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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.
Revenue by Segment
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.
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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