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Jun 30, 2021
BioMarin Q2 2021 Earnings Report
Reported strong financial results with total revenues growing and key regulatory goals achieved.
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
Revenue by Segment
VIMIZIM Revenue
CapyFin.comNAGLAZYME Revenue
CapyFin.comPALYNZIQ Revenue
CapyFin.comALDURAZYME Revenue
CapyFin.comBRINEURA Revenue
CapyFin.com 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