BioMarin Q1 2022 Earnings Report
Key Takeaways
BioMarin announced record total revenues of $519 million for Q1 2022, driven by VOXZOGO and growth in Vimizim and Naglazyme revenues. GAAP Net Income increased to $120.8 million compared to $17.4 million for the same period in 2021. The company increased full-year 2022 financial guidance for Voxzogo net product revenues.
Reported record first quarter total revenues of $519 million, driven by VOXZOGO contribution.
Total revenues grew 11% year-over-year, excluding Kuvan.
Increased full-year 2022 financial guidance for Voxzogo net product revenues to between $100 Million to $125 Million; remaining guidance reaffirmed.
Valoctocogene Roxaparvovec under review in Europe with CHMP opinion anticipated mid-year 2022; BLA re-submission in the U.S. planned in June.
BioMarin
BioMarin
BioMarin Revenue by Segment
Forward Guidance
BioMarin expects double-digit growth in revenues and profitability in 2022 and increasing access to Voxzogo as the product launch continues. 2022 is anticipated to be a transformational year for BioMarin.
Positive Outlook
- Double-digit growth in revenues in 2022
- Double-digit growth in profitability in 2022
- Increasing access to Voxzogo
- Potential approvals of valoctocogene roxaparvovec in Europe and United States
- Transition to sustainable profitability
Revenue & Expenses
Visualization of income flow from segment revenue to net income