EARNINGS PER COMMON SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (common shares in thousands):


	Years Ended December 31,
	2025		2024		2023
Numerator:
Net income, basic	$	348,901	$	426,859	$	167,645
Add: Interest expense, net of tax, on the Company's convertible debt	7,334		7,327		—
Net income, diluted	$	356,235	$	434,186	$	167,645
Denominator:
Weighted-average common shares outstanding, basic	191,787		190,027		187,834
Effect of dilutive securities:
Common stock issuable under the Company's equity incentive plans	1,242		2,316		3,761
Common stock issuable under the Company’s convertible debt (1)	4,365		4,365		—
Weighted-average common shares outstanding, diluted	197,394		196,708		191,595
Earnings per common share, basic	$	1.82	$	2.25	$	0.89
Earnings per common share, diluted	$	1.80	$	2.21	$	0.87

Schedule of Anti-Dilutive Common Stock Excluded from Computation of Diluted Earnings Per Share

In addition to the equity instruments included in the table above, the table below presents potential shares of common stock that were excluded from the computation of diluted earnings per common share as they were anti-dilutive (in thousands):


	Years Ended December 31,
	2025	2024	2023
Common stock issuable under the Company's equity incentive plans	11,307	9,438	8,072
Common stock issuable under the Company’s convertible debt (1)	—	—	8,335
Total number of potentially issuable shares	11,307	9,438	16,407

(1) If converted, the Company would issue 4.4 million shares under the 2027 Notes and, for the year ended December 31, 2023, would have issued 4.0 million shares under the Company’s 2024 Notes, which matured and were settled in August 2024.

BIOMARIN PHARMACEUTICAL INC 10-K