BioMarin Q1 2021 Earnings Report
Key Takeaways
BioMarin announced its Q1 2021 financial results, with total revenues decreasing by 3% compared to Q1 2020, primarily due to lower Kuvan sales. However, Vimizim and Palynziq revenues increased. The company reaffirmed its full-year 2021 financial guidance and anticipates regulatory decisions for vosoritide and valoctocogene roxaparvovec in Europe.
Total revenues decreased by 3% in Q1 2021 compared to Q1 2020, excluding Kuvan revenues grew by 9%.
GAAP Net Income decreased to $17.4 million for Q1 2021, compared to $81.4 million for the same period in 2020.
The company reaffirms its plan to submit the Marketing Authorization Application with one-year results from the Phase 3 GENEr8-1 study to the European Medicines Agency (EMA) in June 2021.
FDA Review of Vosoritide Proceeding; PDUFA Target Action Date Extended to November 20, 2021 to Provide Time for Review of Recently Submitted 2-year Phase 3 Results
BioMarin
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BioMarin Revenue by Segment
Forward Guidance
BioMarin reaffirmed its full-year 2021 financial guidance, taking into consideration the ongoing impact from the COVID-19 pandemic and the essential nature of its products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income