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Mar 31, 2024
BioMarin Q1 2024 Earnings Report
BioMarin achieved record financial results driven by strong VOXZOGO demand and solid contributions from established enzyme products.
Key Takeaways
BioMarin reported a 9% year-over-year increase in total revenues, reaching $649 million for Q1 2024. GAAP diluted EPS increased by 70% to $0.46, and non-GAAP diluted EPS increased by 18% to $0.71. The company reaffirmed its full-year 2024 total revenue guidance and raised its non-GAAP operating margin and non-GAAP EPS guidance.
Total revenues for Q1 2024 were $648.8 million, a 9% increase compared to the same period in 2023, driven by higher VOXZOGO sales.
VOXZOGO net product revenues reached $153 million in Q1 2024, a 74% increase year-over-year, with the number of children treated increasing over 100% year-over-year.
GAAP net income increased by $37.8 million to $88.7 million in Q1 2024 compared to the same period in 2023.
The company is accelerating three R&D programs and discontinuing four programs following a strategic portfolio assessment.
BioMarin
BioMarin
BioMarin Revenue by Segment
Revenue by Segment
VOXZOGO Revenue
CapyFin.comVIMIZIM Revenue
CapyFin.comNAGLAZYME Revenue
CapyFin.comPALYNZIQ Revenue
CapyFin.comALDURAZYME Revenue
CapyFin.comBRINEURA Revenue
CapyFin.comKUVAN Revenue
CapyFin.comROCTAVIAN Revenue
CapyFin.com Forward Guidance
BioMarin reaffirmed its full-year 2024 total revenue guidance of $2.7 billion to $2.8 billion and raised its non-GAAP operating margin guidance to 24% to 25% and non-GAAP diluted EPS guidance to $2.75 to $2.95.
Positive Outlook
- VOXZOGO growth driven by new patients initiating therapy across all regions.
- Higher PALYNZIQ product revenues driven by sales volume growth in the U.S.
- Acceleration of three highest value R&D programs.
- Planned reductions in R&D expense.
- Strong performance in the first quarter underscored BioMarin’s execution of its financial strategy to drive year-over-year Non-GAAP Operating Margin expansion and Non-GAAP EPS growth twice as fast as revenues.
Challenges Ahead
- Lower NAGLAZYME product revenues due to timing of orders in countries that place large government orders.
- Lower KUVAN product revenues attributed to continued generic competition.
- Reimbursement and market access challenges continued to impact the ability of interested patients to receive ROCTAVIAN treatment.
- Discontinuation of four R&D programs.
- The company's updated full-year 2024 guidance does not reflect the impact of potential additional future business decisions that may result from its ongoing strategic business review.
Revenue & Expenses
Visualization of income flow from segment revenue to net income