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Jun 30, 2020
BioMarin Q2 2020 Earnings Report
BioMarin reported an 11% increase in total revenue, reaching $430 million.
Key Takeaways
BioMarin announced its second quarter 2020 financial results, with total revenue growth of 11% to $430 million. The company is progressing with regulatory submissions for Valoctocogene Roxaparvovec and Vosoritide and anticipates GAAP profitability for the full year 2020.
Total revenue grew by 11% to $430 million.
U.S. marketing application for Valoctocogene Roxaparvovec under priority review with PDUFA target action date of August 21, 2020.
Marketing Authorization Application for Valoctocogene Roxaparvovec validated by the European Medicines Agency.
Company continues to expect to be profitable on a GAAP basis for the first time for the full year 2020.
BioMarin
BioMarin
BioMarin Revenue by Segment
Revenue by Segment
VIMIZIM Revenue
CapyFin.comNAGLAZYME Revenue
CapyFin.comALDURAZYME Revenue
CapyFin.comBRINEURA Revenue
CapyFin.comKUVAN Revenue
CapyFin.com Forward Guidance
BioMarin expects total revenues between $1,850 to $1,950 million. They anticipate being GAAP profitable, with net income between $720 to $980 million, which includes a one-time, non-cash income tax benefit of approximately $700 million to $900 million. Non-GAAP income is expected to be between $260 to $310 million.
Positive Outlook
- Total Revenues: $1,850 to $1,950
- Vimizim Net Product Revenues: $530 to $570
- Kuvan Net Product Revenues: $430 to $480
- Naglazyme Net Product Revenues: $360 to $400
- Palynziq Net Product Revenues: $160 to $190
Challenges Ahead
- Cost of Sales (% of Total Revenues): 20% to 21%
- Research and Development Expense: $675 to $725
- Selling, General and Administrative Expense: $780 to $830
- GAAP Net Income: $720 to $980
- Non-GAAP Income: $260 to $310
Revenue & Expenses
Visualization of income flow from segment revenue to net income