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Mar 31, 2023
BioMarin Q1 2023 Earnings Report
BioMarin reported record-breaking first-quarter results, featuring a 15% year-over-year total revenue increase.
Key Takeaways
BioMarin announced strong Q1 2023 results, driven by VOXZOGO's global uptake and solid enzyme business growth. Total revenues increased by 15% year-over-year to $596.4 million, while GAAP Net Income decreased to $50.9 million, and Non-GAAP Income increased to $115.8 million.
Total revenues increased by 15% compared to Q1 2022, reaching $596.4 million.
VOXZOGO sales saw substantial growth due to global market expansion and rapid patient uptake.
GAAP Net Income decreased to $50.9 million, primarily due to the absence of a prior year gain from the sale of a Rare Pediatric Disease Priority Review Voucher.
Non-GAAP Income increased to $115.8 million, driven by higher gross profit from increased sales volume.
Revenue by Segment
Forward Guidance
BioMarin reaffirmed its full-year 2023 top-line and bottom-line financial guidance but adjusted ROCTAVIAN net product revenue guidance for the full year.
Positive Outlook
- Total Revenues: $2,375 million to $2,500 million (Unchanged)
- Enzyme Product Revenues: $1,700 million to $1,850 million (Unchanged)
- VOXZOGO Revenues: $380 million to $430 million (Updated)
- Gross Profit %: 77.5% to 79% (Unchanged)
- R&D % of Revenue: 30% to 32% (Unchanged)
Challenges Ahead
- ROCTAVIAN Revenues: $50 million to $150 million (Updated)
- SG&A % of Revenue: 36% to 38% (Unchanged)
- GAAP Net Income: $155 million to $205 million (Unchanged)
- GAAP Diluted EPS: $0.78 to $1.03 (Unchanged)
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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