BIOMARIN PHARMACEUTICAL INCBMRN

BIOMARIN PHARMACEUTICAL INC Fair Value Disclosure

10-KFiled Feb 26, 20261 min read
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 Company’s 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 assets41,689 34,978 
Restricted investments (1)
375 514 
Total other assets42,064 35,492 
Total assets$45,829 $38,420 
Liabilities:
Current liabilities:
NQDC Plan liability$3,765 $2,928 
Other long-term liabilities:
NQDC Plan liability41,689 34,978 
Total liabilities$45,454 $37,906 
    
(1)The restricted investments as of December 31, 2025 and 2024 secure the Company’s irrevocable standby letters of credit obtained in connection with certain commercial agreements.
There were no transfers between levels during the periods presented.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Feb 24, 2025
2023Feb 26, 2024
2022Feb 27, 2023
2021Feb 25, 2022
2020Feb 26, 2021
2019Feb 27, 2020
2018Feb 28, 2019
2017Feb 26, 2018
2016Feb 27, 2017
2015Feb 29, 2016

About Fair Value Disclosures

Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.

Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.

Other Available Disclosures

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