BIOMARIN PHARMACEUTICAL INC (BMRN): restructuring charge — BioMarin to cut ~225 jobs, incur $30-35M in severance costs by end of 2024

BIOMARIN PHARMACEUTICAL INC

Workforce reduction of ~225 employees committed on Aug 23, 2024, in organizational redesign.
Estimated pre-tax charges of $30-35M for severance and termination benefits, mostly in H2 2024.
Plan follows updated ROCTAVIAN strategy and discontinuation of BMN 293 development announced Aug 5, 2024.
Notifications completed by Aug 28, 2024; reductions expected substantially complete by end of 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 $30 - $35 million (approximately 225 employees).

Type: restructuring
Charge: approximately $30 - $35 million
Headcount: approximately 225 employees

Exact text from the filing

The Company estimates that it will incur aggregate pre-tax charges representing one-time cash expenditures for severance and other employee termination benefits of approximately $30 - $35 million, of which the majority is expected to be incurred during the second half of 2024. Impacted employees were notified by August 28, 2024, and workforce reductions are

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Source: SEC EDGAR

accession 0001048477-24-000132

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