reassess the ability to realize its deferred tax assets. If it is more likely than not that the Company would not realize the deferred tax assets, a valuation allowance may need to be established against all or a portion of the deferred tax assets, which will result in a charge to tax expense.
Foreign Currency
Foreign Currency
For the Company and its subsidiaries, the functional currency has been determined to be the U.S. Dollar (USD). Assets and liabilities denominated in foreign currency are remeasured at period-end exchange rates for monetary assets and liabilities. Non-monetary assets and liabilities denominated in foreign currencies are remeasured at historical rates.
Derivatives and Hedging Activities
Derivatives and Hedging Activities
The Company uses foreign currency exchange forward contracts (forward contracts) to hedge certain operational exposures resulting from potential changes in foreign currency exchange rates. Such exposures result from portions of the Company’s forecasted revenues and operating expenses being denominated in currencies other than the USD, primarily the Euro. The Company designates certain of these forward contracts as hedging instruments and also enters into forward contracts that are considered to be economic hedges that are not designated as hedging instruments. Whether designated or undesignated, these forward contracts protect against the change in value of forecasted foreign currency cash flows resulting from gross product revenues, operating expenses and monetary asset or liability positions designated in currencies other than the USD. To receive hedge accounting treatment, cash flow hedges must be highly effective in offsetting changes to expected future cash flows on hedged transactions. The Company does not hold or issue derivative instruments for trading or speculative 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 Company accounts for its derivative instruments as either assets or liabilities on its Consolidated Balance Sheets and measures them at fair value, which is estimated using current exchange and interest rates and takes into consideration the current creditworthiness of the counterparties or the Company, as applicable. For derivatives designated as hedging instruments, the entire change in the fair value of qualifying derivative instruments is recorded in AOCI and amounts deferred in AOCI are reclassified to earnings in the same line item in which the earnings effect of the hedged item is reported. Derivatives not designated as hedging instruments are adjusted to fair value through earnings in Other income (expense), net, in the Consolidated Statements of Income.
Acquisitions
Acquisitions
Acquisitions of businesses are accounted for using the acquisition method of accounting. The Company allocates the purchase price of acquired businesses to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date. The purchase price allocation process requires management to make significant estimates and assumptions, especially at the acquisition date with respect to intangible assets and acquired IPR&D assets. Any excess of the purchase price over the estimated fair values of the net assets acquired is recognized as goodwill.
If it is determined that the net assets acquired do not meet the definition of a business combination under the acquisition method of accounting, the transaction is accounted for as an asset acquisition and no goodwill is recognized. Acquired IPR&D assets with no alternative future use under the acquisition method of accounting are charged to R&D in the Consolidated Statements of Income.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities that are required to be recorded at fair value, the Company considers the principal or most advantageous market in which the Company would transact and the market-based risk measurements or assumptions that market participants would use to price the asset or liability, such as risks
inherent in valuation techniques, transfer restrictions and credit risk. When estimating fair value, depending on the nature and complexity of the asset or liability, the Company may use the following techniques:
•Income approach, which is based on the present value of a future stream of net cash flows
•Market approach, which is based on market prices and other information from market transactions involving identical or comparable assets or liabilities.
The Company’s fair value methodologies depend on the following types of inputs:
•Quoted prices for identical assets or liabilities in active markets (Level 1 inputs)
•Quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities that are not active, or inputs other than quoted process that are directly or indirectly observable, or inputs that are derived principally from, or corroborated by, observable market data by correlation or other means (Level 2 inputs)
•Unobservable inputs that reflect estimates and assumptions (Level 3 inputs)
The Company’s Level 2 instruments are valued using third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data and other observable inputs. The Company validates the prices provided by its third-party pricing services by understanding the models used, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming those securities traded in active markets.
The Company’s Level 3 financial assets and liabilities include acquired intangible assets resulting from business acquisitions. The estimated fair value of acquired finite-lived intangible assets is measured by applying a probability-based income approach utilizing an appropriate discount rate as of the acquisition date.
See Notes 7, 8, and 10 to these Consolidated Financial Statements for further information on the nature of these financial instruments.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
New Accounting Pronouncements Issued and Adopted
Income Taxes
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures. The guidance requires disclosure of disaggregated information about the Company’s effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this ASU in December 2025 on a prospective basis and it did not have a material impact on the Company’s Consolidated Financial Statements. See Note 15 - Income Taxes to these Consolidated Financial Statements for further information.
New Accounting Pronouncements Issued and Not Yet Adopted
Income Statement Disaggregation
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Topic 220, Expense Disaggregation Disclosures. The guidance requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's related disclosures.
Internal-use Software
In September 2025, the FASB issued ASU 2025-06, Intangibles - Goodwill and Other - Internal-Use Software Topic 350-40: Accounting for and Disclosure of Software Costs. The guidance clarifies the accounting for costs related to internal-use software by removing all references to project stages and clarifying the threshold to be applied to begin capitalizing. The guidance also specifies that disclosure under Accounting Standards Codification Topic 360-10, Property, Plant, and Equipment - Overall,
apply to capitalized software costs. The Company may apply the guidance using a prospective, retrospective or modified transition approach. The effective date for the update is for fiscal years beginning after December 15, 2027 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's Consolidated Financial Statements and related disclosures.
Accounting pronouncements not listed above were assessed and determined to be either not applicable or did not have a material impact on the Company's consolidated financial statements.
Segment Information
The Company operates and is managed as one operating segment which derives revenue from activities related to the development and commercialization of innovative therapies for people with serious and life-threatening rare diseases and medical conditions.
The Company’s commercial organization is responsible for marketing its approved products worldwide. The Company’s R&D organization is responsible for research and discovery of new product candidates and supporting the development and registration efforts for potential new products. The Company’s technical operations group is responsible for the development of
manufacturing processes, supplying clinical drug product, and the manufacturing and distribution of its commercial products. The Company is also supported by corporate staff functions.
The Company’s Chief Executive Officer as the CODM manages and allocates resources to the operations of the total company by assessing the overall level of resources available and how to best allocate them to support the Company’s long-term company-wide strategic goals. In making this decision, the CODM uses consolidated financial information for the purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting for future periods.
The key measure of segment profit or loss used by the CODM to allocate resources and assess the Company's performance is its Consolidated Net Income, as reported on the Consolidated Statements of Income. The CODM's analysis includes a comparison to budgeted results. Segment assets provided to the CODM are consistent with those reported on the Consolidated Balance Sheets with particular emphasis on the Company's available liquidity including cash, cash equivalents, investments, accounts receivable and inventory.
v3.25.4
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Property, Plant and Equipment Estimated Useful Lives
Leasehold improvementsShorter of life of asset or lease term
Building and improvements
20 to 50 years
Manufacturing and laboratory equipment
5 to 15 years
Computer hardware and software
3 to 7 years
Office furniture and equipment
5 years
Land improvements
10 to 20 years
LandNot applicable
Construction-in-progressNot applicable
Schedule of Capitalized Software Costs
The following table presents the Company's capitalized software costs for the periods presented:
December 31,
Capitalized Software Classification
20252024
Assets:
Other current assets
$9.1 $6.4 
Other assets
97.0 65.7 
Total Capitalized Software
$106.1 $72.1 
v3.25.4
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Cash Cash Equivalents and Available-for-Sale Securities by Significant Investment Category
The following tables show the Company’s cash, cash equivalents and available-for-sale securities by significant investment category as of December 31, 2025 and 2024, respectively:
December 31, 2025
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$415,760 $— $— $415,760 $415,760 $— $— 
Level 2:
Money market instruments895,919 — — 895,919 895,919 — — 
Corporate debt securities472,572 3,286 (3)475,855 — 189,566 286,289 
U.S. government agency securities206,018 1,197 (1)207,214 — 59,115 148,099 
Asset-backed securities57,687 420 (4)58,103 — 249 57,854 
Subtotal1,632,196 4,903 (8)1,637,091 895,919 248,930 492,242 
Total$2,047,956 $4,903 $(8)$2,052,851 $1,311,679 $248,930 $492,242 

December 31, 2024
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$329,619 $— $— $329,619 $329,619 $— $— 
Level 2:
Money market instruments613,223 — — 613,223 613,223 — — 
Corporate debt securities503,202 2,410 (390)505,222 — 168,104 337,118 
U.S. government agency securities72,027 359 (33)72,353 — 896 71,457 
Asset-backed securities138,508 363 (344)138,527 — 25,864 112,663 
Subtotal1,326,960 3,132 (767)1,329,325 613,223 194,864 521,238 
Total$1,656,579 $3,132 $(767)$1,658,944 $942,842 $194,864 $521,238 
(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.
v3.25.4
INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
Intangible Assets, Net consisted of the following:
December 31,
20252024
Finite-lived intangible assets$723,966 $721,110 
Accumulated amortization(510,129)(465,832)
Net carrying value$213,837 $255,278 
Schedule of Carrying Value and Estimated Remaining Life of Finite-Lived Intangible Assets
The following table summarizes the carrying value and estimated remaining life of the Company’s finite-lived intangible assets as of December 31, 2025:
Net BalanceAverage Remaining Life
Acquired intellectual property$127,163 7.4 years
Technology transfer
83,397 
6.0 years(1)
License payments
3,277 4.9 years
Total$213,837 
(1)Certain technology transfer assets have not yet been placed into service. The average remaining life presented is only for those placed into service.
Schedule of Estimated Future Amortization Expense
As of December 31, 2025, the estimated future amortization expense associated with the Company’s finite-lived intangible assets that have been placed into service, was as follows:
Fiscal YearAmount
2026$30,281 
202730,281 
202828,709 
202927,470 
203027,332 
Thereafter55,538 
$199,611 
v3.25.4
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
Property, Plant and Equipment, Net, consisted of the following:
December 31,
20252024
Building and improvements$910,710 $892,484 
Manufacturing and laboratory equipment574,576 542,856 
Computer hardware and software202,588 204,768 
Land90,781 90,781 
Leasehold improvements44,035 44,368 
Furniture and equipment41,647 41,871 
Land improvements27,565 27,433 
Construction-in-progress
134,911 90,271 
2,026,813 1,934,832 
Accumulated depreciation(1,074,305)(891,791)
Total property, plant and equipment, net$952,508 $1,043,041 
v3.25.4
INVENTORY (Tables)
 12 Months Ended
Dec. 31, 2025
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory consisted of the following:
December 31,
20252024
Raw materials$106,510 $154,341 
Work-in-process801,061 550,678 
Finished goods391,312 527,634 
Total inventory$1,298,883 $1,232,653 
v3.25.4
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities consisted of the following:
December 31,
2025
2024
Accounts payable and accrued operating expenses$312,768 $235,403 
Accrued compensation expense219,422 202,513 
Accrued rebates payable166,925 120,835 
Foreign currency exchange forward contracts31,007 13,056 
Lease liability8,685 7,574 
Accrued royalties payable7,968 7,923 
Accrued income taxes 3,667 12,567 
Other8,589 7,117 
Total accounts payable and accrued liabilities$759,031 $606,988 
Schedule of Estimated Accrued Rebates and Reserve for Cash Discounts
The roll forward of significant estimated accrued rebates and reserve for cash discounts for the years ended December 31, 2025, 2024 and 2023, were as follows:
Balance at
Beginning
of Period
Provision for Current Period SalesPayments
Balance at
End of
Period
Year ended December 31, 2025:
Accrued rebates$120,835 312,122 (266,032)$166,925 
Reserve for cash discounts$2,644 24,822 (24,266)$3,200 
Year ended December 31, 2024:
Accrued rebates$96,179 230,801 (206,145)$120,835 
Reserve for cash discounts$5,390 18,771 (21,517)$2,644 
Year ended December 31, 2023:
Accrued rebates$72,654 196,864 (173,339)$96,179 
Reserve for cash discounts$3,639 21,081 (19,330)$5,390 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value
Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following, except for derivatives, which are discussed in Note 8 – Derivative Instruments and Hedging Strategies: 
December 31,
2025
2024
Assets:
Other current assets:
NQDC Plan assets$3,765 $2,928 
Other assets:
NQDC Plan assets41,689 34,978 
Restricted investments (1)
375 514 
Total other assets42,064 35,492 
Total assets$45,829 $38,420 
Liabilities:
Current liabilities:
NQDC Plan liability$3,765 $2,928 
Other long-term liabilities:
NQDC Plan liability41,689 34,978 
Total liabilities$45,454 $37,906 
    
(1)The restricted investments as of December 31, 2025 and 2024 secure the Company’s irrevocable standby letters of credit obtained in connection with certain commercial agreements.
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Aggregate Notional Amounts Outstanding
The following table summarizes the aggregate notional amounts for the Company’s derivatives outstanding as of the periods presented.
December 31,
Forward Contracts20252024
Derivatives designated as hedging instruments:
Sell$1,573,184 $1,371,816 
Purchase$385,499 $289,967 
Derivatives not designated as hedging instruments:
Sell$356,285 $344,101 
Purchase$36,798 $63,617 
Schedule of Fair Value Carrying Amount of Derivative Instruments
The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
December 31,
Balance Sheet Location20252024
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$17,585 $60,192 
Other assets5,591 14,514 
Subtotal$23,176 $74,706 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$30,134 $12,381 
Other long-term liabilities9,905 2,536 
Subtotal$40,039 $14,917 
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$2,479 $4,934 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$873 $675 
Total Derivatives Assets$25,655 $79,640 
Total Derivatives Liabilities$40,912 $15,592 
(1)    Refer to Note 1 to these Consolidated Financial Statements for additional information related to the Company’s fair value measurements.
Schedule of Impact of Gains and Losses from Consolidated Statements of Income
The following tables summarize the impact of gains and losses from the Company's derivatives on its Consolidated Statements of Income for the periods presented.
Years Ended December 31,
202520242023
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues $(20,611)$14,708 $(186)
Operating expenses $5,137 $164 $350 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in Earnings
Operating expenses$(32,536)$33,966 $(8,808)
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of ROU Assets and Lease Liabilities
The following table presents the Company’s ROU assets and lease liabilities for the periods presented.
December 31,
Lease ClassificationClassification20252024
Assets:
OperatingOther assets$35,243 $28,680 
FinancingOther assets4,046 5,071 
Total ROU assets$39,289 $33,751 
Liabilities:
Current:
OperatingAccounts payable and accrued liabilities$8,569 $7,233 
FinancingAccounts payable and accrued liabilities116 341 
Noncurrent:
OperatingOther long-term liabilities36,576 30,501 
FinancingOther long-term liabilities436 756 
Total lease liabilities$45,697 $38,831 
Schedule of Maturities of Finance Lease Liabilities
Maturities of lease liabilities as of December 31, 2025 by fiscal year were as follows: 

OperatingFinancingTotal
2026$10,066 $235 $10,301 
20279,355 222 9,577 
20288,592 141 8,733 
20296,332 — 6,332 
20303,848 — 3,848 
Thereafter18,459 — 18,459 
Total lease payments56,652 598 57,250 
Less: Imputed interest
(11,507)(46)(11,553)
Present value of lease liabilities$45,145 $552 $45,697 
Schedule of Maturities of Operating Lease Liabilities
Maturities of lease liabilities as of December 31, 2025 by fiscal year were as follows: 

OperatingFinancingTotal
2026$10,066 $235 $10,301 
20279,355 222 9,577 
20288,592 141 8,733 
20296,332 — 6,332 
20303,848 — 3,848 
Thereafter18,459 — 18,459 
Total lease payments56,652 598 57,250 
Less: Imputed interest
(11,507)(46)(11,553)
Present value of lease liabilities$45,145 $552 $45,697 
Schedule of Lease Cost
Lease costs associated with payments under the Company’s leases for the periods presented were as follows:
Years Ended December 31,
Lease CostClassification202520242023
Operating (1)
Operating expenses$11,330 $14,154 $14,197 
Financing:
AmortizationOperating expenses1,729 1,703 3,360 
Interest expense
Interest expense
6 5 2,648 
Total lease costs$13,065 $15,862 $20,205 
(1)    Includes short-term leases and variable lease costs, both of which were not material in the periods presented.
Years Ended December 31,
Supplemental Cash Flow Information202520242023
Cash paid for amounts included in the measurement of lease liabilities:
Cash used in operating activities:
Operating leases$9,342 $13,388 $9,980 
Financing leases$47 $23 $51 
Cash used in financing activities:
Financing leases$889 $216 $2,286 
ROU assets obtained in exchange for lease obligations:
Operating leases$12,933 $2,812 $16,321 
Financing leases$661 $1,196 $68 
Schedule of Other Information
The following table includes the weighted average remaining lease terms and the weighted average discount rate used to calculate the present value of the Company’s lease liabilities:
December 31,

20252024
Weighted average remaining lease term (in years):
Operating leases7.06.5
Financing leases2.83.1
Weighted average discount rate:
Operating leases6.2%6.1%
Financing leases6.0%5.4%
v3.25.4
DEBT (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Senior Subordinated Convertible Obligations The following table summarizes information regarding the Company’s convertible notes: 
December 31,
20252024
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(2,824)(4,862)
Total convertible debt, net$597,176 $595,138 
Fair value of fixed-rate convertible debt (1):
2027 Notes$576,267 $558,894 
(1)The fair value of the Company’s fixed-rate convertible debt is based on open market trades and is classified as Level 1 in the fair value hierarchy. See Note 1 to these Consolidated Financial Statements for additional discussion of fair value measurements.
Schedule of Interest Expense on Fixed-Rate Convertible Debt
Interest expense on the Company’s fixed-rate convertible debt consisted of the following:
Years Ended December 31,
202520242023
Coupon interest expense$7,500 $9,564 $10,465 
Accretion of discount on convertible notes1,942 2,775 3,359 
Amortization of debt issuance costs107 391 594 
Total interest expense on convertible debt$9,549 $12,730 $14,418 
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Changes in Accumulated Balances of AOCI Including Current Period Other Comprehensive Income (Loss) and Reclassifications Out of AOCI
The following table summarizes changes in the accumulated balances for each component of AOCI, including current period other comprehensive income (loss) and reclassifications out of AOCI, for the periods presented.
Unrealized Gains (Losses) on Cash Flow HedgesUnrealized Gains (Losses) on Available-for-Sale Debt SecuritiesTotal
AOCI balance as of December 31, 2022$8,226 $(12,093)$(3,867)
Other comprehensive income (loss) before
reclassifications		(37,720)16,885 (20,835)
Less: gain (loss) reclassified from AOCI164 — 164 
Tax effect— (3,922)(3,922)
Net current period other comprehensive income (loss)(37,884)12,963 (24,921)
AOCI balance as of December 31, 2023$(29,658)$870 $(28,788)
Other comprehensive income (loss) before
reclassifications		104,354 1,248 105,602 
Less: gain (loss) reclassified from AOCI14,872 — 14,872 
Tax effect— (289)(289)
Net current period other comprehensive income
89,482 959 90,441 
AOCI balance as of December 31, 2024$59,824 $1,829 $61,653 
Other comprehensive income (loss) before
reclassifications		(92,542)2,529 (90,013)
Less: gain (loss) reclassified from AOCI(15,474)— (15,474)
Tax effect— (587)(587)
Net current period other comprehensive income (loss)
(77,068)1,942 (75,126)
AOCI balance as of December 31, 2025$(17,244)$3,771 $(13,473)
v3.25.4
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Reportable Segment Information
The following table includes information about segment revenue, significant segment expenses, and segment measure of profitability:
Years Ended December 31,
202520242023
Total revenues$3,221,253 $2,853,915 $2,419,226 
Less:
Cost of sales717,442 580,235 532,062 
R&D expenses
Research and early pipeline383,705 434,023 393,078 
Later-stage clinical programs308,334 27,581 62,604 
Marketed products229,891 285,580 291,091 
SG&A expenses
S&M expenses
530,156 476,739 488,442 
G&A expenses
622,861 532,286 403,964 
Other segment expense, net (1)
79,963 90,612 80,340 
Net income$348,901 $426,859 $167,645 
(1)Other segment expense, net, during the years ended December 31, 2025, 2024 and 2023 included Intangible Asset Amortization, Interest Income and Expense, Other Income (Expense), Net and Provision for Income Taxes. The year ended December 31, 2024 also included Gain on Sale of Nonfinancial Assets.
Schedule of Total Revenues and Disaggregates Net Product Revenues by Product
The following table presents Total Revenues and disaggregates Net Product Revenues by product.
Years Ended December 31,
202520242023
VOXZOGO$926,923 $735,092 $469,881 
Enzyme Therapies:
VIMIZIM792,051 739,784 701,053 
NAGLAZYME485,400 479,584 420,292 
PALYNZIQ433,310 355,047 303,919 
ALDURAZYME208,508 183,887 131,248 
BRINEURA186,397 169,083 161,889 
KUVAN99,530 120,902 180,767 
ROCTAVIAN35,640 26,066 3,489 
Total net product revenues3,167,759 2,809,445 2,372,538 
Royalty and other revenues53,494 44,470 46,688 
Total revenues$3,221,253 $2,853,915 $2,419,226 
Schedule of Disaggregation of Total Net Product Revenues by Geographic Region The table below disaggregates total Net Product Revenues by geographic region, which is based on patient location for Company's commercial products sold directly by the Company, except for ALDURAZYME, which is distributed, marketed and sold exclusively by Sanofi worldwide.
Years Ended December 31,
202520242023
United States$1,104,973 $924,810 $771,314 
Europe874,331 829,031 669,331 
Latin America435,478 378,084 332,437 
Rest of world544,469 493,633 468,208 
Total net product revenues marketed by the Company2,959,251 2,625,558 2,241,290 
ALDURAZYME net product revenues marketed by Sanofi208,508 183,887 131,248 
Total net product revenues$3,167,759 $2,809,445 $2,372,538 
Schedule of Total Net Product Revenues Attributed to Largest Customers
The following table illustrates the percentage of the Company’s total Net Product Revenues attributed to the Company’s largest customers for the periods presented.
Years Ended December 31,
202520242023
Customer A14 %13 %14 %
Customer B12 %12 %12 %
Customer C11 %10 %10 %
Total37 %35 %36 %
Schedule of Long-Lived Assets by Geographic Region
Long-lived assets, which consist of net property, plant and equipment and ROU assets are summarized by geographic region in the following table.
December 31,
20252024
Long-lived assets by geography:
United States$639,669 $755,069 
Ireland331,287 308,123 
Rest of world20,841 13,600 
Total long-lived assets$991,797 $1,076,792 
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Income
Stock-based compensation expense included on the Company’s Consolidated Statements of Income for all stock-based compensation arrangements was as follows:
Years Ended December 31,
202520242023
Cost of sales$14,165 $15,131 $17,604 
Research and development54,691 59,545 65,714 
Selling, general and administrative112,553 126,895 123,781 
Total stock-based compensation expense$181,409 $201,571 $207,099 
Schedule of Restricted Stock Unit Activity
Below is a summary of activity related to RSUs with service-based vesting conditions for the year ended December 31, 2025:
SharesWeighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 20244,536,723 $83.88 
Granted3,033,951 $68.23 
Vested(1,719,176)$83.38 
Forfeited(625,092)$79.27 
Non-vested units as of December 31, 20255,226,406 $75.50 
Below is a summary of activity related to RSUs with vesting conditions based on performance targets for the year ended December 31, 2025:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2024427,310 $84.29 
Granted279,134 $71.55 
Vested(228,252)$83.43 
Forfeited(9,960)$79.32 
Non-vested units as of December 31, 2025468,232 $79.60 
Below is a summary of activity related to RSUs with market-based vesting conditions for the year ended December 31, 2025:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2024443,340 $120.92 
Granted214,578 $117.60 
Vested(132,390)$136.49 
Forfeited(11,650)$116.96 
Non-vested units as of December 31, 2025513,878 $115.61 
Schedule of Fair Value of TSR-RSUs Granted Assumptions
The grant date fair values and assumptions used to determine the fair value of TSR-RSUs on grant date during the periods presented were as follows:
Years Ended December 31,
202520242023
Grant date fair value
$117.60
102.07
$132.56
Expected volatility
22.4 – 155.5%
20.8 – 168.3%
22.4 – 152.1%
Dividend yield0.0%0.0%0.0%
Expected term
2.8 - 4.8 years
2.3 - 2.8 years
2.8 years
Risk-free interest rate
4.0 - 4.1%
3.6 - 4.6%
3.8%
Schedule of Stock Option Activity
The following table summarizes activity under the Company’s stock option plans for the year ended December 31, 2025. All stock option grants presented in the table had exercise prices not less than the fair value of the underlying common stock on the grant date:
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Years
Aggregate
Intrinsic
Value (1)
Options outstanding as of December 31, 20245,747,448 $86.44 $5,198 
Granted791,700 $69.63 
Exercised— $— 
Expired and forfeited(895,698)$101.60 
Options outstanding as of December 31, 20255,643,450 $81.77 4.9$266,346 
Options unvested as of December 31, 20251,309,927 $75.55 8.7$266,346 
Exercisable as of December 31, 20254,331,730 $83.65 3.8$— 
(1)The aggregate intrinsic value for outstanding options is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock on the Nasdaq Global Select Market as of the last trading day for the respective year. The aggregate intrinsic value of options outstanding and exercisable includes options with an exercise price below $59.43, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2025.
Schedule of Fair Value of Stock Options Granted Assumptions
The assumptions used to estimate the per share fair value of stock options granted during the periods presented were as follows:
Years Ended December 31,
202520242023
Expected volatility
37.0 – 39.6%
38.0 – 39.4%
37.8 – 40.3%
Dividend yield0.0%0.0%0.0%
Expected term
5.3 – 5.9 years
4.7 – 6.2 years
4.7 – 6.2 years
Risk-free interest rate
3.7 – 4.5%
3.5 – 4.5%
3.5 – 4.6%
Schedule of Fair Value of Stock Purchase Rights Granted Under the ESPP
The assumptions used to estimate the per share fair value of stock purchase rights granted under the ESPP were as follows:
Years Ended December 31,
202520242023
Expected volatility
26.9 – 35.7%
24.0 – 36.9%
24.0 – 48.0%
Dividend yield0.0%0.0%0.0%
Expected term
0.5 – 2.0 years
0.5 – 2.0 years
0.5 – 2.0 years
Risk-free interest rate
3.6 – 4.2%
4.1 – 5.5%
0.06 – 5.5%
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes Based on Income Before Income Taxes
The Provision for Income Taxes was based on Income before Income Taxes as follows:
Years Ended December 31,
20252024
2023
U.S. Source$(262,617)$130,503 $(453,840)
Non-U.S. Source745,097 411,260 642,403 
Income before income taxes
$482,480 $541,763 $188,563 
Schedule of Components of Provision for (Benefit from) Income Taxes
The U.S. and foreign components of the Provision for Income Taxes were as follows:
Years Ended December 31,
20252024
2023
Provision for income taxes
Federal$32,428 $32,344 $25,120 
State and local11,528 8,813 5,098 
Foreign40,885 17,651 35,681 
84,841 58,808 65,899 
Provision for deferred income taxes:
Federal5,498 (2,117)(70,754)
State and local(5,148)(5,166)(8,030)
Foreign48,388 63,379 33,803 
48,738 56,096 (44,981)
Provision for income taxes
$133,579 $114,904 $20,918 
Schedule of Reconciliation of Statutory Federal Income Tax Benefit to Effective Tax Rate
The following is a reconciliation of the statutory federal income tax expense and rate to the Company’s effective tax rate for the year ended December 31, 2025:
Year Ended December 31,
2025%
Federal Tax Expense$101,321 21.0%
State and local income taxes, net of federal income tax effect(1)
1,413 0.3
Foreign tax effects
Ireland
Statutory tax rate difference between Ireland and United States
(47,988)(10.0)
Other(2,013)(0.4)
Other Foreign Jurisdictions2,927 0.6
Effects of changes in tax laws or rates enacted in the current period
Effect of cross-border tax laws
Global intangible low taxed income (GILTI)88,510 18.3
Foreign derived intangible income (FDII)(30,052)(6.2)
Subpart F Income5,353 1.1
Tax credits
Foreign Tax Credits(31,972)(6.6)
Orphan Drug Credits
(13,638)(2.8)
R&D tax credits(7,495)(1.6)
Changes in valuation allowances5,274 1.1
Nontaxable or nondeductible items
Nondeductible IPR&D(2)
45,709 9.5
Stock compensation expense16,225 3.4
162m Addback6,764 1.4
Other1,198 0.3
Changes in unrecognized tax benefits(3)
(8,969)(1.9)
Other Adjustments1,012 0.2
Effective Tax Rate$133,579 27.7%
(1)    State taxes in Pennsylvania, Michigan and Illinois made up a simple majority (greater than 50%) of the tax effect in this category.
(2)    Non-deductible IPR&D charges in 2025 of $45.7 million primarily related to the impact of a $221.0 million one-time, non-tax deductible charge for the acquisition of Inozyme Pharma, Inc. (Inozyme).
(3)    Changes in unrecognized tax benefits for all jurisdictions are aggregated within this category.
The following is a reconciliation of the statutory federal income tax expense to the Company’s effective tax rate for the years ended December 31, 2024 and 2023:
Years Ended December 31,
2024
2023
Federal statutory income tax rate$113,770 $39,598 
State and local taxes4,756 (3,614)
Orphan Drug & General Business Credit(35,486)(39,535)
Stock compensation expense7,467 2,209 
Foreign Source Income Subject to US Tax44,492 47,721 
Foreign tax rate differential (1)
(34,905)(69,987)
Section 162(m) limitation9,278 9,699 
Tax Reserves32,560 27,296 
Intra-entity transfer of assets(33,432)5,019 
Valuation allowance/deferred benefit7,175 3,723 
Other(771)(1,211)
Effective income tax rate$114,904 $20,918 
(1)For the year ended December 31, 2024, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate offset by elimination of intercompany sales. For the year ended December 31, 2023, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate.
Schedule of Cash Flow, Supplemental Disclosures
Cash paid for income taxes, net of refunds received, by jurisdiction for the year ended December 31, 2025, was as follows.
Year Ended December 31, 2025
Federal
$33,000 
State
8,719 
Foreign
Ireland
45,807 
United Kingdom
5,027 
Other
3,652 
Total cash paid for income taxes
$96,205 
Schedule of Components of Net Deferred Tax Assets
The significant components of the Company’s net deferred tax assets were as follows:
December 31,
20252024
Net deferred tax assets:
Net operating loss carryforwards$105,642 $18,585 
Tax credit carryforwards
398,769 462,925 
Accrued expenses, reserves, and prepaids148,124 119,986 
Intangible assets625,084 696,096 
Capitalized R&D expenses
367,200 310,081 
Stock-based compensation35,848 42,609 
Lease liabilities6,054 7,209 
Inventory37,158 19,119 
Other(219)1,168 
Valuation allowance(181,743)(126,311)
Total deferred tax assets1,541,917 1,551,467 
Joint venture basis difference(989)(1,037)
Acquired intangibles(803)(915)
ROU Assets(3,911)(4,684)
Property, plant and equipment(27,573)(55,923)
Total deferred tax liabilities(33,276)(62,559)
Net deferred tax assets$1,508,641 $1,488,908 
Schedule of Net Operating Loss and Tax Credit Carryforwards
As of December 31, 2025, the Company had the following net operating loss and tax credit carryforwards, which if not utilized, will expire as follows:
TypeAmountYear
Federal net operating loss carryforwards$336,545 Indefinite
Federal net operating loss carryforwards$2,632 2030-2033
Federal R&D and orphan drug credit carryforwards$441,294  2028-2045
State net operating loss carryforwards$466,453  2025-2045
Dutch net operating loss carryforwards$26,927  Indefinite
Schedule of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2025 and 2024, is as follows:
December 31,
20252024
Balance at beginning of period$325,035 $277,456 
Additions based on tax positions related to the current year48,843 47,682 
Additions (reductions) for tax positions of prior years
(2,206)(103)
Acquired Tax Positions9,214 — 
Balance at end of period$380,886 $325,035 
v3.25.4
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):
Years Ended December 31,
202520242023
Numerator:
Net income, basic
$348,901 $426,859 $167,645 
Add: Interest expense, net of tax, on the Company's convertible debt
7,334 7,327 — 
Net income, diluted
$356,235 $434,186 $167,645 
Denominator:
Weighted-average common shares outstanding, basic191,787 190,027 187,834 
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans1,242 2,316 3,761 
Common stock issuable under the Company’s convertible debt (1)
4,365 4,365 — 
Weighted-average common shares outstanding, diluted197,394 196,708 191,595 
Earnings per common share, basic
$1.82 $2.25 $0.89 
Earnings per common share, diluted
$1.80 $2.21 $0.87 
Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share
In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands):
Years Ended December 31,
202520242023
Common stock issuable under the Company's equity incentive plans
11,307 9,438 8,072 
Common stock issuable under the Company’s convertible debt (1)
— — 8,335 
Total number of potentially issuable shares11,307 9,438 16,407 
(1)    If converted, the Company would issue 4.4 million shares under the 2027 Notes and, for the year ended December 31, 2023, would have issued 4.0 million shares under the Company’s 2024 Notes, which matured and were settled in August 2024.
v3.25.4
RESTRUCTURING (Tables)
 12 Months Ended
Dec. 31, 2025
Restructuring and Related Activities [Abstract]  
Schedule of Restructuring and Related Costs Restructuring charges consisted of the following:
Year Ended
December 31,
2025
Inventory write-off
$119,208 
Long-lived asset impairments
118,522 
Severance and other related costs
3,523 
$241,253 
v3.25.4
ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Asset Acquisition
The following summarizes the total consideration transferred and allocation to the assets acquired, liabilities assumed and acquired IPR&D:
Cash consideration for outstanding shares $260,424 
Cash consideration for equity awards 9,950 
Consideration paid to Inozyme 270,374 
Payment of Inozyme debt 49,095 
Employee-related incentive payments 2,714 
Transaction costs 6,950 
Total consideration
$329,133 
 
Cash and cash equivalents $43,939 
Other assets 10,779 
Deferred tax assets 68,697 
Other liabilities (15,245)
Total identifiable assets acquired, net 108,170 
Acquired IPR&D
220,963 
Total assets and liabilities
$329,133 
v3.25.4
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
therapy
tranche
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Significant Accounting Policies [Line Items]      
Number of commercial therapies | therapy 8    
Capitalized costs, amortization expense $ 7.4 $ 0.0 $ 0.0
Payment term after customer control 1 year    
Period between customer control and payment 1 year    
Advertising expenses $ 50.5 34.5 27.8
Number of tranches in offering period | tranche 4    
Span of offering period 24 months    
Foreign currency transaction losses $ 6.1 $ 8.6 $ 27.7
Minimum | ALDURAZYME      
Significant Accounting Policies [Line Items]      
Payment received as percentage of net product sales 39.50%    
Maximum | ALDURAZYME      
Significant Accounting Policies [Line Items]      
Payment received as percentage of net product sales 50.00%    
v3.25.4
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment Estimated Useful Lives (Details)
Dec. 31, 2025
Building and improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 20 years
Building and improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 50 years
Manufacturing and laboratory equipment | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 5 years
Manufacturing and laboratory equipment | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 15 years
Computer hardware and software | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 3 years
Computer hardware and software | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 7 years
Office furniture and equipment  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 5 years
Land improvements | Minimum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 10 years
Land improvements | Maximum  
Property, Plant and Equipment [Line Items]  
Property, plant and equipment, useful life, (in years) 20 years
v3.25.4
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Capitalized Software Costs (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Significant Accounting Policies [Line Items]    
Total Capitalized Software $ 106.1 $ 72.1
Other current assets    
Significant Accounting Policies [Line Items]    
Total Capitalized Software 9.1 6.4
Other assets    
Significant Accounting Policies [Line Items]    
Total Capitalized Software $ 97.0 $ 65.7
v3.25.4
FINANCIAL INSTRUMENTS - Schedule of Cash, Cash Equivalents and Available-for-Sale Securities by Significant Investment Category (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 2,047,956 $ 1,656,579
Gross Unrealized Gains 4,903 3,132
Gross Unrealized Losses (8) (767)
Aggregate Fair Value 2,052,851 1,658,944
Cash and Cash Equivalents 1,311,679 942,842
Short-term Marketable Securities 248,930 194,864
Long-term Marketable Securities $ 492,242 $ 521,238
Maximum    
Schedule of Available-for-sale Securities [Line Items]    
Short-term marketable securities maturity period 1 year 1 year
Long-term marketable securities maturity period 5 years 5 years
Minimum    
Schedule of Available-for-sale Securities [Line Items]    
Long-term marketable securities maturity period 1 year 1 year
Level 1    
Schedule of Available-for-sale Securities [Line Items]    
Cash, amortized cost $ 415,760 $ 329,619
Cash, aggregate fair value 415,760 329,619
Level 2    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 1,632,196 1,326,960
Gross Unrealized Gains 4,903 3,132
Gross Unrealized Losses (8) (767)
Aggregate Fair Value 1,637,091 1,329,325
Cash and Cash Equivalents 895,919 613,223
Short-term Marketable Securities 248,930 194,864
Long-term Marketable Securities 492,242 521,238
Level 2 | Money market instruments    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 895,919 613,223
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Aggregate Fair Value 895,919 613,223
Cash and Cash Equivalents 895,919 613,223
Short-term Marketable Securities 0 0
Long-term Marketable Securities 0 0
Level 2 | Corporate debt securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 472,572 503,202
Gross Unrealized Gains 3,286 2,410
Gross Unrealized Losses (3) (390)
Aggregate Fair Value 475,855 505,222
Cash and Cash Equivalents 0 0
Short-term Marketable Securities 189,566 168,104
Long-term Marketable Securities 286,289 337,118
Level 2 | U.S. government agency securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 206,018 72,027
Gross Unrealized Gains 1,197 359
Gross Unrealized Losses (1) (33)
Aggregate Fair Value 207,214 72,353
Cash and Cash Equivalents 0 0
Short-term Marketable Securities 59,115 896
Long-term Marketable Securities 148,099 71,457
Level 2 | Asset-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 57,687 138,508
Gross Unrealized Gains 420 363
Gross Unrealized Losses (4) (344)
Aggregate Fair Value 58,103 138,527
Cash and Cash Equivalents 0 0
Short-term Marketable Securities 249 25,864
Long-term Marketable Securities $ 57,854 $ 112,663
v3.25.4
INTANGIBLE ASSETS - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Finite-lived intangible assets $ 723,966 $ 721,110
Accumulated amortization (510,129) (465,832)
Net carrying value $ 213,837 $ 255,278
v3.25.4
INTANGIBLE ASSETS - Schedule of Carrying Value and Estimated Remaining Life of Finite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 213,837 $ 255,278
Acquired intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 127,163  
Average Remaining Life 7 years 4 months 24 days  
Technology transfer    
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 83,397  
Average Remaining Life 6 years  
License payments    
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 3,277  
Average Remaining Life 4 years 10 months 24 days  
v3.25.4
INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 30,281
2027 30,281
2028 28,709
2029 27,470
2030 27,332
Thereafter 55,538
Finite-lived intangible asset future amortization $ 199,611
v3.25.4
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 2,026,813 $ 1,934,832
Accumulated depreciation (1,074,305) (891,791)
Total property, plant and equipment, net 952,508 1,043,041
Building and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 910,710 892,484
Manufacturing and laboratory equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 574,576 542,856
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 202,588 204,768
Land    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 90,781 90,781
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 44,035 44,368
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 41,647 41,871
Land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 27,565 27,433
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 134,911 $ 90,271
v3.25.4
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 48.5 $ 46.6 $ 40.3
v3.25.4
INVENTORY (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Inventory Disclosure [Abstract]    
Raw materials $ 106,510 $ 154,341
Work-in-process 801,061 550,678
Finished goods 391,312 527,634
Total inventory $ 1,298,883 $ 1,232,653
v3.25.4
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts payable and accrued operating expenses $ 312,768 $ 235,403
Accrued compensation expense 219,422 202,513
Accrued rebates payable 166,925 120,835
Foreign currency exchange forward contracts 31,007 13,056
Lease liability 8,685 7,574
Accrued royalties payable 7,968 7,923
Accrued income taxes 3,667 12,567
Other 8,589 7,117
Total accounts payable and accrued liabilities $ 759,031 $ 606,988
v3.25.4
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Estimated Accrued Rebates and Reserve for Cash Discounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accrued rebates      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 120,835 $ 96,179 $ 72,654
Provision for Current Period Sales 312,122 230,801 196,864
Payments (266,032) (206,145) (173,339)
Balance at End of Period 166,925 120,835 96,179
Reserve for cash discounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 2,644 5,390 3,639
Provision for Current Period Sales 24,822 18,771 21,081
Payments (24,266) (21,517) (19,330)
Balance at End of Period $ 3,200 $ 2,644 $ 5,390
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Level 1    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets remeasured $ 0 $ 0
Financial liabilities remeasured 0 0
Level 3    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Financial assets remeasured 0 0
Financial liabilities remeasured 0 0
Level 2    
Assets:    
Fair value of other current assets 3,765,000 2,928,000
Fair value of other assets 41,689,000 34,978,000
Restricted investments 375,000 514,000
Total other assets 42,064,000 35,492,000
Total assets 45,829,000 38,420,000
Liabilities:    
Fair value of other current liabilities 3,765,000 2,928,000
Fair value of other long-term liabilities 41,689,000 34,978,000
Total liabilities $ 45,454,000 $ 37,906,000
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Derivative [Line Items]  
Unrealized losses reclassified from AOCI to earnings $ 12.9
Derivatives designated as hedging instruments:  
Derivative [Line Items]  
Maturity of derivatives 2 years
Derivatives not designated as hedging instruments:  
Derivative [Line Items]  
Maturity of derivatives 3 months
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Aggregate Notional Amounts Outstanding (Details) - Foreign Exchange Contracts - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivatives designated as hedging instruments: | Sell    
Derivative [Line Items]    
Notional amount $ 1,573,184 $ 1,371,816
Derivatives designated as hedging instruments: | Purchase    
Derivative [Line Items]    
Notional amount 385,499 289,967
Derivatives not designated as hedging instruments: | Sell    
Derivative [Line Items]    
Notional amount 356,285 344,101
Derivatives not designated as hedging instruments: | Purchase    
Derivative [Line Items]    
Notional amount $ 36,798 $ 63,617
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]    
Derivative asset, fair value $ 25,655 $ 79,640
Derivative liability, fair value 40,912 15,592
Derivatives designated as hedging instruments: | Level 2    
Derivative [Line Items]    
Derivative asset, fair value 23,176 74,706
Derivative liability, fair value 40,039 14,917
Derivatives designated as hedging instruments: | Level 2 | Other current assets    
Derivative [Line Items]    
Derivative asset, fair value 17,585 60,192
Derivatives designated as hedging instruments: | Level 2 | Other assets    
Derivative [Line Items]    
Derivative asset, fair value 5,591 14,514
Derivatives designated as hedging instruments: | Level 2 | Accounts payable and accrued liabilities    
Derivative [Line Items]    
Derivative liability, fair value 30,134 12,381
Derivatives designated as hedging instruments: | Level 2 | Other long-term liabilities    
Derivative [Line Items]    
Derivative liability, fair value 9,905 2,536
Derivatives not designated as hedging instruments: | Level 2 | Other current assets    
Derivative [Line Items]    
Derivative asset, fair value 2,479 4,934
Derivatives not designated as hedging instruments: | Level 2 | Accounts payable and accrued liabilities    
Derivative [Line Items]    
Derivative liability, fair value $ 873 $ 675
v3.25.4
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Impact of Gains and Losses from Consolidated Statements of Operations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments: | Operating expenses | Unrealized Gains (Losses) on Cash Flow Hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Cash Flow Hedging Gains (Losses) Reclassified into Earnings $ 5,137 $ 164 $ 350
Derivatives designated as hedging instruments: | Net product revenues | Unrealized Gains (Losses) on Cash Flow Hedges      
Derivative Instruments, Gain (Loss) [Line Items]      
Cash Flow Hedging Gains (Losses) Reclassified into Earnings (20,611) 14,708 (186)
Derivatives not designated as hedging instruments:      
Derivative Instruments, Gain (Loss) [Line Items]      
Gains (Losses) Recognized in Earnings $ (32,536) $ 33,966 $ (8,808)
v3.25.4
LEASES - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets:    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating $ 35,243 $ 28,680
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Financing $ 4,046 $ 5,071
Total ROU assets $ 39,289 $ 33,751
Liabilities:    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Operating, current $ 8,569 $ 7,233
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Finance, current $ 116 $ 341
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities Other long-term liabilities
Operating, noncurrent $ 36,576 $ 30,501
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities Other long-term liabilities
Finance, noncurrent $ 436 $ 756
Total lease liabilities $ 45,697 $ 38,831
v3.25.4
LEASES - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating    
2026 $ 10,066  
2027 9,355  
2028 8,592  
2029 6,332  
2030 3,848  
Thereafter 18,459  
Total lease payments 56,652  
Less: Imputed interest (11,507)  
Present value of lease liabilities 45,145  
Financing    
2026 235  
2027 222  
2028 141  
2029 0  
2030 0  
Thereafter 0  
Total lease payments 598  
Less: Imputed interest (46)  
Present value of lease liabilities 552  
Total    
2026 10,301  
2027 9,577  
2028 8,733  
2029 6,332  
2030 3,848  
Thereafter 18,459  
Total lease payments 57,250  
Less: Imputed interest (11,553)  
Total lease liabilities $ 45,697 $ 38,831
v3.25.4
LEASES - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lease Cost      
Total lease costs $ 13,065 $ 15,862 $ 20,205
Operating expenses      
Lease Cost      
Operating 11,330 14,154 14,197
Amortization 1,729 1,703 3,360
Interest expense      
Lease Cost      
Interest expense $ 6 $ 5 $ 2,648
v3.25.4
LEASES - Schedule of Other Information (Details)
Dec. 31, 2025
Dec. 31, 2024
Weighted average remaining lease term (in years):    
Operating leases 7 years 6 years 6 months
Financing leases 2 years 9 months 18 days 3 years 1 month 6 days
Weighted average discount rate:    
Operating leases 6.20% 6.10%
Financing leases 6.00% 5.40%
v3.25.4
LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash used in operating activities:      
Operating leases $ 9,342 $ 13,388 $ 9,980
Financing leases 47 23 51
Cash used in financing activities:      
Financing leases 889 216 2,286
ROU assets obtained in exchange for lease obligations:      
Operating leases 12,933 2,812 16,321
Financing leases $ 661 $ 1,196 $ 68
v3.25.4
DEBT - Narrative (Details)
 1 Months Ended 12 Months Ended
May 31, 2020
USD ($)
$ / shares
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Debt Instrument [Line Items]        
Carrying value of equity component   $ 600,000,000.0    
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes)        
Debt Instrument [Line Items]        
Carrying value of equity component   $ 600,000,000 $ 600,000,000  
Debt instrument, interest rate, stated percentage, per annum   1.25% 1.25%  
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes) | Senior Subordinated Notes        
Debt Instrument [Line Items]        
Debt instrument, aggregate principal amount $ 600,000,000.0      
Debt instrument, interest rate, stated percentage, per annum 1.25%      
Conversion rate of shares 0.0072743      
Debt instrument, convertible, conversion price, per share (in dollars per share) | $ / shares $ 137.47      
Net proceeds from offering debt $ 585,800,000      
Debt Instrument, unamortized discount $ 13,500,000      
Repurchase of note principal amount (as a percent)   100.00%    
Revolving Credit Facility        
Debt Instrument [Line Items]        
Maximum borrowing capacity       $ 600,000,000.0
Outstanding amount   $ 0    
v3.25.4
DEBT - Schedule of Senior Subordinated Convertible Obligations (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Convertible notes $ 600,000  
Total convertible debt, net $ 597,176 $ 595,138
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes)    
Debt Instrument [Line Items]    
Debt instrument, interest rate, stated percentage, per annum 1.25% 1.25%
Convertible notes $ 600,000 $ 600,000
Unamortized discount net of deferred offering costs (2,824) (4,862)
Fair value of fixed-rate convertible debt $ 576,267 $ 558,894
v3.25.4
DEBT - Schedule of Interest Expense on Fixed-Rate Convertible Debt (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule Of Interest Expenses [Line Items]      
Coupon interest expense $ 7,500 $ 9,564 $ 10,465
Accretion of discount on convertible notes 1,942 2,775 3,359
Amortization of debt issuance costs 107 391 594
Total interest expense on convertible debt $ 9,549 $ 12,730 $ 14,418
v3.25.4
ACCUMULATED OTHER COMPREHENSIVE INCOME - Schedule of Changes in Accumulated Balances of AOCI Including Current Period Other Comprehensive Income (Loss) and Reclassifications Out of AOCI (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances $ 5,657,990 $ 4,951,549 $ 4,603,156
Other comprehensive income (loss) before reclassifications (90,013) 105,602 (20,835)
Less: gain (loss) reclassified from AOCI (15,474) 14,872 164
Tax effect (587) (289) (3,922)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (75,126) 90,441 (24,921)
Total stockholders' equity, ending balances 6,086,999 5,657,990 4,951,549
Accumulated other comprehensive income (loss):      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances 61,653 (28,788) (3,867)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (75,126) 90,441 (24,921)
Total stockholders' equity, ending balances (13,473) 61,653 (28,788)
Unrealized Gains (Losses) on Cash Flow Hedges      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances 59,824 (29,658) 8,226
Other comprehensive income (loss) before reclassifications (92,542) 104,354 (37,720)
Less: gain (loss) reclassified from AOCI (15,474) 14,872 164
Tax effect 0 0 0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX (77,068) 89,482 (37,884)
Total stockholders' equity, ending balances (17,244) 59,824 (29,658)
Unrealized Gains (Losses) on Available-for-Sale Debt Securities      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances 1,829 870 (12,093)
Other comprehensive income (loss) before reclassifications 2,529 1,248 16,885
Less: gain (loss) reclassified from AOCI 0 0 0
Tax effect (587) (289) (3,922)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 1,942 959 12,963
Total stockholders' equity, ending balances $ 3,771 $ 1,829 $ 870
v3.25.4
SEGMENT INFORMATION - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Concentration Risk And Geographic Information [Line Items]    
Number of operating segments | segment 1  
Number of reportable segments | segment 1  
Accounts receivable, net | $ $ 908,214 $ 660,535
Customer    
Concentration Risk And Geographic Information [Line Items]    
Accounts receivable, net | $ $ 148,000 $ 96,800
Credit Concentration Risk | Accounts Receivable Balance | Customer A    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 20.00% 20.00%
Credit Concentration Risk | Accounts Receivable Balance | Customer B    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 10.00% 11.00%
v3.25.4
SEGMENT INFORMATION - Schedule of Reportable Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Total revenues $ 3,221,253 $ 2,853,915 $ 2,419,226
Cost of sales 717,442 580,235 532,062
Research and development 921,930 747,184 746,773
NET INCOME 348,901 426,859 167,645
Reportable Segment      
Revenue from External Customer [Line Items]      
Total revenues 3,221,253 2,853,915 2,419,226
Cost of sales 717,442 580,235 532,062
S&M expenses 530,156 476,739 488,442
G&A expenses 622,861 532,286 403,964
Other segment expense, net 79,963 90,612 80,340
NET INCOME 348,901 426,859 167,645
Research and early pipeline | Reportable Segment      
Revenue from External Customer [Line Items]      
Research and development 383,705 434,023 393,078
Later-stage clinical programs | Reportable Segment      
Revenue from External Customer [Line Items]      
Research and development 308,334 27,581 62,604
Marketed products | Reportable Segment      
Revenue from External Customer [Line Items]      
Research and development $ 229,891 $ 285,580 $ 291,091
v3.25.4
SEGMENT INFORMATION - Schedule of Total Revenues and Disaggregates Net Product Revenues by Product (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenue from External Customer [Line Items]      
Total revenues $ 3,221,253 $ 2,853,915 $ 2,419,226
Product      
Revenue from External Customer [Line Items]      
Total revenues 3,167,759 2,809,445 2,372,538
VOXZOGO      
Revenue from External Customer [Line Items]      
Total revenues 926,923 735,092 469,881
VIMIZIM      
Revenue from External Customer [Line Items]      
Total revenues 792,051 739,784 701,053
NAGLAZYME      
Revenue from External Customer [Line Items]      
Total revenues 485,400 479,584 420,292
PALYNZIQ      
Revenue from External Customer [Line Items]      
Total revenues 433,310 355,047 303,919
ALDURAZYME      
Revenue from External Customer [Line Items]      
Total revenues 208,508 183,887 131,248
BRINEURA      
Revenue from External Customer [Line Items]      
Total revenues 186,397 169,083 161,889
KUVAN      
Revenue from External Customer [Line Items]      
Total revenues 99,530 120,902 180,767
ROCTAVIAN      
Revenue from External Customer [Line Items]      
Total revenues 35,640 26,066 3,489
Royalty and other revenues      
Revenue from External Customer [Line Items]      
Total revenues $ 53,494 $ 44,470 $ 46,688
v3.25.4
SEGMENT INFORMATION- Schedule of Disaggregation of Total Net Product Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total revenues $ 3,221,253 $ 2,853,915 $ 2,419,226
ALDURAZYME      
Disaggregation of Revenue [Line Items]      
Total revenues 208,508 183,887 131,248
Product      
Disaggregation of Revenue [Line Items]      
Total revenues 3,167,759 2,809,445 2,372,538
Marketed by Company | Products excluding ALDURAZYME      
Disaggregation of Revenue [Line Items]      
Total revenues 2,959,251 2,625,558 2,241,290
Marketed by Company | Products excluding ALDURAZYME | United States      
Disaggregation of Revenue [Line Items]      
Total revenues 1,104,973 924,810 771,314
Marketed by Company | Products excluding ALDURAZYME | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 874,331 829,031 669,331
Marketed by Company | Products excluding ALDURAZYME | Latin America      
Disaggregation of Revenue [Line Items]      
Total revenues 435,478 378,084 332,437
Marketed by Company | Products excluding ALDURAZYME | Rest of world      
Disaggregation of Revenue [Line Items]      
Total revenues 544,469 493,633 468,208
Marketed by Sanofi | ALDURAZYME      
Disaggregation of Revenue [Line Items]      
Total revenues $ 208,508 $ 183,887 $ 131,248
v3.25.4
SEGMENT INFORMATION - Schedule of Total Net Product Revenues Attributed to Largest Customers (Details) - Customer Concentration Risk - Net Product Revenue
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Customer A, B & C      
Concentration Risk [Line Items]      
Concentration risk, percentage 37.00% 35.00% 36.00%
Customer A      
Concentration Risk [Line Items]      
Concentration risk, percentage 14.00% 13.00% 14.00%
Customer B      
Concentration Risk [Line Items]      
Concentration risk, percentage 12.00% 12.00% 12.00%
Customer C      
Concentration Risk [Line Items]      
Concentration risk, percentage 11.00% 10.00% 10.00%
v3.25.4
SEGMENT INFORMATION- Schedule of Long-Lived Assets by Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 991,797 $ 1,076,792
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 639,669 755,069
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 331,287 308,123
Rest of world    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 20,841 $ 13,600
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based awards, authorized (in shares) 54.9    
Span of offering period, in years 24 months    
Stock-based compensation expense capitalized to inventory $ 27,200,000 $ 28,300,000 $ 21,700,000
Weighted-average fair value per option granted (in dollars per share) $ 30.06 $ 35.87 $ 39.30
Total intrinsic value of options exercised $ 0 $ 9,500,000 $ 25,900,000
Employee Stock Purchase Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based awards, authorized (in shares) 7.0    
Shares reserved for future issuance (in shares) 2.0    
Options to purchase shares of common stock, percentage 85.00%    
Span of offering period, in years 2 years    
Maximum percentage of qualified compensation to be used for purchase 10.00%    
Maximum payroll deductions $ 25,000    
Shares issued under the employee stock purchase plan (in shares) 0.3    
Unrecognized compensation cost related to unvested awards $ 11,300,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 1 year 3 months 18 days    
Restricted Stock with Service Based Vesting Conditions      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average fair value per RSU granted (in dollars per share) $ 68.23 $ 82.98 $ 88.96
The total intrinsic value of restricted stock vested and released $ 114,300,000 $ 152,200,000 $ 149,800,000
Unrecognized compensation cost related to unvested awards $ 279,500,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 2 years 7 months 6 days    
Restricted Stock Unit Awards with Market Conditions      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average fair value per RSU granted (in dollars per share) $ 117.60 $ 102.07 $ 132.56
Unrecognized compensation cost related to unvested awards $ 24,200,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 2 years 1 month 6 days    
Award vesting service period 3 years    
Ceiling achievement level 100.00%    
Restricted Stock Unit Awards with Market Conditions | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares earned range 0.00%    
Restricted Stock Unit Awards with Market Conditions | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares earned range 200.00%    
Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost related to unvested awards $ 34,600,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 2 years 6 months    
Restricted Stock | Independent Director | Common stock:      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 1 year    
Initial equity grant value $ 400,000    
Average closing price of common stock, trailing period 30 days    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Weighted-average fair value per RSU granted (in dollars per share) $ 71.55 $ 81.27 $ 89.22
Unrecognized compensation cost related to unvested awards $ 5,500,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 1 year 7 months 6 days    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting service period 3 years    
Shares earned range 50.00%    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Minimum | Strategic Goal Target      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 3 years    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Minimum | Core Operating Margin Target      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 3 years    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Minimum | Internal Financial Measure Target      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 3 years    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Award vesting service period 5 years    
Shares earned range 200.00%    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Maximum | Strategic Goal Target      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 5 years    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Maximum | Core Operating Margin Target      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 5 years    
Restricted Stock Unit Awards with non-Revenue based Performance Conditions | Maximum | Internal Financial Measure Target      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 5 years    
2017 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance (in shares) 43.1    
2017 Equity Incentive Plan | Restricted Stock with Service Based Vesting Conditions      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 4 years    
2017 Equity Incentive Plan | Restricted Stock Unit Awards with Performance-Based Vesting Conditions      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 3 years    
Initial time period vesting requirements 3 years    
2017 Equity Incentive Plan | Restricted Stock Unit Awards with Market Conditions      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 3 years    
Initial time period vesting requirements 3 years    
2017 Equity Incentive Plan | Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period, years 4 years    
Initial time period vesting requirements 12 months    
Contractual term of stock option awards, years 10 years    
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 181,409 $ 201,571 $ 207,099
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 14,165 15,131 17,604
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 54,691 59,545 65,714
Selling, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 112,553 $ 126,895 $ 123,781
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted Stock with Service Based Vesting Conditions      
Shares      
Non-vested units, beginning balance (in shares) 4,536,723    
Granted (in shares) 3,033,951    
Vested (in shares) (1,719,176)    
Forfeited (in shares) (625,092)    
Non-vested units, ending balance (in shares) 5,226,406 4,536,723  
Weighted Average Grant Date Fair Value      
Non-vested units, beginning balance (in dollars per share) $ 83.88    
Granted (in dollars per share) 68.23 $ 82.98 $ 88.96
Vested (in dollars per share) 83.38    
Forfeited (in dollars per share) 79.27    
Non-vested units, ending balance (in dollars per share) $ 75.50 $ 83.88  
Restricted Stock Unit Awards with non-Revenue based Performance Conditions      
Shares      
Non-vested units, beginning balance (in shares) 427,310    
Granted (in shares) 279,134    
Vested (in shares) (228,252)    
Forfeited (in shares) (9,960)    
Non-vested units, ending balance (in shares) 468,232 427,310  
Weighted Average Grant Date Fair Value      
Non-vested units, beginning balance (in dollars per share) $ 84.29    
Granted (in dollars per share) 71.55 $ 81.27 89.22
Vested (in dollars per share) 83.43    
Forfeited (in dollars per share) 79.32    
Non-vested units, ending balance (in dollars per share) $ 79.60 $ 84.29  
Restricted Stock Unit Awards with Market Conditions      
Shares      
Non-vested units, beginning balance (in shares) 443,340    
Granted (in shares) 214,578    
Vested (in shares) (132,390)    
Forfeited (in shares) (11,650)    
Non-vested units, ending balance (in shares) 513,878 443,340  
Weighted Average Grant Date Fair Value      
Non-vested units, beginning balance (in dollars per share) $ 120.92    
Granted (in dollars per share) 117.60 $ 102.07 $ 132.56
Vested (in dollars per share) 136.49    
Forfeited (in dollars per share) 116.96    
Non-vested units, ending balance (in dollars per share) $ 115.61 $ 120.92  
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Fair Value of TSR-RSUs Granted Assumptions (Details) - Restricted Stock Unit Awards with Market Conditions - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grant date fair value (in dollars per share) $ 117.60 $ 102.07 $ 132.56
Expected volatility, minimum 22.40% 20.80% 22.40%
Expected volatility, maximum 155.50% 168.30% 152.10%
Dividend yield 0.00% 0.00% 0.00%
Expected term     2 years 9 months 18 days
Risk-free interest rate, minimum 4.00% 3.60%  
Risk-free interest rate, maximum 4.10% 4.60%  
Risk-free interest rate     3.80%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 2 years 9 months 18 days 2 years 3 months 18 days  
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 4 years 9 months 18 days 2 years 9 months 18 days  
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Shares    
Options outstanding beginning balance (in shares) 5,747,448  
Granted (in shares) 791,700  
Exercised (in shares) 0  
Expired and forfeited (in shares) (895,698)  
Options outstanding ending balance (in shares) 5,643,450  
Options unvested (in shares) 1,309,927  
Exercisable (in shares) 4,331,730  
Weighted Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 86.44  
Granted (in dollars per share) 69.63  
Exercised (in dollars per share) 0  
Expired and forfeited (in dollars per share) 101.60  
Outstanding ending balance (in dollars per share) 81.77  
Options unvested (in dollars per share) 75.55  
Exercisable (in dollars per share) $ 83.65  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Weighted average remaining years, options outstanding 4 years 10 months 24 days  
Weighted average remaining years, options unvested 8 years 8 months 12 days  
Weighted average remaining years, exercisable 3 years 9 months 18 days  
Aggregate intrinsic value, options outstanding $ 266,346 $ 5,198
Aggregate intrinsic value, options unvested 266,346  
Aggregate intrinsic value, exercisable $ 0  
Closing price of common stock (in dollars per share) $ 59.43  
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Fair Value of Stock Options Granted Assumptions (Details) - Option
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 37.00% 38.00% 37.80%
Expected volatility, maximum 39.60% 39.40% 40.30%
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate, minimum 3.70% 3.50% 3.50%
Risk-free interest rate, maximum 4.50% 4.50% 4.60%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 5 years 3 months 18 days 4 years 8 months 12 days 4 years 8 months 12 days
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 5 years 10 months 24 days 6 years 2 months 12 days 6 years 2 months 12 days
v3.25.4
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Fair Value of Stock Purchase Rights Granted Under the ESPP (Details) - Employee Stock Purchase Plan
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 26.90% 24.00% 24.00%
Expected volatility, maximum 35.70% 36.90% 48.00%
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate, minimum 3.60% 4.10% 0.06%
Risk-free interest rate, maximum 4.20% 5.50% 5.50%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 6 months 6 months 6 months
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 2 years 2 years 2 years
v3.25.4
OTHER EMPLOYEE BENEFITS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Compensation Related Costs [Abstract]      
Company's contribution to match employees contribution 100.00%    
Employer contribution of maximum percentage over employee's annual compensation 6.00%    
Company's contribution from employment commencement $ 33.4 $ 34.4 $ 32.7
v3.25.4
INCOME TAXES - Schedule of Provision for (Benefit from) Income Taxes Based on Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
U.S. Source $ (262,617) $ 130,503 $ (453,840)
Non-U.S. Source 745,097 411,260 642,403
INCOME BEFORE INCOME TAXES $ 482,480 $ 541,763 $ 188,563
v3.25.4
INCOME TAXES - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Provision for income taxes      
Federal $ 32,428 $ 32,344 $ 25,120
State and local 11,528 8,813 5,098
Foreign 40,885 17,651 35,681
Current income tax expense, total 84,841 58,808 65,899
Provision for deferred income taxes:      
Federal 5,498 (2,117) (70,754)
State and local (5,148) (5,166) (8,030)
Foreign 48,388 63,379 33,803
Deferred income tax expense (benefit), total 48,738 56,096 (44,981)
Provision for income taxes $ 133,579 $ 114,904 $ 20,918
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Statutory Federal Income Tax Expense to Effective Tax Rate (Current Year) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 01, 2025
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount          
Federal Tax Expense     $ 101,321 $ 113,770 $ 39,598
State and local income taxes, net of federal income tax effect     1,413 4,756 (3,614)
Statutory tax rate difference between Ireland and United States       (34,905) (69,987)
Other       (771) (1,211)
Global intangible low taxed income (GILTI)     88,510    
Foreign derived intangible income (FDII)     (30,052)    
Subpart F Income     5,353    
Foreign Tax Credits     (31,972)    
Orphan Drug Credits     (13,638)    
R&D tax credits     (7,495) (35,486) (39,535)
Changes in valuation allowances     5,274 7,175 3,723
Nondeductible IPR&D     45,709    
Stock compensation expense     16,225 7,467 2,209
162m Addback     6,764 9,278 9,699
Other     1,198    
Changes in unrecognized tax benefits     (8,969)    
Provision for income taxes     $ 133,579 114,904 20,918
Percent          
Federal Tax Expense     21.00%    
State and local income taxes, net of federal income tax effect     0.30%    
Global intangible low taxed income (GILTI)     18.30%    
Foreign derived intangible income (FDII)     (6.20%)    
Subpart F Income     1.10%    
Foreign Tax Credits     (6.60%)    
Orphan Drug Credits     (2.80%)    
R&D tax credits     (1.60%)    
Changes in valuation allowances     1.10%    
Nondeductible IPR&D     9.50%    
Stock compensation expense     3.40%    
162m Addback     1.40%    
Other     0.30%    
Changes in unrecognized tax benefits     (1.90%)    
Effective Tax Rate     27.70%    
One-time, non-tax deductible charge     $ 220,963 $ 0 $ 0
Inozyme Pharma Inc          
Percent          
One-time, non-tax deductible charge $ 220,963 $ 221,000 221,000    
Ireland          
Amount          
Statutory tax rate difference between Ireland and United States     (47,988)    
Other     $ (2,013)    
Percent          
Statutory tax rate difference between Ireland and United States     (10.00%)    
Other     (0.40%)    
Other Foreign Jurisdictions          
Amount          
Statutory tax rate difference between Ireland and United States     $ 2,927    
Percent          
Statutory tax rate difference between Ireland and United States     0.60%    
United States          
Amount          
Other     $ 1,012    
Percent          
Other     0.20%    
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Statutory Federal Income Tax Expense to Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Federal statutory income tax rate $ 101,321 $ 113,770 $ 39,598
State and local taxes 1,413 4,756 (3,614)
Orphan Drug & General Business Credit (7,495) (35,486) (39,535)
Stock compensation expense 16,225 7,467 2,209
Foreign Source Income Subject to US Tax   44,492 47,721
Foreign tax rate differential   (34,905) (69,987)
Section 162(m) limitation 6,764 9,278 9,699
Tax Reserves   32,560 27,296
Intra-entity transfer of assets   (33,432) 5,019
Valuation allowance/deferred benefit 5,274 7,175 3,723
Other   (771) (1,211)
Provision for income taxes $ 133,579 $ 114,904 $ 20,918
v3.25.4
INCOME TAXES - Schedule of Cash Paid for Income Taxes, Net of Refunds Received (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Paid, by Individual Jurisdiction [Line Items]  
Federal $ 33,000
State 8,719
Foreign  
Total cash paid for income taxes 96,205
Ireland  
Foreign  
Foreign 45,807
UNITED KINGDOM  
Foreign  
Foreign 5,027
Other Foreign Jurisdictions  
Foreign  
Foreign $ 3,652
v3.25.4
INCOME TAXES - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Net deferred tax assets:    
Net operating loss carryforwards $ 105,642 $ 18,585
Tax credit carryforwards 398,769 462,925
Accrued expenses, reserves, and prepaids 148,124 119,986
Intangible assets 625,084 696,096
Capitalized R&D expenses 367,200 310,081
Stock-based compensation 35,848 42,609
Lease liabilities 6,054 7,209
Inventory 37,158 19,119
Other (219) 1,168
Valuation allowance (181,743) (126,311)
Total deferred tax assets 1,541,917 1,551,467
Net deferred tax liabilities    
Joint venture basis difference (989) (1,037)
Acquired intangibles (803) (915)
ROU Assets (3,911) (4,684)
Property, plant and equipment (27,573) (55,923)
Total deferred tax liabilities (33,276) (62,559)
Net deferred tax assets $ 1,508,641 $ 1,488,908
v3.25.4
INCOME TAXES - Schedule of Net Operating Loss and Tax Credit Carryforwards (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Domestic Tax Jurisdiction  
Income Tax Contingency [Line Items]  
Net operating loss carryforwards $ 336,545
Net operating loss carryforwards 2,632
Federal R&D and orphan drug credit carryforwards 441,294
State  
Income Tax Contingency [Line Items]  
Net operating loss carryforwards 466,453
Federal R&D and orphan drug credit carryforwards 191,300
Foreign Tax Jurisdiction  
Income Tax Contingency [Line Items]  
Net operating loss carryforwards $ 26,927
v3.25.4
INCOME TAXES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Income Tax Contingency [Line Items]  
Unrecognized tax benefits that would affect the effective tax rate if recognized $ 366.8
Minimum  
Income Tax Contingency [Line Items]  
Income tax statute of limitations period 3 years
Maximum  
Income Tax Contingency [Line Items]  
Income tax statute of limitations period 5 years
State  
Income Tax Contingency [Line Items]  
Research credit carry forward $ 191.3
v3.25.4
INCOME TAXES - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of period $ 325,035 $ 277,456
Additions based on tax positions related to the current year 48,843 47,682
Additions (reductions) for tax positions of prior years (2,206) (103)
Acquired Tax Positions 9,214 0
Balance at end of period $ 380,886 $ 325,035
v3.25.4
EARNINGS PER COMMON SHARE - Schedule of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerator:      
Net income, basic $ 348,901 $ 426,859 $ 167,645
Add: Interest expense, net of tax, on the Company's convertible debt 7,334 7,327 0
Net income, diluted $ 356,235 $ 434,186 $ 167,645
Denominator:      
Weighted-average common shares outstanding, basic (in shares) 191,787 190,027 187,834
Effect of dilutive securities:      
Weighted-average common shares outstanding, diluted (in shares) 197,394 196,708 191,595
Earnings per common share, basic (in dollars per share) $ 1.82 $ 2.25 $ 0.89
Earnings per common share, diluted (in dollars per share) $ 1.80 $ 2.21 $ 0.87
Common stock issuable under the Company's equity incentive plans      
Effect of dilutive securities:      
Common stock issuable under the Company's equity incentive plans (in shares) 1,242 2,316 3,761
Common stock issuable under the Company’s convertible debt      
Effect of dilutive securities:      
Common stock issuable under the Company's equity incentive plans (in shares) 4,365 4,365 0
v3.25.4
EARNINGS PER COMMON SHARE - Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total number of potentially issuable shares (in shares) 11,307 9,438 16,407
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes) | Convertible Senior Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares issued if converted (in shares)     4,400
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes) | Convertible Senior Notes      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Potential shares issued if converted (in shares)     4,000
Common stock issuable under the Company's equity incentive plans      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total number of potentially issuable shares (in shares) 11,307 9,438 8,072
Common stock issuable under the Company’s convertible debt      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total number of potentially issuable shares (in shares) 0 0 8,335
v3.25.4
LICENSE AND COLLABORATION AGREEMENTS (Details)
€ in Millions
Dec. 31, 2023
EUR (€)
Maximum | Merck Serono | A&R Kuvan Agreement  
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]  
Business acquisition contingent consideration potential cash payments upon achievement of sales milestone € 60.0
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Purchase commitment $ 590.8
Purchase commitment expected to be paid in 2025 $ 354.1
v3.25.4
RESTRUCTURING - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Discontinuation of ROCTAVIAN    
Restructuring Cost and Reserve [Line Items]    
Restructuring and impairment charges $ 240,000 $ 241,253
v3.25.4
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]        
Inventory write-off   $ 119,208 $ 0 $ 0
Long-lived asset impairments   125,012 $ 19,889 $ 38,608
Discontinuation of ROCTAVIAN        
Restructuring Cost and Reserve [Line Items]        
Inventory write-off   119,208    
Long-lived asset impairments   118,522    
Severance and other related costs   3,523    
Restructuring expenses $ 240,000 $ 241,253    
v3.25.4
ACQUISITIONS - Narrative (Details)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Jul. 01, 2025
USD ($)
Dec. 31, 2025
USD ($)
therapy
$ / shares
Sep. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
therapy
$ / shares
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Asset Acquisition [Line Items]            
Consideration paid, net of cash acquired       $ 285,193 $ 0 $ 0
Acquired in-process research & development expense       220,963 $ 0 $ 0
Inozyme Pharma Inc            
Asset Acquisition [Line Items]            
Consideration paid, net of cash acquired $ 285,000          
Acquired in-process research & development expense $ 220,963   $ 221,000 $ 221,000    
Research and Development Asset Acquired in Transaction Other than Business Combination or Joint Venture Formation, Writeoff, Statement of Income or Comprehensive Income [Extensible Enumeration]     Research and development      
Amicus Therapeutics            
Asset Acquisition [Line Items]            
Asset acquisition, share price (in US dollar per share) | $ / shares   $ 14.50   $ 14.50    
Expected consideration transferred   $ 4,800,000        
Asset acquisition, number of treatments acquired | therapy   2   2    
Amicus Therapeutics | 364-Day Senior Secured Bridge Facility | Bridge Loan            
Asset Acquisition [Line Items]            
Debt instrument, aggregate principal amount   $ 3,700,000   $ 3,700,000    
Commitment fees   $ 22,800        
v3.25.4
ACQUISITIONS - Schedule of Total Consideration Transferred Assets Acquired, Liabilities Assumed (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Jul. 01, 2025
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Asset Acquisition [Line Items]          
Acquired in-process research & development expense     $ 220,963 $ 0 $ 0
Inozyme Pharma Inc          
Asset Acquisition [Line Items]          
Cash consideration for outstanding shares $ 260,424        
Cash consideration for equity awards 9,950        
Consideration paid to Inozyme 270,374        
Payment of Inozyme debt 49,095        
Employee-related incentive payments 2,714        
Transaction costs 6,950        
Total consideration 329,133        
Cash and cash equivalents 43,939        
Other assets 10,779        
Deferred tax assets 68,697        
Other liabilities (15,245)        
Total identifiable assets acquired, net 108,170        
Acquired in-process research & development expense 220,963 $ 221,000 $ 221,000    
Total assets and liabilities $ 329,133        
v3.25.4
SUBSEQUENT EVENT (Details) - USD ($)
$ in Millions
Feb. 25, 2026
Jan. 31, 2026
Dec. 31, 2025
Senior Unsecured Notes Due 2034 | Senior Notes | Subsequent Event      
Subsequent Event [Line Items]      
Debt instrument, aggregate principal amount $ 850.0    
Debt instrument, interest rate, stated percentage, per annum 5.50%    
364-Day Senior Secured Bridge Facility | Amicus Therapeutics | Bridge Loan      
Subsequent Event [Line Items]      
Debt instrument, aggregate principal amount     $ 3,700.0
364-Day Senior Secured Bridge Facility | Subsequent Event | Amicus Therapeutics | Bridge Loan      
Subsequent Event [Line Items]      
Debt instrument, aggregate principal amount $ 2,800.0 $ 3,700.0