BIOMARIN PHARMACEUTICAL INC, 10-K filed on 2/24/2025
Annual Report
v3.25.0.1
Cover Page - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2024
Feb. 18, 2025
Jun. 28, 2024
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2024    
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     $ 8.7
Entity Common Stock, Shares Outstanding   190,777,052  
Documents Incorporated by Reference Documents Incorporated by Reference: Specified portions of the registrant's definitive proxy statement for the registrant's 2025 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, 2024, are incorporated by reference under Part III of this Annual Report on Form 10-K.    
Amendment Flag false    
Document Fiscal Year Focus 2024    
Document Fiscal Period Focus FY    
Entity Central Index Key 0001048477    
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Audit Information
 12 Months Ended
Dec. 31, 2024
Audit Information [Abstract]  
Auditor Firm ID 185
Auditor Name KPMG LLP
Auditor Location San Francisco, California
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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
REVENUES:      
Total revenues $ 2,853,915 $ 2,419,226 $ 2,096,039
OPERATING EXPENSES:      
Cost of sales 580,235 532,062 503,023
Research and development 747,184 746,773 649,606
Selling, general and administrative 1,009,025 892,406 823,243
Intangible asset amortization 43,257 62,211 67,193
Gain on sale of nonfinancial assets (10,000) 0 (108,000)
Total operating expenses 2,369,701 2,233,452 1,935,065
INCOME FROM OPERATIONS 484,214 185,774 160,974
Interest income 74,883 58,339 18,034
Interest expense (12,666) (17,335) (15,970)
Other expense, net (4,668) (38,215) (13,462)
INCOME BEFORE INCOME TAXES 541,763 188,563 149,576
Provision for income taxes 114,904 20,918 8,015
NET INCOME $ 426,859 $ 167,645 $ 141,561
EARNINGS PER SHARE, BASIC (in dollars per share) $ 2.25 $ 0.89 $ 0.76
EARNINGS PER SHARE, DILUTED (in dollars per share) $ 2.21 $ 0.87 $ 0.75
Weighted-average common shares outstanding, basic (in shares) 190,027 187,834 185,266
Weighted average common shares outstanding, diluted (in shares) 196,708 191,595 188,963
Net product revenues      
REVENUES:      
Total revenues $ 2,809,445 $ 2,372,538 $ 2,042,025
Royalty and other revenues      
REVENUES:      
Total revenues $ 44,470 $ 46,688 $ 54,014
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
NET INCOME $ 426,859 $ 167,645 $ 141,561
Available-for-sale debt securities:      
Unrealized holding gain (loss) arising during the period, net    of tax impact of $(289), $(3,922) and $3,247, respectively 959 12,963 (10,720)
Cash flow hedges:      
Unrealized holding gain (loss) arising during the period, net of tax impact of $0 for all periods presented 104,354 (37,720) 29,045
Less: reclassifications to net income, net of tax impact of $0 for all periods presented 14,872 164 36,624
Net change in unrealized holding gain (loss), net of tax 89,482 (37,884) (7,579)
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 90,441 (24,921) (18,299)
COMPREHENSIVE INCOME $ 517,300 $ 142,724 $ 123,262
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Statement of Comprehensive Income [Abstract]      
Unrealized holding gain (loss) arising during the period, tax $ (289) $ (3,922) $ 3,247
Unrealized holding gain (loss) arising during the period, tax 0 0 0
Reclassifications to net income (loss), tax $ 0 $ 0 $ 0
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 942,842 $ 755,127
Short-term investments 194,864 318,683
Accounts receivable, net 660,535 633,704
Inventory 1,232,653 1,107,183
Other current assets 201,533 141,391
Total current assets 3,232,427 2,956,088
Noncurrent assets:    
Long-term investments 521,238 611,135
Property, plant and equipment, net 1,043,041 1,066,133
Intangible assets, net 255,278 294,701
Goodwill 196,199 196,199
Deferred tax assets 1,489,366 1,545,809
Other assets 251,391 171,538
Total assets 6,988,940 6,841,603
Current liabilities:    
Accounts payable and accrued liabilities 606,988 683,147
Short-term convertible debt, net 0 493,877
Total current liabilities 606,988 1,177,024
Noncurrent liabilities:    
Long-term convertible debt, net 595,138 593,095
Other long-term liabilities 128,824 119,935
Total liabilities 1,330,950 1,890,054
Stockholders’ equity:    
Common stock, $0.001 par value: 500,000,000 shares authorized; 190,761,349 and 188,598,154 shares issued and outstanding, respectively 191 189
Additional paid-in capital 5,802,068 5,611,562
Company common stock held by the Nonqualified Deferred Compensation Plan (11,227) (9,860)
Accumulated other comprehensive income (loss) 61,653 (28,788)
Accumulated deficit (194,695) (621,554)
Total stockholders’ equity 5,657,990 4,951,549
Total liabilities and stockholders’ equity $ 6,988,940 $ 6,841,603
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CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
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) 190,761,349 188,598,154
Common stock, shares outstanding (in shares) 190,761,349 188,598,154
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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):
Accumulated deficit:
Beginning balance (in shares) at Dec. 31, 2021   183,913,000        
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans (in shares)   2,338,000        
Ending balance (in shares) at Dec. 31, 2022   186,251,000        
Total stockholders' equity, beginning balances at Dec. 31, 2021 $ 4,265,669 $ 184 $ 5,191,502 $ (9,689) $ 14,432 $ (930,760)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Issuances under equity incentive plans, net of tax   2 14,328      
Stock-based compensation     199,895      
Change in Common stock held by the Nonqualified Deferred Compensation plan (NQDC)     (830) 830    
Other comprehensive income (loss) (18,299)       (18,299)  
Net income 141,561         141,561
Total stockholders' equity, ending 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 (in shares)   2,347,000        
Ending balance (in shares) at Dec. 31, 2023 188,598,154 188,598,000        
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)
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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:      
NET INCOME $ 426,859 $ 167,645 $ 141,561
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 96,426 104,386 101,969
Non-cash interest expense 3,359 4,188 4,117
Amortization of premium (accretion of discount) on investments (8,345) (9,228) 3,043
Stock-based compensation 201,571 207,099 196,308
Gain on sale of nonfinancial assets (10,000) 0 (108,000)
Impairment of assets and other non-cash adjustments 19,889 38,608 0
Deferred income taxes 56,096 (44,981) (52,087)
Unrealized foreign exchange loss (gain) (16,753) 28,446 (14,287)
Non-cash changes in the fair value of contingent consideration 0 0 1,704
Other 20,135 (365) (2,043)
Changes in operating assets and liabilities:      
Accounts receivable, net (57,909) (190,435) (82,033)
Inventory (63,530) (157,058) (68,264)
Other current assets (3,778) (50,335) 7,822
Other assets (73,700) (31,149) (19,859)
Accounts payable and other short-term liabilities (32,240) 68,853 59,018
Other long-term liabilities 14,761 23,585 6,933
Net cash provided by operating activities 572,841 159,259 175,902
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property, plant and equipment (85,424) (96,691) (120,959)
Maturities and sales of investments 633,018 864,863 619,995
Purchases of investments (410,250) (868,496) (611,809)
Proceeds from sale of nonfinancial assets 10,000 0 103,325
Purchase of intangible assets (11,994) (10,920) (10,581)
Other 1,141 0 0
Net cash provided by (used in) investing activities 136,491 (111,244) (20,029)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from exercises of awards under equity incentive plans 49,277 69,353 69,333
Taxes paid related to net share settlement of equity awards (77,560) (76,319) (54,283)
Repayments of convertible debt (494,987) 0 0
Payments of contingent consideration 0 (9,475) (31,095)
Other (3,177) (2,286) (2,605)
Net cash used in financing activities (526,447) (18,727) (18,650)
Effect of exchange rate changes on cash 4,830 1,308 32
NET INCREASE IN CASH AND CASH EQUIVALENTS 187,715 30,596 137,255
Cash and cash equivalents:      
Beginning of period 755,127 724,531 587,276
End of period 942,842 755,127 724,531
SUPPLEMENTAL CASH FLOW DISCLOSURES:      
Cash paid for interest 10,361 10,303 10,281
Cash paid for income taxes 57,269 73,312 54,372
SUPPLEMENTAL CASH FLOW DISCLOSURES FOR NON-CASH INVESTING AND FINANCING ACTIVITIES:      
Increase (decrease) in accounts payable and accrued liabilities related to fixed assets (6,730) 164 (1,482)
Increase (decrease) in accounts payable and accrued liabilities related to intangible assets $ (617) $ 6,904 $ 742
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BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2024
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 subsequent events or transactions that occurred subsequent to the balance sheet date and prior to the filing of this Annual Report on Form 10-K.
Effective January 1, 2024, the Company changed its presentation for foreign currency transaction gains and losses resulting from remeasurement and idle plant costs within its Consolidated Statements of Income. Effective with this change in presentation, foreign currency transaction gains and losses resulting from remeasurement are presented in Other Expense, Net and idle plant costs are presented in Cost of Sales. Prior to this change in presentation, both foreign currency transaction gains and losses resulting from remeasurement and idle plant costs were presented in Selling, General and Administrative (SG&A) expense. The Company believes that this change in presentation is preferable because the revised presentation is more consistent with how management measures the Company’s operating performance. The change in presentation had no impact to Net Income, Total Stockholders’ Equity or earnings per share for the twelve months ended December 31, 2023 or 2022.
Prior period amounts on the Consolidated Statements of Income were revised to conform to current period presentation. The following table reflects the impacts of the change in presentation for the prior periods presented.
Twelve Months Ended December 31, 2023
Twelve Months Ended December 31, 2022
Previously Reported
Adjustments
As Reported (after adjustments)
Previously Reported
Adjustments
As Reported (after adjustments)
Cost of sales
$514,854 $17,208 $532,062 $483,669 $19,354 $503,023 
SG&A
$937,291 $(44,885)$892,406 $854,009 $(30,766)$823,243 
Total operating expenses
$2,261,129 $(27,677)$2,233,452 $1,946,477 $(11,412)$1,935,065 
Other expense, net$10,538 $27,677 $38,215 $2,050 $11,412 $13,462 
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 (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 and determines the cost of inventory using the average-cost approach 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 amortize 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. As of December 31, 2024 and 2023, $72.1 million and $30.6 million of capitalized costs associated with cloud computing arrangements were included in Other Assets on the Company’s Consolidated Balance Sheets.
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 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 $34.5 million, $27.8 million and $25.2 million in 2024, 2023 and 2022, 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 $8.6 million, $27.7 million and $11.4 million in 2024, 2023 and 2022, 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 reduction 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 SG&A 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 2, 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
Segment Reporting
In November, 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Topic 280, Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The Company adopted this ASU in December 2024 on a retrospective basis to all periods presented and it did not have a material impact on the Company's consolidated financial statements. See Note 12 to these Consolidated Financial Statements for further information.
New Accounting Pronouncements Issued But Not Yet Adopted
Income Taxes
In December 2023, the FASB issued 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 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, 2024 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.
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.
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.
v3.25.0.1
FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, respectively:
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 

December 31, 2023
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$229,676 $— $— $229,676 $229,676 $— $— 
Level 2:
Money market instruments499,483 — — 499,483 499,483 — — 
Corporate debt securities587,896 3,476 (1,996)589,376 — 193,251 396,125 
U.S. government agency securities251,952 556 (1,140)251,368 19,976 111,343 120,049 
Commercial paper20,076 5 — 20,081 5,992 14,089 — 
Asset-backed securities94,744 351 (134)94,961 — — 94,961 
Subtotal1,454,151 4,388 (3,270)1,455,269 525,451 318,683 611,135 
Total$1,683,827 $4,388 $(3,270)$1,684,945 $755,127 $318,683 $611,135 
(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, 2024, the Company had the ability and intent to hold all investments that were in an unrealized loss position until maturity. The Company considered its intent and ability to hold the securities until recovery of amortized cost basis, the extent to which fair value is less than amortized cost basis, conditions specifically related to the security’s industry and geography, payment structure and history and changes to the ratings (if any) in determining that the decline in fair value compared to carrying value is not related to a credit loss.
The Company has certain investments in non-marketable equity securities, measured using unobservable valuation inputs and remeasured on a nonrecurring basis, which are collectively considered strategic investments. As of December 31, 2024 and December 31, 2023, the fair value of the Company’s strategic investments was $6.6 million and $11.3 million, respectively. These
investments were recorded in Other Assets on the Company’s Consolidated Balance Sheets. In the second quarter of 2024, based on new developments, the Company became aware of factors that indicated a $4.5 million decline in the fair value of one of its strategic investments. In 2023, based on new developments at the time, the Company concluded that factors existed indicating it would no longer realize a $12.6 million equity investment in its non-marketable securities. The losses on the Company's equity investments were recorded to Other Expense, Net on the Company’s Consolidated Statements of Income for the respective periods.
See Note 1 to these Consolidated Financial Statements for additional discussion regarding the Company’s fair value measurements.
v3.25.0.1
INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS INTANGIBLE ASSETS
Intangible Assets, Net consisted of the following:
December 31,
20242023
Finite-lived intangible assets$721,110 $710,011 
Accumulated amortization(465,832)(415,310)
Net carrying value$255,278 $294,701 
The following table summarizes the carrying value and estimated remaining life of the Company’s finite-lived intangible assets as of December 31, 2024:
Net BalanceAverage Remaining Life
Acquired intellectual property$144,319 8.4 years
Technology transfer
92,998 
7.0 years(1)
License payments (2)
17,961 8.8 years
Total$255,278 
(1)Certain technology transfer assets have not yet been placed into service. The average remaining life presented is only for those placed into service.
(2)License payments include finite-lived intangible assets due to the Company's achievement of two commercial sale milestones related to ROCTAVIAN.
As of December 31, 2024, 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
2025$31,731 
202631,731 
202731,731 
202830,159 
202928,920 
Thereafter89,637 
$243,909 
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, Plant and Equipment, Net, consisted of the following:
December 31
20242023
Building and improvements$892,484 $860,807 
Manufacturing and laboratory equipment542,856 538,677 
Computer hardware and software204,768 211,482 
Land90,781 90,781 
Leasehold improvements44,368 58,230 
Furniture and equipment41,871 46,453 
Land improvements27,433 26,779 
Construction-in-progress
90,271 100,013 
1,934,832 1,933,222 
Accumulated depreciation(891,791)(867,089)
Total property, plant and equipment, net$1,043,041 $1,066,133 
Depreciation expense, net of amounts capitalized into inventory, was $46.6 million, $40.3 million and $38.6 million for the years ended December 31, 2024, 2023 and 2022, respectively.
v3.25.0.1
INVENTORY
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
INVENTORY INVENTORY
Inventory consisted of the following:
December 31
20242023
Raw materials$154,341 $155,704 
Work-in-process550,678 571,107 
Finished goods527,634 380,372 
Total inventory$1,232,653 $1,107,183 
v3.25.0.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
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,
2024
2023
Accounts payable and accrued operating expenses$235,403 $315,509 
Accrued compensation expense202,513 201,067 
Accrued rebates payable120,835 96,179 
Lease liability7,574 8,779 
Foreign currency exchange forward contracts13,056 33,853 
Accrued royalties payable7,923 14,299 
Accrued income taxes 12,567 2,651 
Deferred revenue1,369 4,620 
Other5,748 6,190 
Total accounts payable and accrued liabilities$606,988 $683,147 
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, 2024, 2023 and 2022, were as follows:
Balance at
Beginning
of Period
Provision for Current Period SalesPayments
Balance at
End of
Period
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 
Year ended December 31, 2022:
Accrued rebates$47,987 140,260 (115,593)$72,654 
Reserve for cash discounts$2,013 20,351 (18,725)$3,639 
v3.25.0.1
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023. 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, 2024 and 2023.
Assets and liabilities that are remeasured on a recurring basis using Level 2 inputs consisted of the following: 
December 31,
2024
2023
Assets:
Other current assets:
NQDC Plan assets$2,928 $2,026 
Other assets:
NQDC Plan assets34,978 28,119 
Restricted investments (1)
514 2,393 
Total other assets35,492 35,492 
Total assets$38,420 $38,420 
Liabilities:
Current liabilities:
NQDC Plan liability$2,928 $2,026 
Other long-term liabilities:
NQDC Plan liability34,978 28,119 
Total liabilities$37,906 $37,906 
    
(1)The restricted investments as of December 31, 2024 and 2023 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.
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES
 12 Months Ended
Dec. 31, 2024
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 1.75 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.
Forward ContractsDecember 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Sell$1,371,816 $1,249,662 
Purchase$289,967 $198,408 
Derivatives not designated as hedging instruments:
Sell$344,101 $350,269 
Purchase$63,617 $90,102 
The fair value carrying amounts of the Company’s derivatives, as classified within the fair value hierarchy, were as follows:
Balance Sheet LocationDecember 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$60,192 $6,663 
Other assets14,514 1,855 
Subtotal$74,706 $8,518 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$12,381 $30,005 
Other long-term liabilities2,536 8,171 
Subtotal$14,917 $38,176 
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$4,934 $547 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$675 $3,848 
Total Derivatives Assets$79,640 $9,065 
Total Derivatives Liabilities$15,592 $42,024 
(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,
20242023
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues $14,708 $(186)
Operating expenses $164 $350 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$33,966 $(8,808)
As of December 31, 2024, the Company expects to reclassify unrealized gains of $47.8 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.
v3.25.0.1
LEASES
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
LEASES LEASES
The following table presents the Company’s ROU assets and lease liabilities for the periods presented.
December 31,
Lease ClassificationClassification20242023
Assets:
OperatingOther assets$28,680 $42,731 
FinancingOther assets5,071 3,343 
Total ROU assets$33,751 $46,074 
Liabilities:
Current:
OperatingAccounts payable and accrued liabilities$7,233 $8,640 
FinancingAccounts payable and accrued liabilities341 139 
Noncurrent:
OperatingOther long-term liabilities30,501 38,047 
FinancingOther long-term liabilities756 77 
Total lease liabilities$38,831 $46,903 
Maturities of lease liabilities as of December 31, 2024 by fiscal year were as follows: 
Maturity of Lease LiabilitiesOperatingFinancingTotal
2025$9,116 $380 $9,496 
20267,906 323 8,229 
20276,937 314 7,251 
20286,231 200 6,431 
20293,990 — 3,990 
Thereafter12,602 — 12,602 
Total lease payments46,782 1,217 47,999 
Less: Interest(9,048)(120)(9,168)
Present value of lease liabilities$37,734 $1,097 $38,831 
Lease costs associated with payments under the Company’s leases for the periods presented were as follows:
Years Ended December 31,
Lease CostClassification20242023
Operating (1)
Operating expenses$14,154 $14,197 
Financing:
AmortizationOperating expenses1,703 3,360 
Interest expense
Interest expense
5 2,648 
Total lease costs$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:
Years Ended December 31,
Other Information20242023
Weighted average remaining lease term (in years):
Operating leases6.56.8
Financing leases3.11.6
Weighted average discount rate:
Operating leases6.1 %5.9 %
Financing leases5.4 %3.1 %
As of December 31, 2024, no leases were expected to commence that would create significant rights and obligations for the Company.
Years Ended December 31,
Supplemental Cash Flow Information20242023
Cash paid for amounts included in the measurement of lease liabilities:
Cash used in operating activities:
Operating leases$13,388 $9,980 
Financing leases$23 $51 
Cash used in financing activities:
Financing leases$216 $2,286 
ROU assets obtained in exchange for lease obligations:
Operating leases$2,812 $16,321 
Financing leases$1,196 $68 
v3.25.0.1
DEBT
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
DEBT DEBT
Convertible Notes
As of December 31, 2024, 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,
20242023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
$— $495,000 
Unamortized discount net of deferred offering costs— (1,123)
2024 Notes, net (1)
— 493,877 
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(4,862)(6,905)
2027 Notes, net595,138 593,095 
Total convertible debt, net$595,138 $1,086,972 
Fair value of fixed-rate convertible debt (2):
2024 Notes$— $488,288 
2027 Notes558,894 619,260 
Total fair value of fixed-rate convertible debt$558,894 $1,107,548 
(1)The Company’s convertible notes due in 2024 matured on August 1, 2024. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment.
(2)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,
202420232022
Coupon interest expense$9,564 $10,465 $10,465 
Accretion of discount on convertible notes2,775 3,359 3,349 
Amortization of debt issuance costs391 594 593 
Total interest expense on convertible debt$12,730 $14,418 $14,407 
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 17 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, 2024, there were no amounts outstanding under the credit facility and the Company was in compliance with all covenants.
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME
 12 Months Ended
Dec. 31, 2024
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 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, 2021$15,805 $(1,373)$14,432 
Other comprehensive income (loss) before
reclassifications		29,045 (13,967)15,078 
Less: gain (loss) reclassified from AOCI36,624 — 36,624 
Tax effect— 3,247 3,247 
Net current period other comprehensive income (loss)(7,579)(10,720)(18,299)
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
(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 
v3.25.0.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
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 our 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 our 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:
Twelve Months Ended December 31,
202420232022
Total revenues$2,853,915 $2,419,226 $2,096,039 
Less:
Cost of sales580,235 532,062 503,023 
R&D expenses
Research and early pipeline434,023 393,078 313,915 
Later-stage clinical programs27,581 62,604 119,015 
Marketed products285,580 291,091 216,676 
SG&A expenses
S&M expenses
476,739 488,442 450,349 
G&A expenses
532,286 403,964 372,894 
Other segment expense (income), net (1)
90,612 80,340 (21,394)
Net income$426,859 $167,645 $141,561 
(1)Other segment expense (income), net during the years ended December 31, 2024, 2023 and 2022 include Intangible asset amortization, Interest income and expense, Other expense, net and the Provision for income taxes. The years ended December 31, 2024 and 2022 also include Gain on sale of nonfinancial assets.
The following table presents Total Revenues and disaggregates Net Product Revenues by product.
Years Ended December 31,
202420232022
VIMIZIM$739,784 $701,053 $663,739 
VOXZOGO735,092 469,881 169,128 
NAGLAZYME479,584 420,292 443,794 
PALYNZIQ355,047 303,919 255,032 
ALDURAZYME183,887 131,248 128,422 
BRINEURA169,083 161,889 154,333 
KUVAN120,902 180,767 227,577 
ROCTAVIAN26,066 3,489 — 
Total net product revenues2,809,445 2,372,538 2,042,025 
Royalty and other revenues44,470 46,688 54,014 
Total revenues$2,853,915 $2,419,226 $2,096,039 
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,
202420232022
United States$924,810 $771,314 $684,284 
Europe829,031 669,331 650,952 
Latin America378,084 332,437 266,801 
Rest of world493,633 468,208 311,566 
Total net product revenues marketed by the Company2,625,558 2,241,290 1,913,603 
ALDURAZYME net product revenues marketed by Sanofi183,887 131,248 128,422 
Total net product revenues$2,809,445 $2,372,538 $2,042,025 
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,
202420232022
Customer A13 %14 %16 %
Customer B12 %12 %12 %
Total25 %26 %28 %
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,
20242023
Long-lived assets by geography:
United States$755,069 $788,590 
Ireland308,123 306,542 
Rest of world13,600 17,075 
Total long-lived assets$1,076,792 $1,112,207 
Concentration Information
On a consolidated basis, two customers accounted for 20% and 11% of the Company’s December 31, 2024 accounts receivable balance, respectively, compared to December 31, 2023 when two customers accounted for 15% and 12% of the accounts receivable balance, respectively. As of December 31, 2024 and 2023, the accounts receivable balance for Sanofi included $96.8 million and $63.4 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 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.
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2024
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, 2024, an aggregate of approximately 49.3 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 and unvested 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) 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, 2024, approximately 37.2 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, and was most recently 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, 2024, the Company issued 0.3 million shares under the ESPP. As of December 31, 2024, approximately 7.0 million shares were authorized and 2.3 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,
202420232022
Cost of sales$15,131 $17,604 $17,709 
Research and development59,545 65,714 61,702 
Selling, general and administrative126,895 123,781 116,897 
Total stock-based compensation expense$201,571 $207,099 $196,308 
Stock-based compensation of $28.3 million, $21.7 million and $21.3 million was capitalized into inventory for the years ended December 31, 2024, 2023 and 2022, 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, 2024:
SharesWeighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 20234,703,825 $83.39 
Granted2,501,850 $82.98 
Vested(1,831,475)$81.50 
Forfeited(837,477)$84.20 
Non-vested units as of December 31, 20244,536,723 $83.88 
The weighted-average grant date fair values per share of RSUs with service-based vesting granted during the years ended December 31, 2024, 2023 and 2022, was $82.98, $88.96 and $79.43, respectively. The total intrinsic values of restricted stock that vested and released in the years ended December 31, 2024, 2023 and 2022, was $152.2 million, $149.8 million and $130.1 million, respectively.
As of December 31, 2024, total unrecognized compensation cost related to unvested RSUs with service-based vesting conditions of $258.6 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, 2024:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2023436,100 $83.33 
Granted234,829 $81.27 
Vested(227,009)$78.39 
Forfeited(16,610)$86.62 
Non-vested units as of December 31, 2024427,310 $84.29 
The weighted-average grant date fair value of the PRSUs for the years ended December 31, 2024, 2023 and 2022, was $81.27, $89.22 and $78.27, respectively.
Non-vested PRSUs included grants with vesting contingent upon the achievement of three-year or five-year performance targets for strategic goals, core operating margin 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, 2024, total unrecognized compensation expense related to non-vested PRSUs of $5.4 million was expected to be recognized over a weighted average period of 3.8 years.
Restricted Stock Unit Awards with Market-based Vesting Conditions
The Compensation Committee and Board may grant RSUs with market-based vesting conditions (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, 2024:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2023403,900 $128.95 
Granted320,990 $102.07 
Vested(262,550)$117.69 
Forfeited(19,000)$122.02 
Non-vested units as of December 31, 2024443,340 $120.92 
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,
202420232022
Grant date fair value
$102.07
132.56
$124.67
Expected volatility
20.8 – 168.3%
22.4 – 152.1%
24.5 – 157.6%
Dividend yield0.0%0.0%0.0%
Expected term
2.3 years - 2.8 years
2.8 years
2.8 years
Risk-free interest rate
3.6 - 4.6%
3.8%
2.0%
As of December 31, 2024, total unrecognized compensation expense of $15.3 million related to base TSR-RSUs was expected to be recognized over a weighted average period of 2.0 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, 2024. 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, 20235,720,131 $85.26 $74,704 
Granted726,430 $80.79 
Exercised(520,189)$65.71 
Expired and forfeited(178,924)$86.01 
Options outstanding as of December 31, 20245,747,448 $86.44 4.8$5,198 
Options unvested as of December 31, 20241,182,545 $83.47 8.7$— 
Exercisable as of December 31, 20244,513,338 $87.38 3.8$— 
(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 $65.73, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2024.
The weighted-average grant date fair values of stock options granted in the years ended December 31, 2024, 2023 and 2022, were $35.87, $39.30 and $32.45, respectively. The total intrinsic values of options exercised during the years ended December 31, 2024, 2023 and 2022, were $9.5 million, $25.9 million and $32.1 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,
202420232022
Expected volatility
38.0 – 39.4%
37.8 – 40.3%
38.1 – 40.5%
Dividend yield0.0%0.0%0.0%
Expected term
4.7 – 6.2 years
4.7 – 6.2 years
4.7 – 6.1 years
Risk-free interest rate
3.5 – 4.5%
3.5 – 4.6%
2.1 – 4.2%
As of December 31, 2024, total unrecognized compensation cost related to unvested stock options of $33.3 million was expected to be recognized over a weighted average period of 2.7 years. The net tax expense from stock options exercised during the year ended December 31, 2024 was not material.
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,
2024
2023
2022
Expected volatility
24.0 – 36.9%
24.0 – 48.0%
28.6 – 69.2%
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
4.1 – 5.5%
0.06 – 5.5%
0.04 – 4.8%
As of December 31, 2024, total unrecognized compensation cost related to unvested stock purchase rights under the ESPP of $12.4 million was expected to be recognized over a weighted average period of 1.3 years.
v3.25.0.1
OTHER EMPLOYEE BENEFITS
 12 Months Ended
Dec. 31, 2024
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 $34.4 million, $32.7 million and $30.8 million for the years ended December 31, 2024, 2023 and 2022, 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.
v3.25.0.1
RESTRUCTURING
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
RESTRUCTURING RESTRUCTURING
During 2024, in connection with the discontinuation of certain research and development programs and organizational redesign efforts centered around the Company’s strategic priorities, including the acceleration and maximization of VOXZOGO, establishing the ROCTAVIAN opportunity, focusing R&D activities on the assets that management believes will be the most productive and accelerate earnings per share through expanding margins, the Company committed to plans in the second and third quarters of 2024, to reduce its global workforce by approximately 170 and 225 employees, respectively. These workforce reductions were substantially completed by the end of 2024.
The restructuring plan includes severance and employee-related costs, asset impairments, and other costs. The asset impairment charges were for abandoned assets-in-progress of being constructed and a ROU Asset related to leased office space the Company decided to exit and sub-lease. The Company utilized the discounted cash flow approach to determine the fair value of the ROU Asset. The ROU Asset impairment is the difference between the existing lease terms and rates and the expected sub-lease terms and rates available in the market. The Other category includes restructuring-related consulting costs, which are expensed as incurred, as well as other obligations related to the leased office space that will be satisfied over the remainder of the lease term.
The restructuring charges and adjustments were included in SG&A in the Consolidated Statements of Income. Restructuring expenses consisted of the following:
Twelve Months Ended
December 31,
2024
Severance and one-time employee benefits
$60,941 
Asset Impairments16,448
Other18,439
$95,828 
The following unpaid balance as of December 31, 2024 was recorded to Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet:
Severance and related costsOtherTotal
Balance as of December 31, 2023
$— $— $— 
Charges and Adjustments
60,941 18,439 $79,380 
Payments
(50,926)(16,784)$(67,710)
Balance as of December 31, 2024
$10,015 $1,655 $11,670 
v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
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,
20242023
2022
U.S. Source$130,503 $(453,840)$(299,403)
Non-U.S. Source411,260 642,403 448,979 
Income before income taxes
$541,763 $188,563 $149,576 
The U.S. and foreign components of the Provision for (Benefit from) Income Taxes were as follows:
Years Ended December 31,
20242023
2022
Provision for income taxes
Federal$32,344 $25,120 $12,798 
State and local8,813 5,098 5,058 
Foreign17,651 35,681 42,246 
58,808 65,899 60,102 
Provision for deferred income taxes:
Federal(2,117)(70,754)(79,270)
State and local(5,166)(8,030)(5,143)
Foreign63,379 33,803 32,326 
56,096 (44,981)(52,087)
Provision for income taxes
$114,904 $20,918 $8,015 
The following is a reconciliation of the statutory federal income tax benefit to the Company’s effective tax rate:
December 31,
20242023
2022
Federal statutory income tax rate$113,770 $39,598 $31,412 
State and local taxes4,756 (3,614)(1,017)
Orphan Drug & General Business Credit(35,486)(39,535)(35,674)
Stock compensation expense7,467 2,209 6,433 
Foreign Source Income Subject to US Tax44,492 47,721 (5,644)
Foreign tax rate differential (1)
(34,905)(69,987)(4,051)
Section 162(m) limitation9,278 9,699 6,577 
Tax Reserves32,560 27,296 18,043 
Intra-entity transfer of assets(33,432)5,019 (18,752)
Valuation allowance/deferred benefit7,175 3,723 7,851 
Other(771)(1,211)2,837 
Effective income tax rate$114,904 $20,918 $8,015 
(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. For the year ended December 31, 2022, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate and was offset by the income from the sale of a priority review voucher that was taxed at a higher tax rate and elimination of intercompany sales.
The significant components of the Company’s net deferred tax assets were as follows:
December 31,
20242023
Net deferred tax assets:
Net operating loss carryforwards$18,585 $19,025 
Tax credit carryforwards
462,925 524,652 
Accrued expenses, reserves, and prepaids119,986 107,485 
Intangible assets696,096 789,479 
Capitalized R&D expenses
310,081 216,975 
Stock-based compensation42,609 48,744 
Lease liabilities7,209 7,857 
Inventory19,119 18,914 
Other1,168 1,113 
Valuation allowance(126,311)(119,230)
Total deferred tax assets1,551,467 1,615,014 
Joint venture basis difference(1,037)(1,111)
Acquired intangibles(915)(1,026)
ROU Assets(4,684)(6,917)
Property, plant and equipment(55,923)(60,151)
Total deferred tax liabilities(62,559)(69,205)
Net deferred tax assets$1,488,908 $1,545,809 
The decrease in net deferred tax assets is primarily related to utilization of tax credits and a decrease in intangible assets partially offset by additional capitalization of research and development expenses.
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 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, 2024, 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$2,964  2030-2034
Federal R&D and orphan drug credit carryforwards$496,532  2028-2044
State net operating loss carryforwards$200,696  2025-2044
Dutch net operating loss carryforwards$27,994  Indefinite
Not included in the table above are $182.5 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, 2024 and 2023, is as follows:
December 31,
20242023
Balance at beginning of period$277,456 $232,856 
Additions based on tax positions related to the current year47,682 41,473 
Additions (reductions) for tax positions of prior years
(103)3,127 
Lapse of statute of limitations— — 
Balance at end of period$325,035 $277,456 
Included in the balance of unrecognized tax benefits as of December 31, 2024 were potential benefits of $312.6 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, 2024. 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 2021 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.
U.S. income and foreign withholding taxes have not been recognized on the excess of the amount for financial reporting over the tax basis of investments in foreign subsidiaries that are essentially permanent in duration. This excess totaled approximately $15.6 million as of December 31, 2024, which will be indefinitely reinvested; deferred income taxes have not been provided on such foreign earnings.
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EARNINGS PER COMMON SHARE
 12 Months Ended
Dec. 31, 2024
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):
Twelve Months Ended
December 31,
202420232022
Numerator:
Net income, basic
$426,859 $167,645 $141,561 
Add: Interest expense, net of tax, on the Company's convertible debt
7,327 — — 
Net income, diluted
$434,186 $167,645 $141,561 
Denominator:
Weighted-average common shares outstanding, basic190,027 187,834 185,266 
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans2,316 3,761 3,697 
Common stock issuable under the Company’s convertible debt (1)
4,365 — — 
Weighted-average common shares outstanding, diluted196,708 191,595 188,963 
Earnings per common share, basic
$2.25 $0.89 $0.76 
Earnings per common share, diluted
$2.21 $0.87 $0.75 
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):
Twelve Months Ended
December 31,
202420232022
Common stock issuable under the Company's equity incentive plans
9,438 8,072 8,148 
Common stock issuable under the Company’s convertible debt (1)
— 8,335 8,335 
Total number of potentially issuable shares9,438 16,407 16,483 
(1)    If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. The Company’s 2024 Notes matured in August 2024 and substantially all holders were repaid in cash. For additional discussion of our convertible debt, see Note 10 to these Consolidated Financial Statements.
v3.25.0.1
LICENSE AND COLLABORATION AGREEMENTS
 12 Months Ended
Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
LICENSE AND COLLABORATION AGREEMENTS LICENSE AND COLLABORATION AGREEMENTS
In October 2012, the Company licensed to Catalyst Pharmaceutical Partners, Inc. (Catalyst) the North American rights to develop and market FIRDAPSE, the Company's former commercial product for the treatment of Lambert-Eaton myasthenic syndrome. In exchange for the North American rights to FIRDAPSE, commencing in the first quarter of 2019 the Company receives royalties of 7% to 10% on net product sales of FIRDAPSE in North America.
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. Pursuant to the agreement, the Company also paid Merck Serono €125.0 million in cash when the PALYNZIQ development milestones were achieved.
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.
v3.25.0.1
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2024
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 our 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, Consolidated Balance Sheets, Statements of Income or Statements of Cash Flows.
Contingent Payments
As of December 31, 2024, the Company was subject to contingent payments, primarily comprised of development, regulatory and commercial milestones. Those considered reasonably possible totaled $258.1 million, of this amount the Company may pay up to $3.1 million in 2025 if certain contingencies are met.
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. The Company also has commitments related to enterprise resource planning system implementation costs. As of December 31, 2024, such commitments were estimated at $641.9 million, of which $482.0 million is expected to be paid in 2025 as underlying goods and services are received. The Company has also licensed technology from third parties, for which it is required to pay royalties upon future sales, subject to certain annual minimums.
v3.25.0.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Pay vs Performance Disclosure      
Net income $ 426,859 $ 167,645 $ 141,561
v3.25.0.1
Insider Trading Arrangements
 3 Months Ended 12 Months Ended
Dec. 31, 2024
shares
Dec. 31, 2024
shares
Trading Arrangements, by Individual    
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Erin Burkhart [Member]    
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the three months ended December 31, 2024, our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated the contracts, instructions or written plans for the purchase or sale of BioMarin securities set forth in the table below.
Type of Trading Arrangement
NamePositionActionAdoption/Termination
Date
Rule 10b5-1(1)
Non-
Rule 10b5-1(2)
Total Shares of Common Stock to be Sold(3)
Expiration Date
Erin Burkhart
Group Vice President and Chief Accounting Officer
Adoption
November 26, 2024
X
up to 6,246
May 30, 2025
(1)    Contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act.
(2)     “Non-Rule 10b5-1 trading arrangement” as defined in Item 408(c) of Regulation S-K under the Exchange Act.
(3)    Represents the maximum number of shares that may be sold pursuant to the 10b5-1 arrangement. The number of shares sold will be dependent on the satisfaction of certain conditions as set forth in the written plan.
Name Erin Burkhart  
Title Group Vice President and Chief Accounting Officer  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date November 26, 2024  
Expiration Date May 30, 2025  
Arrangement Duration 185 days  
Aggregate Available 6,246 6,246
v3.25.0.1
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.0.1
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2024
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.
While we have not, as of the date of this Annual Report on Form 10-K, experienced a cybersecurity incident that resulted in a material adverse impact to our business or operations, there can be no guarantee that we will not experience such an incident in the future. 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, including the Chief Information Officer and Global Head of Cybersecurity, 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 Information Officer, Chief Legal Officer, Chief Accounting Officer, and Global Head of Cybersecurity, 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 Global Head of Cybersecurity, 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 Global Head of Cybersecurity. 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 Information Officer, who reports to the CFO. Our Chief Information Officer has nearly 25 years of industry experience and has been with us since 2008. Our Global Head of Cybersecurity has over 20 years of cybersecurity and privacy experience, including serving in similar roles leading and overseeing cybersecurity programs at public companies.
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, including the Chief Information Officer and Global Head of Cybersecurity, 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 Information Officer, Chief Legal Officer, Chief Accounting Officer, and Global Head of Cybersecurity, 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 Global Head of Cybersecurity, 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 Global Head of Cybersecurity. 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, including the Chief Information Officer and Global Head of Cybersecurity, 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 Information Officer, Chief Legal Officer, Chief Accounting Officer, and Global Head of Cybersecurity, 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 Global Head of Cybersecurity, 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 Global Head of Cybersecurity. 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 Information Officer, who reports to the CFO. Our Chief Information Officer has nearly 25 years of industry experience and has been with us since 2008. Our Global Head of Cybersecurity has over 20 years of cybersecurity and privacy experience, including serving in similar roles leading and overseeing cybersecurity programs at public companies.
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, including the Chief Information Officer and Global Head of Cybersecurity, 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 Information Officer, Chief Legal Officer, Chief Accounting Officer, and Global Head of Cybersecurity, 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 Global Head of Cybersecurity, 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 Global Head of Cybersecurity. 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 Information Officer, who reports to the CFO. Our Chief Information Officer has nearly 25 years of industry experience and has been with us since 2008. Our Global Head of Cybersecurity has over 20 years of cybersecurity and privacy experience, including serving in similar roles leading and overseeing cybersecurity programs at public companies.
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 Information Officer, who reports to the CFO. Our Chief Information Officer has nearly 25 years of industry experience and has been with us since 2008. Our Global Head of Cybersecurity has over 20 years of cybersecurity and privacy experience, including serving in similar roles leading and overseeing cybersecurity programs at public companies.
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, including the Chief Information Officer and Global Head of Cybersecurity, 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 Information Officer, Chief Legal Officer, Chief Accounting Officer, and Global Head of Cybersecurity, 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 Global Head of Cybersecurity, 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 Global Head of Cybersecurity. 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
v3.25.0.1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2024
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 subsequent events or transactions that occurred subsequent to the balance sheet date and prior to the filing of this Annual Report on Form 10-K.
Change in Presentation . The change in presentation had no impact to Net Income, Total Stockholders’ Equity or earnings per share for the twelve months ended December 31, 2023 or 2022.
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 (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 and determines the cost of inventory using the average-cost approach 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 amortize 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 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 reduction 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 SG&A 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 2, 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
Segment Reporting
In November, 2023 the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting Topic 280, Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. ASU 2023-07 expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the Chief Operating Decision Maker (CODM) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items and interim disclosures of a reportable segment’s profit or loss and assets. The Company adopted this ASU in December 2024 on a retrospective basis to all periods presented and it did not have a material impact on the Company's consolidated financial statements. See Note 12 to these Consolidated Financial Statements for further information.
New Accounting Pronouncements Issued But Not Yet Adopted
Income Taxes
In December 2023, the FASB issued 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 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, 2024 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.
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.
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 our 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 our 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.
v3.25.0.1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Changes in Prior Period Presentation The following table reflects the impacts of the change in presentation for the prior periods presented.
Twelve Months Ended December 31, 2023
Twelve Months Ended December 31, 2022
Previously Reported
Adjustments
As Reported (after adjustments)
Previously Reported
Adjustments
As Reported (after adjustments)
Cost of sales
$514,854 $17,208 $532,062 $483,669 $19,354 $503,023 
SG&A
$937,291 $(44,885)$892,406 $854,009 $(30,766)$823,243 
Total operating expenses
$2,261,129 $(27,677)$2,233,452 $1,946,477 $(11,412)$1,935,065 
Other expense, net$10,538 $27,677 $38,215 $2,050 $11,412 $13,462 
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
v3.25.0.1
FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
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, 2024 and 2023, respectively:
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 

December 31, 2023
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$229,676 $— $— $229,676 $229,676 $— $— 
Level 2:
Money market instruments499,483 — — 499,483 499,483 — — 
Corporate debt securities587,896 3,476 (1,996)589,376 — 193,251 396,125 
U.S. government agency securities251,952 556 (1,140)251,368 19,976 111,343 120,049 
Commercial paper20,076 5 — 20,081 5,992 14,089 — 
Asset-backed securities94,744 351 (134)94,961 — — 94,961 
Subtotal1,454,151 4,388 (3,270)1,455,269 525,451 318,683 611,135 
Total$1,683,827 $4,388 $(3,270)$1,684,945 $755,127 $318,683 $611,135 
(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.
v3.25.0.1
INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
Intangible Assets, Net consisted of the following:
December 31,
20242023
Finite-lived intangible assets$721,110 $710,011 
Accumulated amortization(465,832)(415,310)
Net carrying value$255,278 $294,701 
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, 2024:
Net BalanceAverage Remaining Life
Acquired intellectual property$144,319 8.4 years
Technology transfer
92,998 
7.0 years(1)
License payments (2)
17,961 8.8 years
Total$255,278 
(1)Certain technology transfer assets have not yet been placed into service. The average remaining life presented is only for those placed into service.
(2)License payments include finite-lived intangible assets due to the Company's achievement of two commercial sale milestones related to ROCTAVIAN.
Schedule of Estimated Future Amortization Expense
As of December 31, 2024, 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
2025$31,731 
202631,731 
202731,731 
202830,159 
202928,920 
Thereafter89,637 
$243,909 
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 12 Months Ended
Dec. 31, 2024
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment, Net
Property, Plant and Equipment, Net, consisted of the following:
December 31
20242023
Building and improvements$892,484 $860,807 
Manufacturing and laboratory equipment542,856 538,677 
Computer hardware and software204,768 211,482 
Land90,781 90,781 
Leasehold improvements44,368 58,230 
Furniture and equipment41,871 46,453 
Land improvements27,433 26,779 
Construction-in-progress
90,271 100,013 
1,934,832 1,933,222 
Accumulated depreciation(891,791)(867,089)
Total property, plant and equipment, net$1,043,041 $1,066,133 
v3.25.0.1
INVENTORY (Tables)
 12 Months Ended
Dec. 31, 2024
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventory consisted of the following:
December 31
20242023
Raw materials$154,341 $155,704 
Work-in-process550,678 571,107 
Finished goods527,634 380,372 
Total inventory$1,232,653 $1,107,183 
v3.25.0.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024
2023
Accounts payable and accrued operating expenses$235,403 $315,509 
Accrued compensation expense202,513 201,067 
Accrued rebates payable120,835 96,179 
Lease liability7,574 8,779 
Foreign currency exchange forward contracts13,056 33,853 
Accrued royalties payable7,923 14,299 
Accrued income taxes 12,567 2,651 
Deferred revenue1,369 4,620 
Other5,748 6,190 
Total accounts payable and accrued liabilities$606,988 $683,147 
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, 2024, 2023 and 2022, were as follows:
Balance at
Beginning
of Period
Provision for Current Period SalesPayments
Balance at
End of
Period
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 
Year ended December 31, 2022:
Accrued rebates$47,987 140,260 (115,593)$72,654 
Reserve for cash discounts$2,013 20,351 (18,725)$3,639 
v3.25.0.1
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value
Assets and liabilities that are remeasured on a recurring basis using Level 2 inputs consisted of the following: 
December 31,
2024
2023
Assets:
Other current assets:
NQDC Plan assets$2,928 $2,026 
Other assets:
NQDC Plan assets34,978 28,119 
Restricted investments (1)
514 2,393 
Total other assets35,492 35,492 
Total assets$38,420 $38,420 
Liabilities:
Current liabilities:
NQDC Plan liability$2,928 $2,026 
Other long-term liabilities:
NQDC Plan liability34,978 28,119 
Total liabilities$37,906 $37,906 
    
(1)The restricted investments as of December 31, 2024 and 2023 secure the Company’s irrevocable standby letters of credit obtained in connection with certain commercial agreements.
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES (Tables)
 12 Months Ended
Dec. 31, 2024
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.
Forward ContractsDecember 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Sell$1,371,816 $1,249,662 
Purchase$289,967 $198,408 
Derivatives not designated as hedging instruments:
Sell$344,101 $350,269 
Purchase$63,617 $90,102 
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:
Balance Sheet LocationDecember 31, 2024December 31, 2023
Derivatives designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$60,192 $6,663 
Other assets14,514 1,855 
Subtotal$74,706 $8,518 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$12,381 $30,005 
Other long-term liabilities2,536 8,171 
Subtotal$14,917 $38,176 
Derivatives not designated as hedging instruments:
Asset Derivatives - Level 2 (1)
Other current assets$4,934 $547 
Liability Derivatives - Level 2 (1)
Accounts payable and accrued liabilities$675 $3,848 
Total Derivatives Assets$79,640 $9,065 
Total Derivatives Liabilities$15,592 $42,024 
(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,
20242023
Derivatives Designated as Cash Flow Hedging InstrumentsCash Flow Hedging Gains (Losses)
Reclassified into Earnings		Cash Flow Hedging Gains (Losses)
Reclassified into Earnings
Net product revenues $14,708 $(186)
Operating expenses $164 $350 
Derivatives Not Designated as Hedging InstrumentsGains (Losses) Recognized in EarningsGains (Losses) Recognized in Earnings
Operating expenses$33,966 $(8,808)
v3.25.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2024
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 ClassificationClassification20242023
Assets:
OperatingOther assets$28,680 $42,731 
FinancingOther assets5,071 3,343 
Total ROU assets$33,751 $46,074 
Liabilities:
Current:
OperatingAccounts payable and accrued liabilities$7,233 $8,640 
FinancingAccounts payable and accrued liabilities341 139 
Noncurrent:
OperatingOther long-term liabilities30,501 38,047 
FinancingOther long-term liabilities756 77 
Total lease liabilities$38,831 $46,903 
Schedule of Maturities of Finance Lease Liabilities
Maturities of lease liabilities as of December 31, 2024 by fiscal year were as follows: 
Maturity of Lease LiabilitiesOperatingFinancingTotal
2025$9,116 $380 $9,496 
20267,906 323 8,229 
20276,937 314 7,251 
20286,231 200 6,431 
20293,990 — 3,990 
Thereafter12,602 — 12,602 
Total lease payments46,782 1,217 47,999 
Less: Interest(9,048)(120)(9,168)
Present value of lease liabilities$37,734 $1,097 $38,831 
Schedule of Maturities of Operating Lease Liabilities
Maturities of lease liabilities as of December 31, 2024 by fiscal year were as follows: 
Maturity of Lease LiabilitiesOperatingFinancingTotal
2025$9,116 $380 $9,496 
20267,906 323 8,229 
20276,937 314 7,251 
20286,231 200 6,431 
20293,990 — 3,990 
Thereafter12,602 — 12,602 
Total lease payments46,782 1,217 47,999 
Less: Interest(9,048)(120)(9,168)
Present value of lease liabilities$37,734 $1,097 $38,831 
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 CostClassification20242023
Operating (1)
Operating expenses$14,154 $14,197 
Financing:
AmortizationOperating expenses1,703 3,360 
Interest expense
Interest expense
5 2,648 
Total lease costs$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 Information20242023
Cash paid for amounts included in the measurement of lease liabilities:
Cash used in operating activities:
Operating leases$13,388 $9,980 
Financing leases$23 $51 
Cash used in financing activities:
Financing leases$216 $2,286 
ROU assets obtained in exchange for lease obligations:
Operating leases$2,812 $16,321 
Financing leases$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:
Years Ended December 31,
Other Information20242023
Weighted average remaining lease term (in years):
Operating leases6.56.8
Financing leases3.11.6
Weighted average discount rate:
Operating leases6.1 %5.9 %
Financing leases5.4 %3.1 %
v3.25.0.1
DEBT (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Senior Subordinated Convertible Obligations The following table summarizes information regarding the Company’s convertible notes: 
December 31,
20242023
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)
$— $495,000 
Unamortized discount net of deferred offering costs— (1,123)
2024 Notes, net (1)
— 493,877 
1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes)
600,000 600,000 
Unamortized discount net of deferred offering costs(4,862)(6,905)
2027 Notes, net595,138 593,095 
Total convertible debt, net$595,138 $1,086,972 
Fair value of fixed-rate convertible debt (2):
2024 Notes$— $488,288 
2027 Notes558,894 619,260 
Total fair value of fixed-rate convertible debt$558,894 $1,107,548 
(1)The Company’s convertible notes due in 2024 matured on August 1, 2024. Substantially all holders of the 2024 Notes were repaid with cash, totaling approximately $495.0 million. No gain or loss was incurred upon the extinguishment.
(2)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,
202420232022
Coupon interest expense$9,564 $10,465 $10,465 
Accretion of discount on convertible notes2,775 3,359 3,349 
Amortization of debt issuance costs391 594 593 
Total interest expense on convertible debt$12,730 $14,418 $14,407 
v3.25.0.1
ACCUMULATED OTHER COMPREHENSIVE INCOME (Tables)
 12 Months Ended
Dec. 31, 2024
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 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, 2021$15,805 $(1,373)$14,432 
Other comprehensive income (loss) before
reclassifications		29,045 (13,967)15,078 
Less: gain (loss) reclassified from AOCI36,624 — 36,624 
Tax effect— 3,247 3,247 
Net current period other comprehensive income (loss)(7,579)(10,720)(18,299)
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
(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 
v3.25.0.1
SEGMENT INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
Summary of Reportable Segment Information
The following table includes information about segment revenue, significant segment expenses, and segment measure of profitability:
Twelve Months Ended December 31,
202420232022
Total revenues$2,853,915 $2,419,226 $2,096,039 
Less:
Cost of sales580,235 532,062 503,023 
R&D expenses
Research and early pipeline434,023 393,078 313,915 
Later-stage clinical programs27,581 62,604 119,015 
Marketed products285,580 291,091 216,676 
SG&A expenses
S&M expenses
476,739 488,442 450,349 
G&A expenses
532,286 403,964 372,894 
Other segment expense (income), net (1)
90,612 80,340 (21,394)
Net income$426,859 $167,645 $141,561 
(1)Other segment expense (income), net during the years ended December 31, 2024, 2023 and 2022 include Intangible asset amortization, Interest income and expense, Other expense, net and the Provision for income taxes. The years ended December 31, 2024 and 2022 also include 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,
202420232022
VIMIZIM$739,784 $701,053 $663,739 
VOXZOGO735,092 469,881 169,128 
NAGLAZYME479,584 420,292 443,794 
PALYNZIQ355,047 303,919 255,032 
ALDURAZYME183,887 131,248 128,422 
BRINEURA169,083 161,889 154,333 
KUVAN120,902 180,767 227,577 
ROCTAVIAN26,066 3,489 — 
Total net product revenues2,809,445 2,372,538 2,042,025 
Royalty and other revenues44,470 46,688 54,014 
Total revenues$2,853,915 $2,419,226 $2,096,039 
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,
202420232022
United States$924,810 $771,314 $684,284 
Europe829,031 669,331 650,952 
Latin America378,084 332,437 266,801 
Rest of world493,633 468,208 311,566 
Total net product revenues marketed by the Company2,625,558 2,241,290 1,913,603 
ALDURAZYME net product revenues marketed by Sanofi183,887 131,248 128,422 
Total net product revenues$2,809,445 $2,372,538 $2,042,025 
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,
202420232022
Customer A13 %14 %16 %
Customer B12 %12 %12 %
Total25 %26 %28 %
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,
20242023
Long-lived assets by geography:
United States$755,069 $788,590 
Ireland308,123 306,542 
Rest of world13,600 17,075 
Total long-lived assets$1,076,792 $1,112,207 
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
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,
202420232022
Cost of sales$15,131 $17,604 $17,709 
Research and development59,545 65,714 61,702 
Selling, general and administrative126,895 123,781 116,897 
Total stock-based compensation expense$201,571 $207,099 $196,308 
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, 2024:
SharesWeighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 20234,703,825 $83.39 
Granted2,501,850 $82.98 
Vested(1,831,475)$81.50 
Forfeited(837,477)$84.20 
Non-vested units as of December 31, 20244,536,723 $83.88 
Below is a summary of activity related to RSUs with vesting conditions based on performance targets for the year ended December 31, 2024:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2023436,100 $83.33 
Granted234,829 $81.27 
Vested(227,009)$78.39 
Forfeited(16,610)$86.62 
Non-vested units as of December 31, 2024427,310 $84.29 
Below is a summary of activity related to RSUs with market-based vesting conditions for the year ended December 31, 2024:
Shares
Weighted
Average
Grant Date
Fair Value
Non-vested units as of December 31, 2023403,900 $128.95 
Granted320,990 $102.07 
Vested(262,550)$117.69 
Forfeited(19,000)$122.02 
Non-vested units as of December 31, 2024443,340 $120.92 
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,
202420232022
Grant date fair value
$102.07
132.56
$124.67
Expected volatility
20.8 – 168.3%
22.4 – 152.1%
24.5 – 157.6%
Dividend yield0.0%0.0%0.0%
Expected term
2.3 years - 2.8 years
2.8 years
2.8 years
Risk-free interest rate
3.6 - 4.6%
3.8%
2.0%
Schedule of Stock Option Activity
The following table summarizes activity under the Company’s stock option plans for the year ended December 31, 2024. 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, 20235,720,131 $85.26 $74,704 
Granted726,430 $80.79 
Exercised(520,189)$65.71 
Expired and forfeited(178,924)$86.01 
Options outstanding as of December 31, 20245,747,448 $86.44 4.8$5,198 
Options unvested as of December 31, 20241,182,545 $83.47 8.7$— 
Exercisable as of December 31, 20244,513,338 $87.38 3.8$— 
(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 $65.73, the closing price of the Company’s common stock on the Nasdaq Global Select Market on December 31, 2024.
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,
202420232022
Expected volatility
38.0 – 39.4%
37.8 – 40.3%
38.1 – 40.5%
Dividend yield0.0%0.0%0.0%
Expected term
4.7 – 6.2 years
4.7 – 6.2 years
4.7 – 6.1 years
Risk-free interest rate
3.5 – 4.5%
3.5 – 4.6%
2.1 – 4.2%
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,
2024
2023
2022
Expected volatility
24.0 – 36.9%
24.0 – 48.0%
28.6 – 69.2%
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
4.1 – 5.5%
0.06 – 5.5%
0.04 – 4.8%
v3.25.0.1
RESTRUCTURING (Tables)
 12 Months Ended
Dec. 31, 2024
Restructuring and Related Activities [Abstract]  
Summary of Restructuring and Related Costs Restructuring expenses consisted of the following:
Twelve Months Ended
December 31,
2024
Severance and one-time employee benefits
$60,941 
Asset Impairments16,448
Other18,439
$95,828 
Schedule of Restructuring Reserve Activity
The following unpaid balance as of December 31, 2024 was recorded to Accounts Payable and Accrued Liabilities on the Consolidated Balance Sheet:
Severance and related costsOtherTotal
Balance as of December 31, 2023
$— $— $— 
Charges and Adjustments
60,941 18,439 $79,380 
Payments
(50,926)(16,784)$(67,710)
Balance as of December 31, 2024
$10,015 $1,655 $11,670 
v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
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,
20242023
2022
U.S. Source$130,503 $(453,840)$(299,403)
Non-U.S. Source411,260 642,403 448,979 
Income before income taxes
$541,763 $188,563 $149,576 
Schedule of Components of Provision for (Benefit from) Income Taxes
The U.S. and foreign components of the Provision for (Benefit from) Income Taxes were as follows:
Years Ended December 31,
20242023
2022
Provision for income taxes
Federal$32,344 $25,120 $12,798 
State and local8,813 5,098 5,058 
Foreign17,651 35,681 42,246 
58,808 65,899 60,102 
Provision for deferred income taxes:
Federal(2,117)(70,754)(79,270)
State and local(5,166)(8,030)(5,143)
Foreign63,379 33,803 32,326 
56,096 (44,981)(52,087)
Provision for income taxes
$114,904 $20,918 $8,015 
Schedule of Reconciliation of Statutory Federal Income Tax Benefit to Effective Tax Rate
The following is a reconciliation of the statutory federal income tax benefit to the Company’s effective tax rate:
December 31,
20242023
2022
Federal statutory income tax rate$113,770 $39,598 $31,412 
State and local taxes4,756 (3,614)(1,017)
Orphan Drug & General Business Credit(35,486)(39,535)(35,674)
Stock compensation expense7,467 2,209 6,433 
Foreign Source Income Subject to US Tax44,492 47,721 (5,644)
Foreign tax rate differential (1)
(34,905)(69,987)(4,051)
Section 162(m) limitation9,278 9,699 6,577 
Tax Reserves32,560 27,296 18,043 
Intra-entity transfer of assets(33,432)5,019 (18,752)
Valuation allowance/deferred benefit7,175 3,723 7,851 
Other(771)(1,211)2,837 
Effective income tax rate$114,904 $20,918 $8,015 
(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. For the year ended December 31, 2022, the foreign rate differential included foreign local tax expense which was at an effective rate lower than the U.S. statutory rate and was offset by the income from the sale of a priority review voucher that was taxed at a higher tax rate and elimination of intercompany sales.
Schedule of Components of Net Deferred Tax Assets
The significant components of the Company’s net deferred tax assets were as follows:
December 31,
20242023
Net deferred tax assets:
Net operating loss carryforwards$18,585 $19,025 
Tax credit carryforwards
462,925 524,652 
Accrued expenses, reserves, and prepaids119,986 107,485 
Intangible assets696,096 789,479 
Capitalized R&D expenses
310,081 216,975 
Stock-based compensation42,609 48,744 
Lease liabilities7,209 7,857 
Inventory19,119 18,914 
Other1,168 1,113 
Valuation allowance(126,311)(119,230)
Total deferred tax assets1,551,467 1,615,014 
Joint venture basis difference(1,037)(1,111)
Acquired intangibles(915)(1,026)
ROU Assets(4,684)(6,917)
Property, plant and equipment(55,923)(60,151)
Total deferred tax liabilities(62,559)(69,205)
Net deferred tax assets$1,488,908 $1,545,809 
Schedule of Net Operating Loss and Tax Credit Carryforwards
As of December 31, 2024, 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$2,964  2030-2034
Federal R&D and orphan drug credit carryforwards$496,532  2028-2044
State net operating loss carryforwards$200,696  2025-2044
Dutch net operating loss carryforwards$27,994  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, 2024 and 2023, is as follows:
December 31,
20242023
Balance at beginning of period$277,456 $232,856 
Additions based on tax positions related to the current year47,682 41,473 
Additions (reductions) for tax positions of prior years
(103)3,127 
Lapse of statute of limitations— — 
Balance at end of period$325,035 $277,456 
v3.25.0.1
EARNINGS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2024
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share
The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):
Twelve Months Ended
December 31,
202420232022
Numerator:
Net income, basic
$426,859 $167,645 $141,561 
Add: Interest expense, net of tax, on the Company's convertible debt
7,327 — — 
Net income, diluted
$434,186 $167,645 $141,561 
Denominator:
Weighted-average common shares outstanding, basic190,027 187,834 185,266 
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans2,316 3,761 3,697 
Common stock issuable under the Company’s convertible debt (1)
4,365 — — 
Weighted-average common shares outstanding, diluted196,708 191,595 188,963 
Earnings per common share, basic
$2.25 $0.89 $0.76 
Earnings per common share, diluted
$2.21 $0.87 $0.75 
Schedule of Anti-Dilutive Common Stock Excluded from Computation of Basic and Diluted Earnings (Loss) 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):
Twelve Months Ended
December 31,
202420232022
Common stock issuable under the Company's equity incentive plans
9,438 8,072 8,148 
Common stock issuable under the Company’s convertible debt (1)
— 8,335 8,335 
Total number of potentially issuable shares9,438 16,407 16,483 
(1)    If converted, the Company would issue 4.0 million shares under the 2024 Notes and 4.4 million shares under the 2027 Notes. The Company’s 2024 Notes matured in August 2024 and substantially all holders were repaid in cash. For additional discussion of our convertible debt, see Note 10 to these Consolidated Financial Statements.
v3.25.0.1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
tranche
therapy
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Significant Accounting Policies [Line Items]      
Number of commercial therapies | therapy 8    
Capitalized cost $ 72.1 $ 30.6  
Payment term after customer control 1 year    
Period between customer control and payment 1 year    
Advertising expenses $ 34.5 27.8 $ 25.2
Number of tranches in offering period | tranche 4    
Span of offering period 24 months    
Foreign currency transaction losses $ 8.6 $ 27.7 $ 11.4
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%    
v3.25.0.1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Error Corrections and Prior Period Adjustments (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Cost of sales $ 580,235 $ 532,062 $ 503,023
Selling, general and administrative 1,009,025 892,406 823,243
Total operating expenses 2,369,701 2,233,452 1,935,065
Other expense, net $ 4,668 38,215 13,462
Previously Reported      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Cost of sales   514,854 483,669
Selling, general and administrative   937,291 854,009
Total operating expenses   2,261,129 1,946,477
Other expense, net   10,538 2,050
Adjustments      
Error Corrections and Prior Period Adjustments Restatement [Line Items]      
Cost of sales   17,208 19,354
Selling, general and administrative   (44,885) (30,766)
Total operating expenses   (27,677) (11,412)
Other expense, net   $ 27,677 $ 11,412
v3.25.0.1
BUSINESS OVERVIEW AND SIGNIFICANT ACCOUNTING POLICIES - Schedule of Property, Plant and Equipment Estimated Useful Lives (Details)
Dec. 31, 2024
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
v3.25.0.1
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, 2024
Dec. 31, 2023
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost $ 1,656,579 $ 1,683,827
Gross Unrealized Gains 3,132 4,388
Gross Unrealized Losses (767) (3,270)
Aggregate Fair Value 1,658,944 1,684,945
Cash and Cash Equivalents 942,842 755,127
Short-term Marketable Securities 194,864 318,683
Long-term Marketable Securities 521,238 611,135
Level 1    
Schedule of Available-for-sale Securities [Line Items]    
Cash, amortized cost 329,619 229,676
Cash, aggregate fair value 329,619 229,676
Level 2    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 1,326,960 1,454,151
Gross Unrealized Gains 3,132 4,388
Gross Unrealized Losses (767) (3,270)
Aggregate Fair Value 1,329,325 1,455,269
Cash and Cash Equivalents 613,223 525,451
Short-term Marketable Securities 194,864 318,683
Long-term Marketable Securities 521,238 611,135
Level 2 | Money market instruments    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 613,223 499,483
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Aggregate Fair Value 613,223 499,483
Cash and Cash Equivalents 613,223 499,483
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 503,202 587,896
Gross Unrealized Gains 2,410 3,476
Gross Unrealized Losses (390) (1,996)
Aggregate Fair Value 505,222 589,376
Cash and Cash Equivalents 0 0
Short-term Marketable Securities 168,104 193,251
Long-term Marketable Securities 337,118 396,125
Level 2 | U.S. government agency securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 72,027 251,952
Gross Unrealized Gains 359 556
Gross Unrealized Losses (33) (1,140)
Aggregate Fair Value 72,353 251,368
Cash and Cash Equivalents 0 19,976
Short-term Marketable Securities 896 111,343
Long-term Marketable Securities 71,457 120,049
Level 2 | Asset-backed securities    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost 138,508 94,744
Gross Unrealized Gains 363 351
Gross Unrealized Losses (344) (134)
Aggregate Fair Value 138,527 94,961
Cash and Cash Equivalents 0 0
Short-term Marketable Securities 25,864 0
Long-term Marketable Securities $ 112,663 94,961
Level 2 | Commercial paper    
Schedule of Available-for-sale Securities [Line Items]    
Amortized Cost   20,076
Gross Unrealized Gains   5
Gross Unrealized Losses   0
Aggregate Fair Value   20,081
Cash and Cash Equivalents   5,992
Short-term Marketable Securities   14,089
Long-term Marketable Securities   $ 0
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
v3.25.0.1
FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Dec. 31, 2024
Schedule of Available-for-sale Securities [Line Items]      
Equity investment impairment amount   $ 12.6  
Fair Value, Measurements, Recurring | Strategic Investment      
Schedule of Available-for-sale Securities [Line Items]      
Strategic investments fair value   $ 11.3 $ 6.6
Fair Value, Nonrecurring | Strategic Investment      
Schedule of Available-for-sale Securities [Line Items]      
Equity securities decline amount $ 4.5    
v3.25.0.1
INTANGIBLE ASSETS - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]    
Finite-lived intangible assets $ 721,110 $ 710,011
Accumulated amortization (465,832) (415,310)
Net carrying value $ 255,278 $ 294,701
v3.25.0.1
INTANGIBLE ASSETS - Schedule of Carrying Value and Estimated Remaining Life of Finite-Lived Intangible Assets (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
milestone
Dec. 31, 2023
USD ($)
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 255,278 $ 294,701
Number of milestones achieved | milestone 2  
Acquired intellectual property    
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 144,319  
Average Remaining Life 8 years 4 months 24 days  
Technology transfer    
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 92,998  
Average Remaining Life 7 years  
License payments    
Finite-Lived Intangible Assets [Line Items]    
Net Balance $ 17,961  
Average Remaining Life 8 years 9 months 18 days  
v3.25.0.1
INTANGIBLE ASSETS - Schedule of Estimated Future Amortization Expense (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2025 $ 31,731
2026 31,731
2027 31,731
2028 30,159
2029 28,920
Thereafter 89,637
Finite-lived intangible asset future amortization $ 243,909
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT - Schedule of Property, Plant and Equipment, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 1,934,832 $ 1,933,222
Accumulated depreciation (891,791) (867,089)
Total property, plant and equipment, net 1,043,041 1,066,133
Building and improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 892,484 860,807
Manufacturing and laboratory equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 542,856 538,677
Computer hardware and software    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 204,768 211,482
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 44,368 58,230
Furniture and equipment    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 41,871 46,453
Land improvements    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross 27,433 26,779
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property, plant and equipment, gross $ 90,271 $ 100,013
v3.25.0.1
PROPERTY, PLANT AND EQUIPMENT - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Property, Plant and Equipment [Abstract]      
Depreciation expense $ 46.6 $ 40.3 $ 38.6
v3.25.0.1
INVENTORY (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Inventory Disclosure [Abstract]    
Raw materials $ 154,341 $ 155,704
Work-in-process 550,678 571,107
Finished goods 527,634 380,372
Total inventory $ 1,232,653 $ 1,107,183
v3.25.0.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Accounts Payable and Accrued Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Accounts payable and accrued operating expenses $ 235,403 $ 315,509
Accrued compensation expense 202,513 201,067
Accrued rebates payable 120,835 96,179
Lease liability 7,574 8,779
Foreign currency exchange forward contracts 13,056 33,853
Accrued royalties payable 7,923 14,299
Accrued income taxes 12,567 2,651
Deferred revenue 1,369 4,620
Other 5,748 6,190
Total accounts payable and accrued liabilities $ 606,988 $ 683,147
v3.25.0.1
SUPPLEMENTAL FINANCIAL STATEMENT INFORMATION - Schedule of Estimated Accrued Rebates and Reserve for Cash Discounts (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Accrued rebates      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period $ 96,179 $ 72,654 $ 47,987
Provision for Current Period Sales 230,801 196,864 140,260
Payments (206,145) (173,339) (115,593)
Balance at End of Period 120,835 96,179 72,654
Reserve for cash discounts      
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]      
Balance at Beginning of Period 5,390 3,639 2,013
Provision for Current Period Sales 18,771 21,081 20,351
Payments (21,517) (19,330) (18,725)
Balance at End of Period $ 2,644 $ 5,390 $ 3,639
v3.25.0.1
FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($)
Dec. 31, 2024
Dec. 31, 2023
Fair Value, Measurements, Recurring    
Assets:    
Fair value of other assets $ 35,492,000  
Total assets 38,420,000  
Liabilities:    
Total liabilities 37,906,000  
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 | Fair Value, Measurements, Recurring    
Assets:    
Fair value of other assets 35,492,000  
Total assets 38,420,000  
Liabilities:    
Total liabilities 37,906,000  
Level 2 | Fair Value, Measurements, Recurring | NQDC Plan liability    
Liabilities:    
Fair value of other current liabilities 2,928,000 2,026,000
Fair value of other long-term liabilities 34,978,000 28,119,000
Level 2 | NQDC Plan assets | Fair Value, Measurements, Recurring    
Assets:    
Fair value of other current assets 2,928,000 2,026,000
Fair value of other assets 34,978,000 28,119,000
Level 2 | Restricted investments | Fair Value, Measurements, Recurring    
Assets:    
Fair value of other assets $ 514,000 $ 2,393,000
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Derivative [Line Items]  
Unrealized gains reclassified from AOCI to earnings $ 47.8
Derivatives designated as hedging instruments:  
Derivative [Line Items]  
Maturity of derivatives 1 year 9 months
Derivatives not designated as hedging instruments:  
Derivative [Line Items]  
Maturity of derivatives 3 months
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Aggregate Notional Amounts Outstanding (Details) - Foreign Exchange Contracts - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivatives designated as hedging instruments: | Sell    
Derivative [Line Items]    
Notional amount $ 1,371,816 $ 1,249,662
Derivatives designated as hedging instruments: | Purchase    
Derivative [Line Items]    
Notional amount 289,967 198,408
Derivatives not designated as hedging instruments: | Sell    
Derivative [Line Items]    
Notional amount 344,101 350,269
Derivatives not designated as hedging instruments: | Purchase    
Derivative [Line Items]    
Notional amount $ 63,617 $ 90,102
v3.25.0.1
DERIVATIVE INSTRUMENTS AND HEDGING STRATEGIES - Schedule of Fair Value Carrying Amount of Derivative Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]    
Derivative asset, fair value $ 79,640 $ 9,065
Derivative liability, fair value 15,592 42,024
Derivatives designated as hedging instruments: | Level 2    
Derivative [Line Items]    
Derivative asset, fair value 74,706 8,518
Derivative liability, fair value 14,917 38,176
Derivatives designated as hedging instruments: | Level 2 | Other current assets    
Derivative [Line Items]    
Derivative asset, fair value 60,192 6,663
Derivatives designated as hedging instruments: | Level 2 | Other assets    
Derivative [Line Items]    
Derivative asset, fair value 14,514 1,855
Derivatives designated as hedging instruments: | Level 2 | Accounts payable and accrued liabilities    
Derivative [Line Items]    
Derivative liability, fair value 12,381 30,005
Derivatives designated as hedging instruments: | Level 2 | Other long-term liabilities    
Derivative [Line Items]    
Derivative liability, fair value 2,536 8,171
Derivatives not designated as hedging instruments: | Level 2 | Other current assets    
Derivative [Line Items]    
Derivative asset, fair value 4,934 547
Derivatives not designated as hedging instruments: | Level 2 | Accounts payable and accrued liabilities    
Derivative [Line Items]    
Derivative liability, fair value $ 675 $ 3,848
v3.25.0.1
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, 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 $ 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 14,708 (186)
Derivatives not designated as hedging instruments:    
Derivative Instruments, Gain (Loss) [Line Items]    
Gains (Losses) Recognized in Earnings $ 33,966 $ (8,808)
v3.25.0.1
LEASES - Schedule of ROU Assets and Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Assets:    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Operating $ 28,680 $ 42,731
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Financing $ 5,071 $ 3,343
Total ROU assets $ 33,751 $ 46,074
Liabilities:    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Operating, current $ 7,233 $ 8,640
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List] Accounts payable and accrued liabilities Accounts payable and accrued liabilities
Finance, current $ 341 $ 139
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities Other long-term liabilities
Operating, noncurrent $ 30,501 $ 38,047
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other long-term liabilities Other long-term liabilities
Finance, noncurrent $ 756 $ 77
Total lease liabilities $ 38,831 $ 46,903
v3.25.0.1
LEASES - Schedule of Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Operating    
2025 $ 9,116  
2026 7,906  
2027 6,937  
2028 6,231  
2029 3,990  
Thereafter 12,602  
Total lease payments 46,782  
Less: Interest (9,048)  
Present value of lease liabilities 37,734  
Financing    
2025 380  
2026 323  
2027 314  
2028 200  
2029 0  
Thereafter 0  
Total lease payments 1,217  
Less: Interest (120)  
Present value of lease liabilities 1,097  
Total    
2025 9,496  
2026 8,229  
2027 7,251  
2028 6,431  
2029 3,990  
Thereafter 12,602  
Total lease payments 47,999  
Less: Interest (9,168)  
Total lease liabilities $ 38,831 $ 46,903
v3.25.0.1
LEASES - Schedule of Lease Cost (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Lease Cost    
Total lease costs $ 15,862 $ 20,205
Operating expenses    
Lease Cost    
Operating 14,154 14,197
Amortization 1,703 3,360
Interest expense    
Lease Cost    
Interest expense $ 5 $ 2,648
v3.25.0.1
LEASES - Schedule of Other Information (Details)
Dec. 31, 2024
Dec. 31, 2023
Weighted average remaining lease term (in years):    
Operating leases 6 years 6 months 6 years 9 months 18 days
Financing leases 3 years 1 month 6 days 1 year 7 months 6 days
Weighted average discount rate:    
Operating leases 6.10% 5.90%
Financing leases 5.40% 3.10%
v3.25.0.1
LEASES - Schedule of Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Cash used in operating activities:    
Operating leases $ 13,388 $ 9,980
Financing leases 23 51
Cash used in financing activities:    
Financing leases 216 2,286
ROU assets obtained in exchange for lease obligations:    
Operating leases 2,812 16,321
Financing leases $ 1,196 $ 68
v3.25.0.1
DEBT - Narrative (Details)
 1 Months Ended 12 Months Ended
May 31, 2020
USD ($)
$ / shares
Dec. 31, 2024
USD ($)
Aug. 31, 2024
USD ($)
Dec. 31, 2023
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    
v3.25.0.1
DEBT - Schedule of Senior Subordinated Convertible Obligations (Details) - USD ($)
 12 Months Ended
Aug. 01, 2024
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]        
Convertible notes   $ 600,000,000.0    
Convertible notes, current, net of unamortized discount and deferred offering costs   0 $ 493,877,000  
Convertible notes, noncurrent, net of unamortized discount and deferred offering costs   595,138,000 593,095,000  
Total convertible debt, net   595,138,000 1,086,972,000  
Total fair value of fixed-rate convertible debt   558,894,000 1,107,548,000  
Repayments of convertible debt   $ 494,987,000 $ 0 $ 0
0.599% senior subordinated convertible notes due in August 2024 (the 2024 Notes)        
Debt Instrument [Line Items]        
Debt instrument, interest rate, stated percentage, per annum   0.599% 0.599%  
Convertible notes   $ 0 $ 495,000,000  
Unamortized discount net of deferred offering costs   0 (1,123,000)  
Convertible notes, current, net of unamortized discount and deferred offering costs   0 493,877,000  
Total fair value of fixed-rate convertible debt   $ 0 $ 488,288,000  
Repayments of convertible debt $ 495,000,000.0      
Gain (loss) on extinguishment of debt $ 0      
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   $ 600,000,000 $ 600,000,000  
Unamortized discount net of deferred offering costs   (4,862,000) (6,905,000)  
Convertible notes, noncurrent, net of unamortized discount and deferred offering costs   595,138,000 593,095,000  
Total fair value of fixed-rate convertible debt   $ 558,894,000 $ 619,260,000  
v3.25.0.1
DEBT - Schedule of Interest Expense on Fixed-Rate Convertible Debt (Details) - Convertible Senior Notes - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Schedule Of Interest Expenses [Line Items]      
Coupon interest expense $ 9,564 $ 10,465 $ 10,465
Accretion of discount on convertible notes 2,775 3,359 3,349
Amortization of debt issuance costs 391 594 593
Total interest expense on convertible debt $ 12,730 $ 14,418 $ 14,407
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances $ 4,951,549 $ 4,603,156 $ 4,265,669
Other comprehensive income (loss) before reclassifications 105,602 (20,835) 15,078
Less: gain (loss) reclassified from AOCI 14,872 164 36,624
Tax effect (289) (3,922) 3,247
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 90,441 (24,921) (18,299)
Total stockholders' equity, ending balances 5,657,990 4,951,549 4,603,156
Accumulated other comprehensive income (loss):      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances (28,788) (3,867) 14,432
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 90,441 (24,921) (18,299)
Total stockholders' equity, ending balances 61,653 (28,788) (3,867)
Unrealized Gains (Losses) on Cash Flow Hedges      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances (29,658) 8,226 15,805
Other comprehensive income (loss) before reclassifications 104,354 (37,720) 29,045
Less: gain (loss) reclassified from AOCI 14,872 164 36,624
Tax effect 0 0 0
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 89,482 (37,884) (7,579)
Total stockholders' equity, ending balances 59,824 (29,658) 8,226
Unrealized Gains (Losses) on Available-for-Sale Debt Securities      
Accumulated Other Comprehensive Income (Loss) [Roll Forward]      
Total stockholders' equity, beginning balances 870 (12,093) (1,373)
Other comprehensive income (loss) before reclassifications 1,248 16,885 (13,967)
Less: gain (loss) reclassified from AOCI 0 0 0
Tax effect (289) (3,922) 3,247
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX 959 12,963 (10,720)
Total stockholders' equity, ending balances $ 1,829 $ 870 $ (12,093)
v3.25.0.1
SEGMENT INFORMATION - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
segment
Dec. 31, 2023
USD ($)
Concentration Risk And Geographic Information [Line Items]    
Number of operating segments | segment 1  
Accounts receivable, net $ 660,535 $ 633,704
Customer    
Concentration Risk And Geographic Information [Line Items]    
Accounts receivable, net $ 96,800 $ 63,400
Credit Concentration Risk | Accounts Receivable Balance | Customer A    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 20.00% 15.00%
Credit Concentration Risk | Accounts Receivable Balance | Customer B    
Concentration Risk And Geographic Information [Line Items]    
Concentration risk, percentage 11.00% 12.00%
v3.25.0.1
SEGMENT INFORMATION - Summary of Reportable Segment Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Total revenues $ 2,853,915 $ 2,419,226 $ 2,096,039
Cost of sales 580,235 532,062 503,023
Research and development 747,184 746,773 649,606
NET INCOME 426,859 167,645 141,561
Reportable Segment      
Revenue from External Customer [Line Items]      
Total revenues 2,853,915 2,419,226 2,096,039
Cost of sales 580,235 532,062 503,023
S&M expenses 476,739 488,442 450,349
G&A expenses 532,286 403,964 372,894
Other segment expense (income), net 90,612 80,340 (21,394)
NET INCOME 426,859 167,645 141,561
Research and early pipeline | Reportable Segment      
Revenue from External Customer [Line Items]      
Research and development 434,023 393,078 313,915
Later-stage clinical programs | Reportable Segment      
Revenue from External Customer [Line Items]      
Research and development 27,581 62,604 119,015
Later-stage clinical programs | Reportable Segment      
Revenue from External Customer [Line Items]      
Research and development $ 285,580 $ 291,091 $ 216,676
v3.25.0.1
SEGMENT INFORMATION - Schedule of Total Revenues and Disaggregates Net Product Revenues by Product (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Revenue from External Customer [Line Items]      
Total revenues $ 2,853,915 $ 2,419,226 $ 2,096,039
Product      
Revenue from External Customer [Line Items]      
Total revenues 2,809,445 2,372,538 2,042,025
VIMIZIM      
Revenue from External Customer [Line Items]      
Total revenues 739,784 701,053 663,739
VOXZOGO      
Revenue from External Customer [Line Items]      
Total revenues 735,092 469,881 169,128
NAGLAZYME      
Revenue from External Customer [Line Items]      
Total revenues 479,584 420,292 443,794
PALYNZIQ      
Revenue from External Customer [Line Items]      
Total revenues 355,047 303,919 255,032
ALDURAZYME      
Revenue from External Customer [Line Items]      
Total revenues 183,887 131,248 128,422
BRINEURA      
Revenue from External Customer [Line Items]      
Total revenues 169,083 161,889 154,333
KUVAN      
Revenue from External Customer [Line Items]      
Total revenues 120,902 180,767 227,577
ROCTAVIAN      
Revenue from External Customer [Line Items]      
Total revenues 26,066 3,489 0
Royalty and other revenues      
Revenue from External Customer [Line Items]      
Total revenues $ 44,470 $ 46,688 $ 54,014
v3.25.0.1
SEGMENT INFORMATION- Schedule of Disaggregation of Total Net Product Revenues by Geographic Region (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Disaggregation of Revenue [Line Items]      
Total revenues $ 2,853,915 $ 2,419,226 $ 2,096,039
ALDURAZYME      
Disaggregation of Revenue [Line Items]      
Total revenues 183,887 131,248 128,422
Product      
Disaggregation of Revenue [Line Items]      
Total revenues 2,809,445 2,372,538 2,042,025
Marketed by Company | Products excluding ALDURAZYME      
Disaggregation of Revenue [Line Items]      
Total revenues 2,625,558 2,241,290 1,913,603
Marketed by Company | Products excluding ALDURAZYME | United States      
Disaggregation of Revenue [Line Items]      
Total revenues 924,810 771,314 684,284
Marketed by Company | Products excluding ALDURAZYME | Europe      
Disaggregation of Revenue [Line Items]      
Total revenues 829,031 669,331 650,952
Marketed by Company | Products excluding ALDURAZYME | Latin America      
Disaggregation of Revenue [Line Items]      
Total revenues 378,084 332,437 266,801
Marketed by Company | Products excluding ALDURAZYME | Rest of world      
Disaggregation of Revenue [Line Items]      
Total revenues 493,633 468,208 311,566
Marketed by Sanofi | ALDURAZYME      
Disaggregation of Revenue [Line Items]      
Total revenues $ 183,887 $ 131,248 $ 128,422
v3.25.0.1
SEGMENT INFORMATION - Schedule of Total Net Product Revenues Attributed to Largest Customers (Details) - Customer Concentration Risk - Net Product Revenue
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Customer A and B      
Concentration Risk [Line Items]      
Concentration risk, percentage 25.00% 26.00% 28.00%
Customer A      
Concentration Risk [Line Items]      
Concentration risk, percentage 13.00% 14.00% 16.00%
Customer B      
Concentration Risk [Line Items]      
Concentration risk, percentage 12.00% 12.00% 12.00%
v3.25.0.1
SEGMENT INFORMATION- Schedule of Long-Lived Assets by Geographic Region (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 1,076,792 $ 1,112,207
United States    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 755,069 788,590
Ireland    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets 308,123 306,542
Rest of world    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Total long-lived assets $ 13,600 $ 17,075
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share based awards, authorized (in shares) 49.3    
Span of offering period, in years 24 months    
Stock-based compensation expense capitalized to inventory $ 28,300,000 $ 21,700,000 $ 21,300,000
Weighted-average fair value per option granted (in dollars per share) $ 35.87 $ 39.30 $ 32.45
Total intrinsic value of options exercised $ 9,500,000 $ 25,900,000 $ 32,100,000
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) 2.3    
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 $ 12,400,000    
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) $ 82.98 $ 88.96 $ 79.43
The total intrinsic value of restricted stock vested and released $ 152,200,000 $ 149,800,000 $ 130,100,000
Unrecognized compensation cost related to unvested awards $ 258,600,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 2 years 7 months 6 days    
Option      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation cost related to unvested awards $ 33,300,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 2 years 8 months 12 days    
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) $ 81.27 $ 89.22 $ 78.27
Unrecognized compensation cost related to unvested awards $ 5,400,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 3 years 9 months 18 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    
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) $ 102.07 $ 132.56 $ 124.67
Unrecognized compensation cost related to unvested awards $ 15,300,000    
Unrecognized compensation cost expected to recognized over weighted average period, in years 2 years    
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%    
2017 Equity Incentive Plan      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Shares reserved for future issuance (in shares) 37.2    
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 | 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    
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Stock-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 201,571 $ 207,099 $ 196,308
Cost of sales      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 15,131 17,604 17,709
Research and development      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense 59,545 65,714 61,702
Selling, general and administrative      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Total stock-based compensation expense $ 126,895 $ 123,781 $ 116,897
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Restricted Stock Unit Activity (Details) - $ / shares
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Stock with Service Based Vesting Conditions      
Shares      
Non-vested units, beginning balance (in shares) 4,703,825    
Granted (in shares) 2,501,850    
Vested (in shares) (1,831,475)    
Forfeited (in shares) (837,477)    
Non-vested units, ending balance (in shares) 4,536,723 4,703,825  
Weighted Average Grant Date Fair Value      
Non-vested units, beginning balance (in dollars per share) $ 83.39    
Granted (in dollars per share) 82.98 $ 88.96 $ 79.43
Vested (in dollars per share) 81.50    
Forfeited (in dollars per share) 84.20    
Non-vested units, ending balance (in dollars per share) $ 83.88 $ 83.39  
Restricted Stock Unit Awards with non-Revenue based Performance Conditions      
Shares      
Non-vested units, beginning balance (in shares) 436,100    
Granted (in shares) 234,829    
Vested (in shares) (227,009)    
Forfeited (in shares) (16,610)    
Non-vested units, ending balance (in shares) 427,310 436,100  
Weighted Average Grant Date Fair Value      
Non-vested units, beginning balance (in dollars per share) $ 83.33    
Granted (in dollars per share) 81.27 $ 89.22 78.27
Vested (in dollars per share) 78.39    
Forfeited (in dollars per share) 86.62    
Non-vested units, ending balance (in dollars per share) $ 84.29 $ 83.33  
Restricted Stock Unit Awards with Market Conditions      
Shares      
Non-vested units, beginning balance (in shares) 403,900    
Granted (in shares) 320,990    
Vested (in shares) (262,550)    
Forfeited (in shares) (19,000)    
Non-vested units, ending balance (in shares) 443,340 403,900  
Weighted Average Grant Date Fair Value      
Non-vested units, beginning balance (in dollars per share) $ 128.95    
Granted (in dollars per share) 102.07 $ 132.56 $ 124.67
Vested (in dollars per share) 117.69    
Forfeited (in dollars per share) 122.02    
Non-vested units, ending balance (in dollars per share) $ 120.92 $ 128.95  
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Grant date fair value (in dollars per share) $ 102.07 $ 132.56 $ 124.67
Expected volatility, minimum 20.80% 22.40% 24.50%
Expected volatility, maximum 168.30% 152.10% 157.60%
Dividend yield 0.00% 0.00% 0.00%
Expected term   2 years 9 months 18 days 2 years 9 months 18 days
Risk-free interest rate, minimum 3.60%    
Risk-free interest rate, maximum 4.60%    
Risk-free interest rate   3.80% 2.00%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 2 years 3 months 18 days    
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 2 years 9 months 18 days    
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Shares    
Options outstanding beginning balance (in shares) 5,720,131  
Granted (in shares) 726,430  
Exercised (in shares) (520,189)  
Expired and forfeited (in shares) (178,924)  
Options outstanding ending balance (in shares) 5,747,448  
Options unvested (in shares) 1,182,545  
Exercisable (in shares) 4,513,338  
Weighted Average Exercise Price    
Outstanding beginning balance (in dollars per share) $ 85.26  
Granted (in dollars per share) 80.79  
Exercised (in dollars per share) 65.71  
Expired and forfeited (in dollars per share) 86.01  
Outstanding ending balance (in dollars per share) 86.44  
Options unvested (in dollars per share) 83.47  
Exercisable (in dollars per share) $ 87.38  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]    
Weighted average remaining years, options outstanding 4 years 9 months 18 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 $ 5,198 $ 74,704
Aggregate intrinsic value, options unvested 0  
Aggregate intrinsic value, exercisable $ 0  
Closing price of common stock (in dollars per share) $ 65.73  
v3.25.0.1
EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION - Schedule of Fair Value of Stock Options Granted Assumptions (Details) - Option
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 38.00% 37.80% 38.10%
Expected volatility, maximum 39.40% 40.30% 40.50%
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate, minimum 3.50% 3.50% 2.10%
Risk-free interest rate, maximum 4.50% 4.60% 4.20%
Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected term 4 years 8 months 12 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 6 years 2 months 12 days 6 years 2 months 12 days 6 years 1 month 6 days
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Expected volatility, minimum 24.00% 24.00% 28.60%
Expected volatility, maximum 36.90% 48.00% 69.20%
Dividend yield 0.00% 0.00% 0.00%
Risk-free interest rate, minimum 4.10% 0.06% 0.04%
Risk-free interest rate, maximum 5.50% 5.50% 4.80%
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
v3.25.0.1
OTHER EMPLOYEE BENEFITS (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
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 $ 34.4 $ 32.7 $ 30.8
v3.25.0.1
RESTRUCTURING - Narrative (Details) - employee
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
2024 Workforce Reduction Plan    
Restructuring Cost and Reserve [Line Items]    
Number of positions eliminated 225 170
v3.25.0.1
RESTRUCTURING - Schedule of Restructuring and Related Costs (Details) - 2024 Workforce Reduction Plan
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Restructuring Cost and Reserve [Line Items]  
Severance and one-time employee benefits $ 60,941
Impairment of assets and other non-cash adjustments 16,448
Other 18,439
Restructuring expenses $ 95,828
v3.25.0.1
RESTRUCTURING - Schedule of Restructuring Activity (Details) - 2024 Workforce Reduction Plan
$ in Thousands
 12 Months Ended
Dec. 31, 2024
USD ($)
Restructuring Reserve [Roll Forward]  
Beginning balance $ 0
Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] Selling, general and administrative
Charges and Adjustments $ 79,380
Payments (67,710)
Ending balance 11,670
Severance and related costs  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Charges and Adjustments 60,941
Payments (50,926)
Ending balance 10,015
Other  
Restructuring Reserve [Roll Forward]  
Beginning balance 0
Charges and Adjustments 18,439
Payments (16,784)
Ending balance $ 1,655
v3.25.0.1
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, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
U.S. Source $ 130,503 $ (453,840) $ (299,403)
Non-U.S. Source 411,260 642,403 448,979
INCOME BEFORE INCOME TAXES $ 541,763 $ 188,563 $ 149,576
v3.25.0.1
INCOME TAXES - Schedule of Components of Provision for (Benefit from) Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Provision for income taxes      
Federal $ 32,344 $ 25,120 $ 12,798
State and local 8,813 5,098 5,058
Foreign 17,651 35,681 42,246
Current income tax expense, total 58,808 65,899 60,102
Provision for deferred income taxes:      
Federal (2,117) (70,754) (79,270)
State and local (5,166) (8,030) (5,143)
Foreign 63,379 33,803 32,326
Deferred income tax expense (benefit), total 56,096 (44,981) (52,087)
Provision for income taxes $ 114,904 $ 20,918 $ 8,015
v3.25.0.1
INCOME TAXES - Schedule of Reconciliation of Statutory Federal Income Tax Benefit to Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Income Tax Disclosure [Abstract]      
Federal statutory income tax rate $ 113,770 $ 39,598 $ 31,412
State and local taxes 4,756 (3,614) (1,017)
Orphan Drug & General Business Credit (35,486) (39,535) (35,674)
Stock compensation expense 7,467 2,209 6,433
Foreign Source Income Subject to US Tax 44,492 47,721 (5,644)
Foreign tax rate differential (34,905) (69,987) (4,051)
Section 162(m) limitation 9,278 9,699 6,577
Tax Reserves 32,560 27,296 18,043
Intra-entity transfer of assets (33,432) 5,019 (18,752)
Valuation allowance/deferred benefit 7,175 3,723 7,851
Other (771) (1,211) 2,837
Provision for income taxes $ 114,904 $ 20,918 $ 8,015
v3.25.0.1
INCOME TAXES - Schedule of Components of Net Deferred Tax Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
Net deferred tax assets:    
Net operating loss carryforwards $ 18,585 $ 19,025
Tax credit carryforwards 462,925 524,652
Accrued expenses, reserves, and prepaids 119,986 107,485
Intangible assets 696,096 789,479
Capitalized R&D expenses 310,081 216,975
Stock-based compensation 42,609 48,744
Lease liabilities 7,209 7,857
Inventory 19,119 18,914
Other 1,168 1,113
Valuation allowance (126,311) (119,230)
Total deferred tax assets 1,551,467 1,615,014
Net deferred tax liabilities    
Joint venture basis difference (1,037) (1,111)
Acquired intangibles (915) (1,026)
ROU Assets (4,684) (6,917)
Property, plant and equipment (55,923) (60,151)
Total deferred tax liabilities (62,559) (69,205)
Net deferred tax assets $ 1,488,908 $ 1,545,809
v3.25.0.1
INCOME TAXES - Schedule of Net Operating Loss and Tax Credit Carryforwards (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
Federal  
Income Tax Contingency [Line Items]  
Net operating loss carryforwards $ 2,964
Federal R&D and orphan drug credit carryforwards 496,532
State  
Income Tax Contingency [Line Items]  
Net operating loss carryforwards 200,696
Federal R&D and orphan drug credit carryforwards 182,500
Dutch | Foreign  
Income Tax Contingency [Line Items]  
Dutch net operating loss carryforwards $ 27,994
v3.25.0.1
INCOME TAXES - Narrative (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Income Tax Contingency [Line Items]  
Unrecognized tax benefits that would affect the effective tax rate if recognized $ 312.6
Undistributed earnings of foreign subsidiaries $ 15.6
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 $ 182.5
v3.25.0.1
INCOME TAXES - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Unrecognized Tax Benefits [Roll Forward]    
Balance at beginning of period $ 277,456 $ 232,856
Additions based on tax positions related to the current year 47,682 41,473
Additions (reductions) for tax positions of prior years (103)  
Additions (reductions) for tax positions of prior years   3,127
Lapse of statute of limitations 0 0
Balance at end of period $ 325,035 $ 277,456
v3.25.0.1
EARNINGS PER COMMON SHARE - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Numerator:      
Net income, basic $ 426,859 $ 167,645 $ 141,561
Add: Interest expense, net of tax, on the Company's convertible debt 7,327 0 0
Net income, diluted $ 434,186 $ 167,645 $ 141,561
Denominator:      
Weighted-average common shares outstanding, basic (in shares) 190,027 187,834 185,266
Effect of dilutive securities:      
Weighted-average common shares outstanding, diluted (in shares) 196,708 191,595 188,963
Earnings per common share, basic (in dollars per share) $ 2.25 $ 0.89 $ 0.76
Earnings per common share, diluted (in dollars per share) $ 2.21 $ 0.87 $ 0.75
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) 2,316 3,761 3,697
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 0 0
v3.25.0.1
EARNINGS PER COMMON SHARE - Schedule of Anti-Dilutive Common Stock Excluded from Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Total number of potentially issuable shares (in shares) 9,438 16,407 16,483
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    
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    
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) 9,438 8,072 8,148
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 8,335 8,335
v3.25.0.1
LICENSE AND COLLABORATION AGREEMENTS (Details)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2023
EUR (€)
Mar. 31, 2019
Merck Serono | Pegvaliase Agreement      
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]      
Business acquisition, cash paid | $ $ 125.0    
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  
Disposal Group, Disposed of by Sale, Not Discontinued Operations | FIRDAPSE      
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]      
Royalties on net product sales, minimum     7.00%
Royalties on net product sales, maximum     10.00%
v3.25.0.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2024
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Contingent payments upon achievement of certain development and regulatory activities and commercial sales and licensing milestones $ 258.1
Amount due in 2025 3.1
Purchase commitment 641.9
Purchase commitment expected to be paid in 2025 $ 482.0