BIOMARIN PHARMACEUTICAL INC, DEF 14A filed on 4/9/2024
Proxy Statement (definitive)
v3.24.1.u1
Cover
 12 Months Ended
Dec. 31, 2023
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name BioMarin Pharmaceutical Inc
Entity Central Index Key 0001048477
v3.24.1.u1
Pay vs Performance Disclosure - USD ($)
 1 Months Ended 11 Months Ended 12 Months Ended
Dec. 31, 2023
Nov. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure            
Pay vs Performance Disclosure, Table    
Year
Summary
Compensation
Table Total
for PEO 1(1)
($)
Summary
Compensation
Table Total
for PEO 2(1)
($)
Compensation
Actually Paid
to PEO 1(1)(2)(3)
($)
Compensation
Actually Paid
to PEO 2(1)(2)(3)
($)
Average
Summary
Compensation
Table Total for
Non-PEO
NEOs(1)
($)
Average
Compensation
Actually Paid
to Non-PEO
NEOs(1)(2)(3)
($)
Value of Initial Fixed $100
Investment based on:(4)
GAAP Net
Income
(Loss)
($ Millions)
Managed
Sales Revenue
($ Millions)(5)
TSR
($)
Peer Group
TSR
($)
202321,976,020 17,875,236 15,757,509 18,518,864 6,321,622 5,564,948 114.04 118.87 167.6 2,241 
202218,351,880 — 34,379,532 — 6,114,555 10,821,939 122.40 113.65 141.6 1,914 
202118,262,538 — 18,390,254 — 5,510,297 5,670,256 104.49 126.45 (64.1)1,655 
202018,146,399 — 22,341,893 — 5,195,953 4,752,027 103.71 126.42 854 1,664 
      
Company Selected Measure Name     Managed Sales Revenue      
Named Executive Officers, Footnote     Jean-Jacques Bienaimé was our PEO for each year presented until November 30, 2023 (PEO 1), and Alexander Hardy has been our PEO since December 1, 2023 (PEO 2). The individuals comprising the Non-PEO NEOs for each year presented are listed below.
2020202120222023
Brian R. MuellerBrian R. MuellerBrian R. MuellerBrian R. Mueller
Jeff AjerJeff AjerJeff AjerJeff Ajer
Henry J. Fuchs, M.D.Henry J. Fuchs, M.D.Henry J. Fuchs, M.D.Henry J. Fuchs, M.D.
C. Greg Guyer, Ph.D.C. Greg Guyer, Ph.D.G. Eric DavisC. Greg Guyer, Ph.D.
Robert A. Baffi, Ph.D.
Daniel Spiegelman
      
Peer Group Issuers, Footnote     The Peer Group TSR set forth in this table utilizes the Nasdaq Biotechnology Index, which we also utilize in the stock performance graph required by Item 201(e) of Regulation S-K included in our Annual Report for the year ended December 31, 2023. The comparison assumes $100 was invested for the
period starting December 31, 2019, through the end of the listed year in the Company and in the Nasdaq Biotechnology Index, respectively. Historical stock performance is not necessarily indicative of future stock performance.
      
Adjustment To PEO Compensation, Footnote     Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
Year
Summary
Compensation
Table Total for
PEO 1
($)
Exclusion of
Stock Awards
and Option
Awards for
PEO 1
($)
Inclusion
of Equity
Values for
PEO 1
($)
Compensation
Actually Paid to
PEO 1
($)
202321,976,020 (18,320,600)12,102,089 15,757,509 
Year
Summary
Compensation
Table Total for
PEO 2
($)
Exclusion of
Stock Awards
and Option
Awards for
PEO 2
($)
Inclusion
of Equity
Values for
PEO 2
($)
Compensation
Actually Paid to
PEO 2
($)
202317,875,236 (16,870,403)17,514,031 18,518,864 
Year
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
Average
Exclusion of
Stock Awards
and Option
Awards for
Non-PEO NEOs
($)
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
20236,321,622 (5,145,816)4,389,142 5,564,948 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
YearYear-End Fair
Value of Equity
 Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO 1
($)		Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for PEO 1
($)
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards that
Vested During
Year for PEO 1
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year for PEO 1
($)
Total - Inclusion
of Equity Values
for PEO 1
($)
202314,131,609 1,391,700 (3,421,220)— 12,102,089 
YearYear-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO 2
($)
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for PEO 2
($)
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards that
Vested During
Year for PEO 2
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year for PEO 2
($)
Total - Inclusion
of Equity Values
for PEO 2
($)
202317,514,031 — — — 17,514,031 
YearAverage Year-End
Fair Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of Year
for Non-PEO NEOs
($)		Average Change in
Fair Value from
Last Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		Average Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year for
Non-PEO NEOs
($)		Average Fair
Value at Last Day
of Prior Year of
Equity Awards
Forfeited
During Year for
Non-PEO NEOs
($)		Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)
20235,096,138 180,716 (887,712)— 4,389,142 
      
Non-PEO NEO Average Total Compensation Amount     $ 6,321,622 $ 6,114,555 $ 5,510,297 $ 5,195,953
Non-PEO NEO Average Compensation Actually Paid Amount     $ 5,564,948 10,821,939 5,670,256 4,752,027
Adjustment to Non-PEO NEO Compensation Footnote     Compensation Actually Paid reflects the exclusions and inclusions of certain amounts for the PEOs and the Non-PEO NEOs as set forth below. Equity values are calculated in accordance with FASB ASC Topic 718. Amounts in the Exclusion of Stock Awards and Option Awards column are the totals from the Stock Awards and Option Awards columns set forth in the Summary Compensation Table.
Year
Summary
Compensation
Table Total for
PEO 1
($)
Exclusion of
Stock Awards
and Option
Awards for
PEO 1
($)
Inclusion
of Equity
Values for
PEO 1
($)
Compensation
Actually Paid to
PEO 1
($)
202321,976,020 (18,320,600)12,102,089 15,757,509 
Year
Summary
Compensation
Table Total for
PEO 2
($)
Exclusion of
Stock Awards
and Option
Awards for
PEO 2
($)
Inclusion
of Equity
Values for
PEO 2
($)
Compensation
Actually Paid to
PEO 2
($)
202317,875,236 (16,870,403)17,514,031 18,518,864 
Year
Average
Summary
Compensation
Table Total for
Non-PEO NEOs
($)
Average
Exclusion of
Stock Awards
and Option
Awards for
Non-PEO NEOs
($)
Average
Inclusion of
Equity Values
for Non-PEO
NEOs
($)
Average
Compensation
Actually Paid to
Non-PEO NEOs
($)
20236,321,622 (5,145,816)4,389,142 5,564,948 
The amounts in the Inclusion of Equity Values in the tables above are derived from the amounts set forth in the following tables:
YearYear-End Fair
Value of Equity
 Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO 1
($)		Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for PEO 1
($)
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards that
Vested During
Year for PEO 1
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year for PEO 1
($)
Total - Inclusion
of Equity Values
for PEO 1
($)
202314,131,609 1,391,700 (3,421,220)— 12,102,089 
YearYear-End Fair
Value of Equity
Awards Granted
During Year
That Remained
Unvested as of
Last Day of Year
for PEO 2
($)
Change in Fair
Value from Last
Day of Prior
Year to Last
Day of Year
of Unvested
Equity Awards
for PEO 2
($)
Change in Fair
Value from Last
Day of Prior Year
to Vesting Date of
Unvested Equity
Awards that
Vested During
Year for PEO 2
($)
Fair Value at
Last Day of
Prior Year of
Equity Awards
Forfeited During
Year for PEO 2
($)
Total - Inclusion
of Equity Values
for PEO 2
($)
202317,514,031 — — — 17,514,031 
YearAverage Year-End
Fair Value of Equity
Awards Granted
During Year That
Remained Unvested
as of Last Day of Year
for Non-PEO NEOs
($)		Average Change in
Fair Value from
Last Day of Prior
Year to Last Day of
Year of Unvested
Equity Awards for
Non-PEO NEOs
($)		Average Change in
Fair Value from Last
Day of Prior Year to
Vesting Date of
Unvested Equity
Awards that Vested
During Year for
Non-PEO NEOs
($)		Average Fair
Value at Last Day
of Prior Year of
Equity Awards
Forfeited
During Year for
Non-PEO NEOs
($)		Total - Average
Inclusion of
Equity Values for
Non-PEO NEOs
($)
20235,096,138 180,716 (887,712)— 4,389,142 
      
Compensation Actually Paid vs. Total Shareholder Return    
Description of Relationship Between Compensation Actually Paid, Company Total Shareholder Return (TSR), and Peer Group TSR
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, the Company’s cumulative TSR over the four most recently completed fiscal years, and the Nasdaq Biotechnology Index over the same period.
PEO and Average Non-PEO NEO Compensation Actually Paid Versus TSR
49238
n
PEO 1 Compensation Actually Paid
n
PEO 2 Compensation Actually Paid
n
Average Non-PEO NEO
Compensation
Actually Paid


icon_legend.jpg 
Biomarin TSR


02_427475-1_icon_legend_biomarin magenta.jpg 
Nasdaq Biotechnology Index TSR
      
Compensation Actually Paid vs. Net Income    
Description of Relationship Between Compensation Actually Paid and GAAP Net Income (Loss)
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our GAAP Net Income (Loss) during the four most recently completed fiscal years.
PEO and Average Non-PEO NEO Compensation Actually Paid Versus GAAP Net Income (Loss)
49660
n
PEO 1 Compensation Actually Paid
n
PEO 2 Compensation Actually Paid
n
Average Non-PEO NEO
Compensation
Actually Paid


02_427475-1_icon_legend_biomarin magenta.jpg 
GAAP Net Income (Loss)
      
Compensation Actually Paid vs. Company Selected Measure    
Description of Relationship Between Compensation Actually Paid and Managed Sales Revenue
The following chart sets forth the relationship between Compensation Actually Paid to our PEOs, the average of Compensation Actually Paid to our Non-PEO NEOs, and our Managed Sale Revenue ($ in Millions) during the four most recently completed fiscal years.
PEO and Average Non-PEO NEO Compensation Actually Paid Versus Managed Sales Revenue
50127
n
PEO 1 Compensation Actually Paid
n
PEO 2 Compensation Actually Paid
n
Average Non-PEO NEO
Compensation
Actually Paid


icon_legend.jpg 
Managed Sales Revenue
      
Tabular List, Table    
Managed Sales Revenue
Core Operating Margin
Relative TSR
Non-GAAP Income
Number of Product Regulatory Approvals by the FDA and EMA and IND/CTAs submitted to the FDA and EMA
Number of Development Programs that Achieve Proofs of Concept or Meet Clinical Milestones
      
Total Shareholder Return Amount     $ 114.04 122.40 104.49 103.71
Peer Group Total Shareholder Return Amount     118.87 113.65 126.45 126.42
Net Income (Loss)     $ 167,600,000 $ 141,600,000 $ (64,100,000) $ 854,000,000
Company Selected Measure Amount     2,241,000,000 1,914,000,000 1,655,000,000 1,664,000,000
Additional 402(v) Disclosure     The amounts shown for Compensation Actually Paid have been calculated in accordance with Item 402(v) of Regulation S-K and do not reflect compensation actually earned, realized, or received by the Company’s NEOs. These amounts reflect the Summary Compensation Table Total with certain adjustments as described in footnote 3 below.
Tabular List of Most Important Financial and Non-Financial Performance Measures
The following table presents the financial and non-financial performance measures the Company considers to have been the most important in linking Compensation Actually Paid to our PEOs and Non-PEO NEOs for 2023 to Company performance. The measures in this table are not ranked.
All information provided above under the “Pay Versus Performance” heading will not be deemed to be incorporated by reference into any filing of the Company under the Securities Act, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing, except to the extent the Company specifically incorporates such information by reference.
      
Measure:: 1            
Pay vs Performance Disclosure            
Name     Managed Sales Revenue      
Non-GAAP Measure Description     We determined Managed Sales Revenue to be the most important financial performance measure used to link Company performance to Compensation Actually Paid to our PEOs and Non-PEO NEOs in 2023. See footnote (2) to “2023 Program Goals and Results” table set forth in the CD&A of this Proxy Statement for a description of how this performance measure is derived from our GAAP financial reporting. This measure may not have been the most important financial performance measure for prior years, and we may determine a different financial performance measure to be the most important financial performance measure in future years.      
Measure:: 2            
Pay vs Performance Disclosure            
Name     Core Operating Margin      
Measure:: 3            
Pay vs Performance Disclosure            
Name     Relative TSR      
Measure:: 4            
Pay vs Performance Disclosure            
Name     Non-GAAP Income      
Measure:: 5            
Pay vs Performance Disclosure            
Name     Number of Product Regulatory Approvals by the FDA and EMA and IND/CTAs submitted to the FDA and EMA      
Measure:: 6            
Pay vs Performance Disclosure            
Name     Number of Development Programs that Achieve Proofs of Concept or Meet Clinical Milestones      
Jean-Jacques Bienaimé [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     $ 21,976,020 $ 18,351,880 $ 18,262,538 $ 18,146,399
PEO Actually Paid Compensation Amount     15,757,509 $ 34,379,532 $ 18,390,254 $ 22,341,893
PEO Name   Jean-Jacques Bienaimé        
Alexander Hardy [Member]            
Pay vs Performance Disclosure            
PEO Total Compensation Amount     17,875,236      
PEO Actually Paid Compensation Amount     18,518,864      
PEO Name Alexander Hardy          
PEO | Jean-Jacques Bienaimé [Member] | Exclusion of Stock Awards and Option Awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (18,320,600)      
PEO | Jean-Jacques Bienaimé [Member] | Inclusion of Equity Values [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     12,102,089      
PEO | Jean-Jacques Bienaimé [Member] | Equity Awards Granted During the Year, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     14,131,609      
PEO | Jean-Jacques Bienaimé [Member] | Equity Awards Granted in Prior Years, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     1,391,700      
PEO | Jean-Jacques Bienaimé [Member] | Equity Awards Granted in Prior Years, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     (3,421,220)      
PEO | Jean-Jacques Bienaimé [Member] | Equity Awards Forfeited [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     0      
PEO | Alexander Hardy [Member] | Exclusion of Stock Awards and Option Awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (16,870,403)      
PEO | Alexander Hardy [Member] | Inclusion of Equity Values [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     17,514,031      
PEO | Alexander Hardy [Member] | Equity Awards Granted During the Year, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     17,514,031      
PEO | Alexander Hardy [Member] | Equity Awards Granted in Prior Years, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     0      
PEO | Alexander Hardy [Member] | Equity Awards Granted in Prior Years, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     0      
PEO | Alexander Hardy [Member] | Equity Awards Forfeited [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     0      
Non-PEO NEO | Exclusion of Stock Awards and Option Awards [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     (5,145,816)      
Non-PEO NEO | Inclusion of Equity Values [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation, Amount     4,389,142      
Non-PEO NEO | Equity Awards Granted During the Year, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     5,096,138      
Non-PEO NEO | Equity Awards Granted in Prior Years, Unvested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     180,716      
Non-PEO NEO | Equity Awards Granted in Prior Years, Vested [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     (887,712)      
Non-PEO NEO | Equity Awards Forfeited [Member]            
Pay vs Performance Disclosure            
Adjustment to Compensation Amount, Equity Awards     $ 0