Financial Analysis

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 Companys general practice is to expense legal fees as services are rendered in connection with legal matters, and to accrue for liabilities when losses are probable and reasonably estimable based on existing information. The Company accrues for the best estimate of a loss within a range; however, if no estimate in the range is better than any other, then the minimum amount in the range is accrued. Liabilities are evaluated and refined each reporting period as additional information is known. Any receivables for insurance recoveries for these liability claims are recorded as assets when it is probable that a recovery will be realized. As first disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023, the Company received a subpoena from the U.S. Department of Justice (DOJ) requesting that the Company produce certain documents regarding sponsored testing programs relating to VIMIZIM and NAGLAZYME. The Company has produced the requested documents in response to the subpoena and is cooperating fully. The Company is unable to make any assurances regarding …

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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, 2025 2024 2023 United States $ 1,104,973 $ 924,810 $ 771,314 Europe 874,331 829,031 669,331 Latin America 435,478 378,084 332,437 Rest of world 544,469 493,633 468,208 Total net product revenues marketed by the Company 2,959,251 2,625,558 2,241,290 ALDURAZYME net product revenues marketed by Sanofi 208,508 183,887 131,248 Total net product revenues $ 3,167,759 $ 2,809,445 $ 2,372,538

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EQUITY COMPENSATION PLANS AND STOCK-BASED COMPENSATION Equity Compensation Plans Shares Available Under Equity Compensation Plans As of December 31, 2025, an aggregate of approximately 54.9 million unissued shares were authorized for future issuance under the Companys stock plans, which primarily includes shares issuable under the 2017 Equity Incentive Plan (2017 EIP) and the ESPP. Under the 2017 EIP, shares issued and outstanding under the Amended and Restated 2006 Share Incentive Plan (the 2006 Share Incentive Plan) and the 2017 EIP that expire or are forfeited generally become available for future issuance under the 2017 EIP. No additional awards will be granted under the 2006 Share Incentive Plan; however, there are vested awards outstanding under the 2006 Share Incentive Plan. The Companys stock-based compensation plans are administered by the Companys 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 V …

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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 Companys fixed-rate convertible debt disclosed in Note 10 to these Consolidated Financial Statements, there were no financial assets or liabilities that were remeasured using Level 1 inputs as of December 31, 2025 and 2024. Refer to Notes 2 and 8 to these Consolidated Financial Statements for other financial assets and liabilities measured at fair value. The Company had no financial assets or liabilities that are remeasured on a recurring basis using Level 3 inputs as of December 31, 2025 and 2024. Level 2 assets and liabilities that are remeasured using significant observable inputs consisted of the following, except for derivatives, which are discussed in Note 8 Derivative Instruments and Hedging Strategies : December 31, 2025 2024 Assets: Other current assets: NQDC Plan assets $ 3,765 $ 2,928 Other assets: NQDC Plan assets 41,689 34,978 Restricted investments (1) 375 514 Total other assets 42,064 35,492 Total assets $ 45,829 $ 38,420 Liabilities: Current liabilities: NQDC Plan liability $ 3,765 $ 2,928 Other long-term liabilities: NQDC Plan liability 41,689 34,978 Total liabilities $ 45,454 $ 37,906 (1) The restricted investments as of December 31, 2025 and 2024 secure the Companys irrevocable standby letters of credit obtained in connection with certain commercial ag …

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INCOME TAXES The Provision for Income Taxes was based on Income before Income Taxes as follows: Years Ended December 31, 2025 2024 2023 U.S. Source $ (262,617) $ 130,503 $ (453,840) Non-U.S. Source 745,097 411,260 642,403 Income before income taxes $ 482,480 $ 541,763 $ 188,563 The U.S. and foreign components of the Provision for Income Taxes were as follows: Years Ended December 31, 2025 2024 2023 Provision for income taxes Federal $ 32,428 $ 32,344 $ 25,120 State and local 11,528 8,813 5,098 Foreign 40,885 17,651 35,681 84,841 58,808 65,899 Provision for deferred income taxes: Federal 5,498 (2,117) (70,754) State and local (5,148) (5,166) (8,030) Foreign 48,388 63,379 33,803 48,738 56,096 (44,981) Provision for income taxes $ 133,579 $ 114,904 $ 20,918 The following is a reconciliation of the statutory federal income tax expense and rate to the Companys effective tax rate for the year ended December 31, 2025: Year Ended December 31, 2025 % Federal Tax Expense $ 101,321 21.0% State and local income taxes, net of federal income tax effect (1) 1,413 0.3 Foreign tax effects Ireland Statutory tax rate difference between Ireland and United States (47,988) (10.0) Other (2,013) (0.4) Other Foreign Jurisdictions 2,927 0.6 Effects of changes in tax laws or rates enacted in the current period Effect of cross-border tax laws Global intangible low taxed income (GILTI) 88,510 18.3 Foreign derived intangible income (FDII) (30,052) (6.2) Subpart F Income 5,353 1.1 Tax credits Foreign Tax C …

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DEBT Convertible Notes As of December 31, 2025, the Company had outstanding fixed-rate convertible notes for an undiscounted aggregate principal amount of $600.0 million. The following table summarizes information regarding the Companys convertible notes: December 31, 2025 2024 1.250% senior subordinated convertible notes due in May 2027 (the 2027 Notes) 600,000 600,000 Unamortized discount net of deferred offering costs (2,824) (4,862) Total convertible debt, net $ 597,176 $ 595,138 Fair value of fixed-rate convertible debt (1) : 2027 Notes $ 576,267 $ 558,894 (1) The fair value of the Companys 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 Companys fixed-rate convertible debt consisted of the following: Years Ended December 31, 2025 2024 2023 Coupon interest expense $ 7,500 $ 9,564 $ 10,465 Accretion of discount on convertible notes 1,942 2,775 3,359 Amortization of debt issuance costs 107 391 594 Total interest expense on convertible debt $ 9,549 $ 12,730 $ 14,418 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 i …

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Recent Accounting Pronouncements New Accounting Pronouncements Issued and Adopted Income Taxes In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes Topic 740, Improvements to Income Tax Disclosures . The guidance requires disclosure of disaggregated information about the Companys effective tax rate reconciliation as well as information on income taxes paid. The Company adopted this ASU in December 2025 on a prospective basis and it did not have a material impact on the Companys Consolidated Financial Statements. See Note 1 5 - Income Taxes to these Consolidated Financial Statements for further information. New Accounting Pronouncements Issued and Not Yet Adopted Income Statement Disaggregation In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Topic 220, Expense Disaggregation Disclosures . The guidance requires disclosure of additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The disclosure requirements will be applied on a prospective basis, with the option to apply it retrospectively. The effective date for the update is for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the effect of the update on the Company's related disclosures. Internal-use Software In Septe …

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RESTRUCTURING During the fourth quarter of 2025, the Company committed to a plan to voluntarily withdraw ROCTAVIAN from the market due to lower than previously anticipated commercial opportunities. In connection with this strategic decision, the Company recorded approximately $240.0 million of restructuring charges in 2025 primarily related to inventory and long-lived assets which will no longer provide an economic benefit to the Company. The impaired ROCTAVIAN long-lived assets included dedicated facilities, specialized equipment and intangible assets. The inventory write-off was included in Cost of Sales, and the remaining restructuring charges were included in SG&A in the Company's Consolidated Statement of Income. Restructuring charges consisted of the following: Year Ended December 31, 2025 Inventory write-off $ 119,208 Long-lived asset impairments 118,522 Severance and other related costs 3,523 $ 241,253 The restructuring related liabilities were not material as of December 31, 2025, and were recorded in Accounts Payable and Accrued Liabilities on the in the Company's Consolidated Balance Sheet.

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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 Companys commercial organization is responsible for marketing its approved products worldwide. The Companys 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 Companys technical operations group is responsible for the development of manufacturing processes, supplying clinical drug product, and the manufacturing and distribution of its commercial products. The Company is also supported by corporate staff functions. The Companys 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 Companys 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 …

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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 Companys activities through the date of filing of this Annual Report on Form 10-K, and has concluded that there were no other events or transactions that occurred subsequent to the balance sheet date and prior to the filing of this Annual Report on Form 10-K except for the transactions disclosed in Note 21 to these Consolidated Financial Statements. Use of Estima …

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SUBSEQUENT EVENTS In February 2026, the Company issued $850.0 million in aggregate principal amount of 5.5% senior unsecured notes due 2034 (the 2034 Notes), and the proceeds from the issuance were deposited into an escrow account that will be used to finance the pending acquisition of Amicus. In the event that the acquisition in not completed on or prior to December 19, 2026, or upon the occurrence of certain other events, the Company will be required to redeem all of the Notes at par and pay any accrued and unpaid interest. Subsequent to issuance of the 2034 Notes, the Bridge Facility was reduced from $3.7 billion to $2.8 billion.

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