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BioMarin Announces 28% Y/Y Total Revenue Growth in the Third Quarter and Increase in Full-year 2024 Guidance; Reaffirms Long-term Guidance and Outlook

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BioMarin Pharmaceutical reported strong Q3 2024 financial results with total revenues of $746 million, representing a 28% year-over-year growth. VOXZOGO showed exceptional performance with 54% revenue growth, while Enzyme Therapies portfolio increased by 27%. The company's GAAP Diluted EPS reached $0.55 (+162% Y/Y), and Non-GAAP Diluted EPS was $0.91 (+98% Y/Y).

Over 3,800 children globally are now receiving VOXZOGO treatment for achondroplasia, with majority of new U.S. patient starts being under 5 years of age. The company increased its full-year 2024 guidance and reaffirmed its long-term outlook, targeting $4 billion in Total Revenues by 2027.

BioMarin Pharmaceutical ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con ricavi totali di 746 milioni di dollari, che rappresentano una crescita del 28% rispetto all'anno precedente. VOXZOGO ha mostrato un'eccezionale performance con una crescita del 54% dei ricavi, mentre il portafoglio delle Terapie Enzimatiche è aumentato del 27%. L'utile per azione diluito secondo i principi contabili GAAP è stato di $0.55 (+162% rispetto all'anno precedente), mentre l'utile per azione diluito non GAAP è stato di $0.91 (+98% rispetto all'anno precedente).

Oltre 3.800 bambini a livello globale stanno attualmente ricevendo il trattamento con VOXZOGO per l'achondroplasia, e la maggior parte dei nuovi pazienti negli Stati Uniti ha meno di 5 anni. L'azienda ha aumentato le sue previsioni per l'intero anno 2024 e ha ribadito le sue prospettive a lungo termine, puntando a $4 miliardi di ricavi totali entro il 2027.

BioMarin Pharmaceutical reportó resultados financieros sólidos para el tercer trimestre de 2024, con ingresos totales de 746 millones de dólares, lo que representa un crecimiento del 28% interanual. VOXZOGO mostró un rendimiento excepcional con un crecimiento de ingresos del 54%, mientras que el portafolio de Terapias Enzimáticas aumentó un 27%. Las ganancias por acción diluidas GAAP alcanzaron los $0.55 (+162% interanual), y las ganancias por acción diluidas no GAAP fueron de $0.91 (+98% interanual).

Más de 3.800 niños en todo el mundo están recibiendo tratamiento con VOXZOGO para la acondroplasia, y la mayoría de los nuevos pacientes en EE.UU. son menores de 5 años. La compañía aumentó su guía para todo el año 2024 y reafirmó su perspectiva a largo plazo, con un objetivo de $4 mil millones en ingresos totales para 2027.

BioMarin Pharmaceutical는 2024년 3분기 재무 결과를 발표했으며, 총 수익은 7억 4600만 달러로 전년 대비 28% 성장했습니다. VOXZOGO는 54%의 수익 성장을 보여주었고, 효소 치료 포트폴리오는 27% 증가했습니다. 회사의 GAAP 희석 주당순이익은 $0.55(+162% Y/Y)에 도달했으며, 비 GAAP 희석 주당순이익은 $0.91(+98% Y/Y)였습니다.

전 세계적으로 3,800명 이상의 어린이가 achondroplasia(왜소증)에 대한 VOXZOGO 치료를 받고 있으며, 미국의 신규 환자 대부분은 5세 미만입니다. 회사는 2024년 전체 연도 가이던스를 상향 조정하였고, 2027년까지 총 수익 목표를 40억 달러로 설정하면서 장기 전망을 재확인했습니다.

BioMarin Pharmaceutical a annoncé de solides résultats financiers pour le troisième trimestre 2024, avec des revenus totaux de 746 millions de dollars, représentant une croissance de 28 % par rapport à l'année précédente. VOXZOGO a montré des performances exceptionnelles avec une croissance des revenus de 54 %, tandis que le portefeuille des thérapies enzymatiques a augmenté de 27 %. Le bénéfice par action dilué selon les normes GAAP a atteint 0,55 $ (+162 % en glissement annuel), et le bénéfice par action dilué non GAAP était de 0,91 $ (+98 % en glissement annuel).

Plus de 3 800 enfants dans le monde reçoivent désormais le traitement VOXZOGO pour l'achondroplasie, la majorité des nouveaux patients aux États-Unis ayant moins de 5 ans. L'entreprise a relevé ses prévisions pour l'ensemble de l'année 2024 et a réaffirmé ses perspectives à long terme, visant 4 milliards de dollars de revenus totaux d'ici 2027.

BioMarin Pharmaceutical hat starke Finanzzahlen für das dritte Quartal 2024 gemeldet, mit Gesamterlösen von 746 Millionen Dollar, was einem Wachstum von 28 % im Vergleich zum Vorjahr entspricht. VOXZOGO zeigte eine außergewöhnliche Leistung mit einem Umsatzwachstum von 54 %, während das Portfolio der Enzymtherapien um 27 % zulegte. Der verwässerte Gewinn pro Aktie gemäß GAAP erreichte 0,55 USD (+162 % im Jahresvergleich), und der nicht-GAAP verwässerte Gewinn pro Aktie betrug 0,91 USD (+98 % im Jahresvergleich).

Weltweit erhalten nun über 3.800 Kinder die VOXZOGO-Behandlung für Achondroplasie, wobei die Mehrheit der neuen Patienten in den USA unter 5 Jahre alt ist. Das Unternehmen hat seine Prognose für das gesamte Jahr 2024 angehoben und seine langfristige Perspektive bestätigt, mit dem Ziel, bis 2027 Gesamterlöse von 4 Milliarden Dollar zu erreichen.

Positive
  • Total revenues increased 28% Y/Y to $746 million in Q3 2024
  • VOXZOGO revenue grew 54% Y/Y
  • Enzyme Therapies portfolio revenue increased 27% Y/Y
  • GAAP Diluted EPS grew 162% Y/Y to $0.55
  • Non-GAAP Diluted EPS increased 98% Y/Y to $0.91
  • Operating cash flows increased 63% Y/Y to $221 million
  • GAAP Operating Margin expanded 6.4 percentage points Y/Y to 15.3%
Negative
  • Lower KUVAN product revenues due to generic competition
  • Higher SG&A expenses due to restructuring costs
  • Impact of ROCTAVIAN inventory reserves on Cost of Sales

Insights

BioMarin delivered an exceptional Q3 2024 performance with several key highlights: $746 million in total revenues representing 28% Y/Y growth, driven by strong VOXZOGO sales with 54% Y/Y revenue growth. The Enzyme Therapies portfolio showed robust 27% Y/Y growth, demonstrating sustained market demand.

Financial metrics are particularly impressive with GAAP EPS of $0.55 (162% Y/Y increase) and Non-GAAP EPS of $0.91 (98% Y/Y increase). The company's profitability expansion is outpacing revenue growth, with operating margins improving significantly. Cash position remains strong at $1.5 billion, with $221 million in Q3 operating cash flow.

The increased 2024 guidance and reaffirmed long-term outlook targeting $4 billion in revenues by 2027 with 40% Non-GAAP operating margins shows management's confidence in sustained growth trajectory.

VOXZOGO's market penetration is particularly noteworthy with over 3,800 children receiving treatment globally. The U.S. market shows strong adoption among children under 5 years, indicating successful early intervention strategy. The global opportunity is substantial with 24,000 total addressable patients, with 90% outside the U.S.

The planned expansion into 20+ additional countries by 2027 presents significant growth potential. The enzyme therapies portfolio's continued growth demonstrates BioMarin's ability to maintain market leadership in rare diseases. The company's pipeline advancement, particularly in skeletal conditions, positions it for sustained long-term growth with a potential $5 billion revenue opportunity.

Third Quarter 2024 Total Revenues of $746 million (+28% Y/Y and +32% at Constant Currency Y/Y); Year-to-date 2024 Total Revenues of $2.11 billion (+19% Y/Y and +23% at Constant Currency Y/Y)

During the Quarter, Strong Demand Drove 54% Y/Y Revenue Growth for VOXZOGO®

During the Quarter, Revenues from Enzyme Therapies Portfolio Increased 27% Y/Y

Third Quarter 2024 GAAP Diluted Earnings Per Share (EPS) of $0.55 (+162% Y/Y); Year-to-date 2024 GAAP Diluted EPS of $1.56 (+103% Y/Y)

Third Quarter 2024 Non-GAAP Diluted EPS of $0.91 (+98% Y/Y); Year-to-date 2024 Non-GAAP Diluted EPS of $2.60 (+63% Y/Y)

Conference Call and Webcast Scheduled Today at 4:30 p.m. ET

SAN RAFAEL, Calif., Oct. 29, 2024 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the quarter and nine months ended September 30, 2024.

"The strategic and operational decisions we have made over the last nine months are driving strong performance, reflected in year-over-year revenue growth in the third quarter of 28% and accelerated profitability," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "We are executing on our new corporate strategy, focused on Innovation, Growth, and Value Commitment, as demonstrated by another quarter of strong financial performance and clinical progress as we advance potential new medicines for the patients we serve."

Mr. Hardy added, "Strong global demand for VOXZOGO led to over 3,800 infants and children receiving treatment as of the end of the third quarter. In the U.S., the majority of new patient starts in the third quarter were for children under 5 years of age, reflecting strong adoption from families seeking VOXZOGO therapy for their infants and young children. Our Enzyme Therapies portfolio also delivered impressive results, with third quarter revenue growth of 27% year-over-year, evidence of the continued growth potential of this portfolio," added Mr. Hardy. "Additionally, we made good progress advancing all of our innovative therapies under development. Within our CANOPY clinical program, we advanced our studies in five new indications with VOXZOGO. For hypochondroplasia, we are on track to complete enrollment in the Phase 3 registration-enabling study in the first half of 2025."

Financial Highlights:

  • Total Revenues for the third quarter of 2024 were $746 million, an increase of 28%, compared to the same period in 2023, driven by strong VOXZOGO contributions from new patient starts in all regions. In the quarter, revenues from BioMarin's Enzyme Therapies (VIMIZIM®, NAGLAZYME®, ALDURAZYME®, BRINEURA® and PALYNZIQ®) increased 27% compared to the third quarter of 2023. The increase was driven by a combination of the timing of order fulfillment to Sanofi as the company recognizes ALDURAZYME revenues when the product is released and control is transferred to Sanofi, increased patient demand, and the timing of large government orders in certain regions outside the U.S. Partially offsetting the increase were lower KUVAN® product revenues attributed to continued generic competition as a result of the loss of market exclusivity in 2022.

  • GAAP Net Income increased by $66 million to $106 million in the third quarter of 2024 compared to the same period in 2023. The increase was primarily due to higher gross profit driven by the factors noted above. The increase was partially offset by higher spend in Selling, General and Administrative (SG&A), primarily due to severance and other restructuring costs associated with organizational redesign efforts executed during the third quarter of 2024, higher income tax expense and the impact of ROCTAVIAN® inventory reserves on Cost of Sales.
  • Non-GAAP Income increased by $89 million to $178 million in the third quarter of 2024 compared to the same period in 2023. The increase in Non-GAAP Income was primarily due to higher gross profit and lower SG&A expenses primarily related to sales and marketing activities for ROCTAVIAN outside of the U.S., Germany and Italy as the company executes on its updated strategy to focus commercial launch efforts on those three countries. The increase was partially offset by higher income tax expense and the impact of ROCTAVIAN inventory reserves on Cost of Sales.

3Q'24 Execution on New Corporate Strategy: Innovation, Growth, and Value Commitment

Innovation

  • Skeletal Conditions: During the quarter, BioMarin advanced development across its CANOPY clinical program with VOXZOGO (vosoritide) in idiopathic short stature, Noonan syndrome, Turner syndrome, and SHOX deficiency, with the pivotal study in hypochondroplasia expected to complete enrollment in the first half of 2025. BioMarin's long-acting C-type natriuretic peptide (CNP), BMN 333, remains on track for initiation of the first-in-human study in early 2025.

At the 16th International Skeletal Dysplasia Society meeting (ISDS) in September, BioMarin and its external research partners contributed to eight presentations (including four orals) discussing the value of vosoritide and the burden of illness in achondroplasia and related disorders. These data included showing that children with achondroplasia treated with VOXZOGO experienced meaningful improvements in addition to height, such as gains in health-related quality of life (HRQoL), and increased bone length while maintaining bone strength. Researchers also presented encouraging data from ongoing investigator-led studies of treatment in children with other genetic skeletal conditions, including hypochondroplasia and Noonan syndrome, as well as those with genetic variants often associated with idiopathic short stature such as aggrecan (ACAN) deficiency and heterozygous NPR2 mutations.

  • Other Clinical Pipeline Programs: With BMN 351, BioMarin's next generation oligonucleotide for Duchenne Muscular Dystrophy, the program has completed enrollment into the first dose cohort and initial proof-of-concept data is expected in 2025 (including muscle dystrophin levels after 25 weeks of dosing). With BMN 349, an oral therapeutic for Alpha-1 antitrypsin deficiency (AATD)-associated liver disease, the program completed the single-ascending dose (SAD) phase of the first-in-human study and is expected to start dosing the multiple-ascending dose (MAD) phase of the study by end of the year. Enrollment is complete in the phase 3 study with PALYNZIQ in adolescents ages 12-17, and the study is on track for data readout in 2025 to support a potential U.S. Supplemental Biologics License Application (sBLA) in the second half of the year.
  • Pre-clinical Programs: With BMN 390, a compound for phenylketonuria which may lower hypersensitivity and enhance exposure, an IND is expected to be submitted in the second half of 2025. With BMN 370, a targeted nanobody for the prevention of bleeding in patients with low levels of von Willebrand factor levels, the company is progressing with pre-clinical work and targeting a potential IND submission for the second half of 2025.

Growth

  • As of the end of the third quarter, over 3,800 children globally, many from infancy, were receiving VOXZOGO for the treatment of achondroplasia. VOXZOGO's broad label has been especially important to those families pursuing maximum therapeutic benefit by beginning therapy at an early age.
  • In the U.S., the largest single market opportunity, the majority of new patient starts in the quarter were for children under the age of 5 years. VOXZOGO's extensive safety and efficacy profile led more families to begin therapeutic intervention early to potentially impact craniofacial volume, foramen magnum area, body proportionality and quality of life, in addition to durable increases in growth velocity.
  • Achondroplasia represents a global 24,000 total addressable patient population (TAPP). While the U.S. is the largest single market opportunity, markets outside of the U.S. represent approximately 90% of eligible patients. BioMarin is in the process of pursuing VOXZOGO access into more than 20 additional countries by 2027, providing the opportunity for even more children of all ages to benefit from the only approved medicine for the treatment of achondroplasia.
  • Enzyme Therapies continue to be a significant driver of growth, with revenues increasing 13% year-to-date, compared to the same period in 2023. As outlined at Investor Day, BioMarin is implementing new initiatives to drive sustained growth of the Enzyme Therapies across the approximately 80 countries where these medicines are available.

Value Commitment

  • During the quarter, the company made significant progress executing its financial strategy to deliver on its value commitment to stakeholders. Year-to-date, BioMarin's GAAP Operating Margin of 15.3% expanded 6.4 percentage points Y/Y and Non-GAAP Operating Margin of 27.7% expanded 7.6 percentage points Y/Y while GAAP Diluted EPS of $1.56 increased 103% Y/Y and Non-GAAP Diluted EPS of $2.60 increased 63% Y/Y. These measures of profitability increased at rates faster than revenue growth, representing the company's focus on operational efficiency.
  • During the quarter, the company continued to benefit from its ongoing $500 million cost transformation program announced at Investor Day through the impact of prioritized program decisions and ongoing execution of the enterprise-wide reorganization.
  • The company generated operating cash flows totaling $221 million in the third quarter, an increase of 63% compared to the same period last year. Total cash and investments at the end of the third quarter were approximately $1.5 billion, and with its increasing profitability, BioMarin is positioned to generate increasing operating cash flow into the future. In addition, BioMarin settled $495 million of convertible debt in cash during the quarter as planned, resulting in the retirement of approximately four million potentially dilutive shares. This was the first time that BioMarin retired a convertible note without issuing a new convertible instrument, thereby returning value to shareholders.
  • Today, BioMarin increased full-year 2024 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS. The updated guidance highlights the sustained strong demand for VOXZOGO and growth trajectory of Enzyme Therapies, as well as BioMarin's commitment to expand profitability while investing in innovation.
  • During the quarter, BioMarin reaffirmed long-term guidance and outlook previously provided at Investor Day on September 4, 2024, targeting:
    • Approximately $4 billion in Total Revenues in 2027;
    • 40% Non-GAAP Operating Margin(1) starting in 2026 and growing to the low- to mid-40% range over time;
    • More than $1.25 billion operating cash flow per year starting in 2027;
    • Mid-teen compound annual growth rate (CAGR) for total revenues through 2034; and
    • Treatments for Skeletal Conditions to represent a greater than $5 billion revenue opportunity over time.






(1)

Refer to Non-GAAP Information beginning on page 10 of this press release for a complete discussion of the company's Non-GAAP financial information. Reconciliation of forward-looking Non-GAAP financial measures to the comparable information reported under U.S. GAAP is not available. Refer to Forward-Looking Non-GAAP Financial Information on page 5 for further information.

 

Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)

 



Three Months Ended

September 30,


Nine Months Ended

September 30,



2024


2023


% Change


2024


2023


% Change














Total Revenues


$746


$581


28 %


$2,107


$1,773


19 %














Net Product Revenues by Product:













VOXZOGO


$190


$123


54 %


$527


$324


63 %

VIMIZIM


$178


$159


12 %


$549


$526


4 %

NAGLAZYME


$132


$109


21 %


$370


$322


15 %

PALYNZIQ


$91


$79


15 %


$255


$216


18 %

ALDURAZYME


$71


$14


407 %


$145


$89


63 %

BRINEURA


$37


$41


(10) %


$121


$118


3 %

KUVAN


$28


$43


(35) %


$93


$144


(35) %

ROCTAVIAN


$7


$1


600 %


$16


$1


1,500 %














GAAP Net Income


$106


$40


165 %


$302


$147


105 %

Non-GAAP Income (1)


$178


$89


100 %


$506


$310


63 %

GAAP Operating Margin %(2)


15.3 %


5.3 %




15.3 %


8.9 %



Non-GAAP Operating Margin %(2)


27.7 %


16.2 %




27.7 %


20.1 %



GAAP Diluted Earnings per Share (EPS)


$0.55


$0.21


162 %


$1.56


$0.77


103 %

Non-GAAP Diluted EPS (3)


$0.91


$0.46


98 %


$2.60


$1.60


63 %





September 30,
2024


December 31,
2023

Total cash, cash equivalents & investments                                                                 



$                 1,492


$                 1,685



(1)

Non-GAAP Income is defined by the company as reported GAAP Net Income, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items. The company also includes a Non-GAAP adjustment for the estimated income tax impact of reconciling items. Refer to Non-GAAP Information beginning on page 10 of this press release for a complete discussion of the company's Non-GAAP financial information and reconciliations to the comparable information reported under U.S. GAAP.

(2)

GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain specified items divided by Total Revenues.

(3)

Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans and convertible debt in periods when they are dilutive under Non-GAAP.



Forward-Looking Non-GAAP Financial Information

BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.

2024 Full-Year Financial Guidance (in millions, except % and EPS amounts) (Updated)

Item


Provided August 5, 2024


Updated October 29, 2024

Total Revenues


$2,750


to


$2,825


$2,790


to


$2,825

Non-GAAP Operating Margin % (1)


26 %


to


27 %


26.5 %


to


27.5 %

Non-GAAP Diluted EPS (1)(2)


$3.10


to


$3.25


$3.25


to


$3.35



(1)

Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Operating Margin and Non-GAAP Diluted EPS.

(2)

Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.

BioMarin will host a conference call and webcast to discuss third quarter 2024 financial results today, Tuesday, October 29, 2024, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com

U.S./Canada Dial-in Number: 888-596-4144

Replay Dial-in Number: 800-770-2030

International Dial-in Number:  646-968-2525

Replay International Dial-in Number: 609-800-9909

Conference ID:  4980126

Conference ID: 4980126

About BioMarin

BioMarin is a global biotechnology company dedicated to translating the promise of genetic discovery into medicines that make a profound impact on the life of each patient. The San Rafael, California-based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin pursues treatments that offer new possibilities for patients and families around the world navigating rare or difficult to treat genetic conditions. To learn more, please visit www.biomarin.com.  

Forward-Looking Statements

This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Operating Margin percentage, and Non-GAAP Diluted EPS for the full-year 2024 and the underlying drivers of those results, such as the revenue opportunity represented by treatments for skeletal conditions, as well as the expectations relating to operating cash flow per year starting in 2027 and BioMarin's compound annual growth rate (CAGR) for total revenues through 2034; BioMarin's new corporate strategy and belief that such strategy will build on BioMarin's legacy of innovation to deliver even greater value to the patients it serves around the world and position BioMarin for significant growth; BioMarin's commitment to expand profitability while investing in innovation; BioMarin's ability to accelerate the VOXZOGO opportunity; the continued growth potential of BioMarin's Enzyme Therapies portfolio; the anticipated benefits from its organizational redesign efforts; BioMarin's updated strategy for ROCTAVIAN and its anticipated benefits; the timing of orders for commercial products; BioMarin's ability to meet product demand; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) the potential to leverage VOXZOGO in conditions beyond achondroplasia, such as hypochondroplasia, idiopathic short stature, Noonan syndrome, Turner syndrome, SHOX deficiency and other genetic short stature pathway conditions, (ii) the expected completion of enrollment for the pivotal study of VOXZOGO in hypochondroplasia in the first half of 2025, (iii) the expected expansion of VOXZOGO in the U.S. and BioMarin's ability to enable VOXZOGO access into more than 20 additional countries by 2027, (iv) BioMarin's expectation to initiate the first-in-human study for BMN 333 in early 2025, (v) BioMarin's expectation to receive initial proof-of-concept data regarding BMN 351 in 2025, (vi) BioMarin's expectation to start dosing the multiple-ascending dose phase of the study for BMN 349 by the end of the year, (vii) BioMarin's expectation to receive data from the phase 3 study with PALYNZIQ in adolescents ages 12-17 in 2025 to support a potential U.S. Supplemental Biologics License Application in the second half of the year, (viii) BioMarin's expectations to submit an IND for BMN 390 in the second half of 2025, and (ix) BioMarin's expectation to potentially submit an IND for BMN 370 during the second half of 2025; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends, including BioMarin's plans to drive growth of its Enzyme Therapies across the 80 countries in which they are available.

These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products; impacts of macroeconomic and other external factors on BioMarin's operations; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the Food and Drug Administration, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 as such factors may be updated by any subsequent reports. Stockholders are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.

BioMarin®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, ROCTAVIAN®, VIMIZIM® and VOXZOGO® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.

 

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Three and Nine Months Ended September 30, 2024 and 2023

(In thousands of U.S. dollars, except per share amounts)

(Unaudited)

 


Three Months Ended

September 30,


Nine Months Ended

September 30,


2024


2023


2024


2023









REVENUES:








Net product revenues

$           733,867


$           568,266


$        2,073,811


$        1,739,390

Royalty and other revenues

11,873


13,063


32,791


33,629

Total revenues

745,740


581,329


2,106,602


1,773,019

OPERATING EXPENSES:








Cost of sales

188,457


128,041


444,096


394,132

Research and development

184,901


191,314


573,675


540,523

Selling, general and administrative

253,480


215,768


742,418


632,894

Intangible asset amortization

5,009


15,681


33,606


46,975

Gain on sale of nonfinancial assets



(10,000)


Total operating expenses

631,847


550,804


1,783,795


1,614,524

INCOME FROM OPERATIONS

113,893


30,525


322,807


158,495









Interest income

18,053


15,740


57,203


40,295

Interest expense

(2,968)


(3,779)


(10,089)


(11,237)

Other income (expense), net

5,463


(817)


2,203


(18,317)

INCOME BEFORE INCOME TAXES

134,441


41,669


372,124


169,236

Provision for income taxes

28,361


1,291


70,208


21,966

NET INCOME

$           106,080


$             40,378


$           301,916


$           147,270

EARNINGS PER SHARE, BASIC

$                 0.56


$                 0.21


$                 1.59


$                 0.78

EARNINGS PER SHARE, DILUTED

$                 0.55


$                 0.21


$                 1.56


$                 0.77

Weighted average common shares outstanding, basic

190,429


188,219


189,806


187,617

Weighted average common shares outstanding, diluted

197,147


191,173


196,683


195,042

 

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

September 30, 2024 and December 31, 2023

(In thousands of U.S. dollars, except per share amounts)

 


September 30, 2024


December 31, 2023 ⁽¹⁾

ASSETS

(unaudited)



Current assets:




Cash and cash equivalents

$                     675,448


$                     755,127

Short-term investments

254,996


318,683

Accounts receivable, net

777,547


633,704

Inventory

1,179,339


1,107,183

Other current assets

169,260


141,391

Total current assets

3,056,590


2,956,088

Noncurrent assets:




Long-term investments

561,985


611,135

Property, plant and equipment, net

1,045,408


1,066,133

Intangible assets, net

260,920


294,701

Goodwill

196,199


196,199

Deferred tax assets

1,530,779


1,545,809

Other assets

199,314


171,538

Total assets

$                   6,851,195


$                   6,841,603

LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Accounts payable and accrued liabilities

$                      715,658


$                      683,147

Short-term convertible debt, net


493,877

Total current liabilities

715,658


1,177,024

Noncurrent liabilities:




Long-term convertible debt, net

594,627


593,095

Other long-term liabilities

127,514


119,935

Total liabilities

1,437,799


1,890,054

Stockholders' equity:




Common stock, $0.001 par value: 500,000,000 shares authorized; 190,553,918 and

188,598,154 shares issued and outstanding, respectively

191


189

Additional paid-in capital

5,739,910


5,611,562

Company common stock held by the Nonqualified Deferred Compensation Plan

(11,717)


(9,860)

Accumulated other comprehensive income (loss)

4,650


(28,788)

Accumulated deficit

(319,638)


(621,554)

Total stockholders' equity

5,413,396


4,951,549

Total liabilities and stockholders' equity

$                   6,851,195


$                   6,841,603





(1)

December 31, 2023 balances were derived from the audited Consolidated Financial Statements included in the company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the U.S. Securities and Exchange Commission (SEC) on February 26, 2024.

 

BIOMARIN PHARMACEUTICAL INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30, 2024 and 2023

(In thousands of U.S. dollars)

(unaudited)

 


Nine Months Ended September 30,


2024


2023

CASH FLOWS FROM OPERATING ACTIVITIES:




Net income

$              301,916


$              147,270

Adjustments to reconcile net income to net cash provided by operating activities:




Depreciation and amortization

72,819


77,525

Non-cash interest expense

2,699


3,198

Accretion of discount on investments

(6,619)


(6,781)

Stock-based compensation

149,652


152,244

Gain on sale of nonfinancial assets

(10,000)


Impairment of assets and other non-cash adjustments

19,889


12,650

Deferred income taxes

13,709


(20,137)

Unrealized foreign exchange loss (gain)

(22,352)


5,454

Other

(1,254)


(224)

Changes in operating assets and liabilities:




Accounts receivable, net

(130,456)


(131,940)

Inventory

(29,259)


(97,948)

Other current assets

(19,939)


(59,389)

Other assets

(31,839)


(20,812)

Accounts payable and other short-term liabilities

68,019


56,333

Other long-term liabilities

10,229


14,333

Net cash provided by operating activities

387,214


131,776

CASH FLOWS FROM INVESTING ACTIVITIES:




Purchases of property, plant and equipment

(65,894)


(67,774)

Maturities and sales of investments

478,436


751,677

Purchases of investments

(352,371)


(727,043)

Proceeds from sale of nonfinancial assets

10,000


Purchase of intangible assets

(11,225)


(3,141)

Other

1,141


Net cash provided by (used in) investing activities

60,087


(46,281)

CASH FLOWS FROM FINANCING ACTIVITIES:




Proceeds from exercises of awards under equity incentive plans

41,415


54,548

Taxes paid related to net share settlement of equity awards

(72,651)


(72,399)

Repayments of convertible debt

(494,987)


Payments of contingent consideration


(9,475)

Other

(3,083)


(2,241)

Net cash used in financing activities

(529,306)


(29,567)

Effect of exchange rate changes on cash

2,326


4,955

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

(79,679)


60,883

Cash and cash equivalents:




Beginning of period

$              755,127


$              724,531

End of period

$              675,448


$              785,414

Non-GAAP Information

The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans and convertible debt in periods when they are dilutive under Non-GAAP. The company's presentation of percentage changes in total revenues at Constant Currency rates, which is computed using current period local currency sales at the prior period's foreign exchange rates, is also a Non-GAAP financial measure. This measure provides information about growth (or declines) in the company's total revenue as if foreign currency exchange rates had not changed between the prior period and the current period.

BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. Because Non-GAAP Income, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS, Non-GAAP Weighted-Average Diluted Shares Outstanding and Constant Currency are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's principal business. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure.

Non-GAAP Income and its components are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.

The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:

Reconciliation of GAAP Reported Net Income to Non-GAAP Income (1)

(In millions of U.S. dollars)

(unaudited)

 


Three Months Ended

September 30,


Nine Months Ended

September 30,


2024


2023


2024


2023









GAAP Reported Net Income

$            106


$              40


$            302


$            147

Adjustments








Stock-based compensation expense - COS

5


4


12


13

Stock-based compensation expense - R&D

11


14


45


49

Stock-based compensation expense - SG&A

27


30


93


90

Amortization of intangible assets

5


16


34


47

Gain on sale of nonfinancial assets (2)



(10)


Severance and restructuring costs (3)

44


(1)


86


(1)

Loss on investments (4)



5


13

Income tax effect of adjustments

(20)


(16)


(61)


(48)

Non-GAAP Income

$            178


$              89


$            506


$            310

 

Reconciliation of Certain GAAP Reported Information to Non-GAAP Information(1)

(in millions of U.S. dollars, except per share data)

(unaudited)

 


Three Months Ended

September 30,


Nine Months Ended

September 30,


2024


2024


Dollar


Percentage


Dollar


Percentage

GAAP Change in Total Revenues

$               165


28 %


$               334


19 %

Adjustment for unfavorable impact of foreign currency

exchange rates on product sales denominated in currencies

other than U.S. dollars

23




75



Non-GAAP change in Total Revenues at Constant Currency

$               188


32 %


$               409


23 %



Three Months Ended

September 30,


Nine Months Ended

September 30,


2024

Percent

of GAAP

Total

Revenue

2023

Percent

of GAAP

Total

Revenue


2024

Percent

of GAAP

Total

Revenue

2023

Percent

of GAAP

 Total

Revenue











GAAP Income from Operations

$        114

15.3 %

$          31

5.3 %


$        323

15.3 %

$        158

8.9 %

Adjustments










Stock-based compensation expense

43

5.7

48

8.3


150

7.2

152

8.6

Amortization of intangible assets

5

0.7

16

2.8


34

1.6

47

2.7

Gain on sale of nonfinancial assets (2)


(10)

(0.5)

Severance and restructuring costs (3)

45

6.0

(1)

(0.2)


87

4.1

(1)

(0.1)

Non-GAAP Income from Operations

$        207

27.7 %

$          94

16.2 %


$        583

27.7 %

$        357

20.1 %



Three Months Ended

September 30,


Nine Months Ended

September 30,


2024


2023


2024


2023









GAAP Diluted EPS

$           0.55


$           0.21


$           1.56


$           0.77

Adjustments








Stock-based compensation expense

0.22


0.24


0.76


0.76

Amortization of intangible assets

0.03


0.08


0.17


0.24

Gain on sale of nonfinancial assets (2)



(0.05)


Severance and restructuring costs (3)

0.22



0.44


Loss on investments (4)



0.03


0.06

Income tax effect of adjustments

(0.11)


(0.07)


(0.31)


(0.23)

Non-GAAP Diluted EPS

$           0.91


$           0.46


$           2.60


$           1.60



(1)

Certain amounts may not sum or recalculate due to rounding.

(2)

Represents a payment triggered by a third party's attainment of a regulatory approval milestone related to previously sold intangible assets.

(3)

These amounts were included in SG&A and represent severance and restructuring costs related to the company's 2024 portfolio strategy review and the associated organizational redesign efforts announced in the second and third quarters of 2024. These amounts also include impairments of certain right-of-use and fixed assets.

(4)

Represents a downward adjustment to non-marketable equity securities recorded in Other income (expense), net.



Three Months Ended

September 30,


Nine Months Ended

September 30,


2024


2023


2024


2023









GAAP Weighted-Average Diluted Shares Outstanding

197.1


191.2


196.7


195.0

Adjustments








Common stock issuable under the company's convertible debt (1)


8.4



4.4

Non-GAAP Weighted-Average Diluted Shares Outstanding

197.1


199.6


196.7


199.4



(1)

Common stock issuable under the company's convertible debt was excluded from the computation of GAAP Weighted-Average Diluted Shares Outstanding when they were anti-dilutive. If converted, for the prior year comparative period, the company would have issued approximately 4.4 million shares under the convertible notes due in 2027 and 4 million shares under the convertible notes that matured on August 1, 2024.




Contact:



Investors:


Media:

Traci McCarty


Marni Kottle

BioMarin Pharmaceutical Inc.


BioMarin Pharmaceutical Inc.

(415) 455-7558


(650) 374-2803

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/biomarin-announces-28-yy-total-revenue-growth-in-the-third-quarter-and-increase-in-full-year-2024-guidance-reaffirms-long-term-guidance-and-outlook-302289451.html

SOURCE BioMarin Pharmaceutical Inc.

FAQ

What was BioMarin's (BMRN) revenue growth in Q3 2024?

BioMarin's total revenue grew 28% year-over-year to $746 million in Q3 2024.

How many patients are currently receiving VOXZOGO treatment from BioMarin (BMRN)?

Over 3,800 children globally were receiving VOXZOGO treatment for achondroplasia as of Q3 2024.

What is BioMarin's (BMRN) revenue target for 2027?

BioMarin targets approximately $4 billion in Total Revenues by 2027.

What was BioMarin's (BMRN) EPS growth in Q3 2024?

BioMarin's GAAP Diluted EPS grew 162% Y/Y to $0.55, while Non-GAAP Diluted EPS increased 98% Y/Y to $0.91.

BioMarin Pharmaceuticals Inc

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Biotechnology
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