BIOMARIN PHARMACEUTICAL INC (BMRN): restructuring charge — BioMarin to cut ~170 jobs, book $15-20M charge from R&D program exits

BIOMARIN PHARMACEUTICAL INC

Strategic portfolio assessment led to discontinuation of certain R&D programs.
Workforce reduction of approximately 170 employees; majority notified May 14, 2024.
Estimated $15-20M pre-tax charges in Q2 2024 for severance and termination benefits.
Workforce reductions expected to be substantially completed by end of July 2024.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

BIOMARIN PHARMACEUTICAL INC announced a restructuring with charges of approximately $15 - $20 million affecting research and development programs (approximately 170 employees).

Type: restructuring
Charge: approximately $15 - $20 million
Affected area: research and development programs
Headcount: approximately 170 employees

Exact text from the filing

In connection with the discontinuation of certain research and development programs, on May 9, 2024, the Company committed to a plan to reduce its global workforce by approximately 170 employees. The Company estimates that it will incur aggregate pre-tax charges of approximately $15 - $20 million during the second quarter of 2024, representing one-time cash expenditures for severance and other employee termination benefits.

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BIOMARIN PHARMACEUTICAL INC filing history →

Source: SEC EDGAR

accession 0001048477-24-000082

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