BioMarin Pharmaceutical Inc To Acquire Amicus Therapeutics Inc Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Philip Nadeau - Cowen and Company LLC - Analyst : Good morning. Thanks for taking our question. Let us add our congratulations strategically. This does seem like a hand-in-glove fit. We want to drill down on revenue growth for the franchises here and ask you kind of a two-part question on that. First, just overall, what type of revenue growth do you think the franchises -- the Amicus franchises can achieve over the next four or five years? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 19, 2025 / 1:15PM, BMRN.OQ - BioMarin Pharmaceutical Inc To Acquire Amicus Therapeutics Inc And then second, in your prepared remarks, you suggested that the number of patients with Pompe and Fabry is greater than the number of patients on therapy. Curious to understand why that would be. Obviously, Fabrazyme and Myozyme have been on the market for nearly 20 years. So how can BioMarin help increase the penetration of therapies into these what seem to be rather mature markets? Thank you. Brian Mueller - BioMarin Pharmaceutical Inc - Chief Financial Officer, Executive Vice President, Principal Accounting Officer Hi, Phil, this is Brian. I'll start with the revenue growth question. Thank you. So first, let's start with the two products that we're acquiring with Amicus and Galafold and Pompe. These are two on-market products. So despite the transaction size, this is a transaction that does not carry clinical risk and brings a base of revenue to BioMarin on day 1. We also know that both products are growing at a faster rate than the already healthily growing BioMarin-based portfolio. And therefore, we do believe that the addition of these products will be additive to our growth rate over the next few years.

Question: Philip Nadeau - Cowen and Company LLC - Analyst : That's very helpful. Congrats again. Thanks.

Question: Chris Raymond - Raymond James - Analyst : Hey, thanks and congrats from us on the deal as well. So just two questions. I guess, Alexander, you guys have guided at length to having firepower of $4 billion to $5 billion. I guess, can you just clarify, does this sort of max out your capacity in this area, just doing this one deal? And then I have a leverage ratio question. I see that you guys, Brian, you're guiding to delever to less than 2.5 times in two years. What are you projecting that number to be just after close? Thanks.

Question: Sean Laaman - Morgan Stanley - Analyst : Good morning, Alexander and team, congratulations on the transaction. I have two questions. Just the first one, using all debt essentially to do the transaction, what that might say about the enduring cash flow generating nature of your existing business sort of pre-acquisition and your view there? And the second one is just your feel for what OpEx synergies could be observed. Thank you. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 19, 2025 / 1:15PM, BMRN.OQ - BioMarin Pharmaceutical Inc To Acquire Amicus Therapeutics Inc Brian Mueller - BioMarin Pharmaceutical Inc - Chief Financial Officer, Executive Vice President, Principal Accounting Officer Hi, Sean. This is Brian. Thanks a lot for the question. So of note on this transaction, again, given the scale that Amicus has achieved on a stand-alone basis, approximately $600 million of revenue over the last 12 months. And they've been on their own successful profitability journey. They reported non-GAAP income in 2024 and have said they're on track for GAAP net income in the second half of this year. So importantly, the combined business actually generates operating profits and operating cash flow on day one. We do believe the transaction will be slightly dilutive in calendar 2026 and then starting to be accretive in full year '27, substantially accretive beginning at the end of that year. And that's largely due to the interest cost that we're taking on with the debt associated with the transaction. But back to the cash flows, we do believe that this will be very quickly additive to BioMarin's cash flows. And while we will incur integration costs, we don't anticipate an impact on that BioMarin-based business cash flow. And then in terms of synergies, our priority is going to be to merge the two companies to maintain and build the great capabilities that Amicus has built over the years so that we together can continue to grow Galafold and Pompe. We do expect that there will be synergies available. Again, as I mentioned in the prepared remarks, these are two very complementary synergistic orphan disease businesses. And again, while the priority will be maintaining operations and growing these products, we will commence integration and there will be synergies available to us over time that together with the scale of the combined companies will actually increase the net fully integrated profits and cash flows over time.

Question: Cory Kasimov - JPMorgan Chase & Co - Analyst : Hey, good morning guys. Thanks for taking my question and congrats to both teams on this deal. So I guess I'm curious, just the outlook here, commercially speaking, based -- first, based on Brian's comment that these Amicus assets are growing faster than BioMarin's base enzyme therapy portfolio. Do you expect to raise your long-term CAGR expectations for this side of the business? And how do you think about the competitive landscape in Fabry and Pompe? Thank you. Brian Mueller - BioMarin Pharmaceutical Inc - Chief Financial Officer, Executive Vice President, Principal Accounting Officer Hi, Cory, it's Brian again. Thanks for the question. Yeah, so just to start, the purpose of today's call is to announce the transaction. We're very excited to be adding these two approved high-growth products to our portfolio. Companies will continue to operate, of course, on a stand-alone basis until we close the transaction. As I mentioned, we do believe that the combined business will grow at a higher rate through the rest of this decade and beyond. We do believe that the products will be meaningful contributors to revenues in '27, both absolute dollar and growth rate. However, we're not offering additional guidance at this time for 2027 or beyond. What is important to note is that we continue to grow revenue from BioMarin's base business, and these products both add to the growth and very importantly, diversify BioMarin's overall portfolio. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 19, 2025 / 1:15PM, BMRN.OQ - BioMarin Pharmaceutical Inc To Acquire Amicus Therapeutics Inc

Question: Cory Kasimov - JPMorgan Chase & Co - Analyst : Yeah, very helpful.

Question: Joseph Schwartz - Leerink Partners LLC - Analyst : Hi, congratulations to everyone on a very interesting deal. A lot of my questions have been answered. So maybe I'll ask about BioMarin's view on DMX200 in FSGS. Given you're acquiring Amicus shortly before another company has their PDUFA in FSGS. I'm wondering if you can give us your view of the clinical prospects and regulatory path forward for DMX200? And to what extent is BioMarin prepared to capitalize on that opportunity given nephrology would be a new commercial area for the company? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 19, 2025 / 1:15PM, BMRN.OQ - BioMarin Pharmaceutical Inc To Acquire Amicus Therapeutics Inc

Question: Olivia Brayer - Cantor Fitzgerald LP - Analyst : Hey, good morning, guys. Thank you for the question and congrats as well on the deal. Can I ask how you guys are thinking about peak sales potential for either of these new products? And I mean, how would you rank the two as you think about them driving long-term growth for the company? And then on the Pompe program, how are you guys thinking about competitive dynamics here in that space, just given the traction that Sanofi has been seeing in these patients? Brian Mueller - BioMarin Pharmaceutical Inc - Chief Financial Officer, Executive Vice President, Principal Accounting Officer Yeah. Thanks for the question, Olivia. This is Brian. I'll start with just speaking to the revenue potential and then hand it over to Cristin for more color on the second part of your question. So we believe that each of the Amicus products has the opportunity to reach $1 billion each in peak sales. We aim to add the unique BioMarin capabilities and large global presence to potentially even build upon that outlook. This will take time. Again, we expect substantial growth through the remainder of this decade. We don't expect to achieve peak revenues until into the 2030s, but we're confident in the opportunity.

Question: Olivia Brayer - Cantor Fitzgerald LP - Analyst : Great, thank you both.

Question: Jason Gerberry - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Hey morning guys, thanks, so much for taking my questions. Just two follow-ups, just more specifically, I guess, on Pompe, your $1 billion-ish outlook in terms of peak potential here. For P&O, I'm just kind of curious, that implies maybe about 2,500 patients out of the 5,000 to 10,000 late onset prevalence. So I'm just wondering, does that assume that you drive an even greater level of switch versus the Sanofi product? I'm just kind of curious the general directional assumption there. And then just a follow-up on Alex's question. Just on the manufacturing, I believe that WuXi in China was the manufacturer, but they were in the process of moving that to Ireland. Would that just generally be the assumption? Or would you plan to move manufacturing into the US? Thanks.

Question: Jason Gerberry - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Understood. Congrats on the deal, guys.

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Great, thank you very much for taking my question and congrats on the deal as well. Just trying to double-click on enzyme replacement therapy and the longer tail here. So I mean enzyme replacement therapies tend to have longer tail. So, I mean we have learned that from Sanofi enzyme as well as you guys as well. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 19, 2025 / 1:15PM, BMRN.OQ - BioMarin Pharmaceutical Inc To Acquire Amicus Therapeutics Inc If you think about oral Galafold, the 2037, do you think there is a future beyond 2037 as well given that it's an oral? Or is the other drug which probably has a longer tail than IP here?

Question: Mohit Bansal - Wells Fargo Securities LLC - Analyst : Thank you.

Question: William Pickering - Sanford C Bernstein & Co LLC - Analyst : Hi, congrats on the deal and thanks very much for taking my question. Could you speak in relative terms about the magnitude of upside you see from geographic expansion as opposed to execution in existing markets for Galafold and Pompe? And a second question would be how you see the full commercial organization fitting into BioMarin's existing EU structure. Thanks so much.