BioMarin Q2 2021 Earnings Report
Key Takeaways
BioMarin announced strong Q2 2021 financial results, with total revenues increasing by 17% compared to Q2 2020. The company is raising its full-year 2021 financial guidance and has achieved key regulatory milestones, including a positive CHMP opinion for VOXZOGO in Europe and validation of its MAA for valoctocogene roxaparvovec.
Total revenues increased by 17% in Q2 2021 compared to Q2 2020, reaching $501.7 million.
GAAP Net Income increased to $12.9 million, compared to a GAAP Net Loss of $29.2 million for the same period in 2020.
Non-GAAP Net Income increased to $97.8 million compared to Non-GAAP Income of $57.4 million for the same period in 2020.
The MAA for valoctocogene roxaparvovec was validated by the European Medicines Agency, with a CHMP opinion expected in the first half of 2022.
BioMarin
BioMarin
BioMarin Revenue by Segment
Forward Guidance
BioMarin raised its full-year 2021 financial guidance.
Positive Outlook
- Total Revenues: $1,790 to $1,880 million
- Vimizim Net Product Revenues: $580 to $620 million
- Kuvan Net Product Revenues: $260 to $290 million
- Naglazyme Net Product Revenues: $375 to $405 million
- Palynziq Net Product Revenues: $220 to $260 million
Challenges Ahead
- GAAP Net Loss: ($110) to ($60) million
- Cost of Sales (% of Total Revenues): 23% to 25%
- Research and Development Expense: $645 to $685 million
- Selling, General and Administrative Expense: $735 to $775 million
- Non-GAAP Income (1): $190 to $240 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income