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Jun 30, 2024
BioMarin Q2 2024 Earnings Report
BioMarin reported a strong Q2 2024 with double-digit revenue growth and increased full-year 2024 guidance.
Key Takeaways
BioMarin announced a 20% year-over-year increase in total revenue for the second quarter of 2024, reaching $712 million. Strong VOXZOGO demand and growth from enzyme therapies drove the increase. The company raised its full-year 2024 guidance for total revenues, non-GAAP operating margin, and non-GAAP diluted EPS.
Total revenues for Q2 2024 were $712 million, a 20% increase year-over-year.
GAAP diluted EPS for Q2 2024 was $0.55, a 90% increase year-over-year.
Non-GAAP diluted EPS for Q2 2024 was $0.96, a 78% increase year-over-year.
VOXZOGO demand increased significantly, with a 73% year-over-year increase in the number of children receiving treatment.
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.comTotal Enzyme Therapies Revenue
CapyFin.com Forward Guidance
BioMarin raised its full-year 2024 guidance for total revenues, non-GAAP operating margin, and non-GAAP diluted EPS. The improved guidance reflects the underlying strength of enzyme products and continued high demand for VOXZOGO, along with BioMarin’s commitment to accelerate profitability while continuing to invest in innovation.
Positive Outlook
- Total Revenues: $2.75 to $2.825 billion (previous $2.7 to $2.8 billion)
- Non-GAAP Operating Margin: 26% to 27% (previous 24% to 25%)
- Non-GAAP Diluted EPS: $3.10 to $3.25 (previous $2.75 to $2.95)
- Company secured ample VOXZOGO supply to support patient demand worldwide.
- Company expects ROCTAVIAN to be profitable by the end of 2025.
Challenges Ahead
- 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.
- Lower KUVAN® product revenues attributed to continued generic competition as a result of the loss of market exclusivity.
- Higher spend in Selling, General and Administrative (SG&A), primarily due to severance and other restructuring costs associated with the Company’s portfolio strategy review and the associated organizational redesign efforts announced in the second quarter of 2024.
- Higher SG&A expenses primarily related to sales and marketing activities for VOXZOGO, higher partner distribution fees, incremental administrative expenses.
- Higher Research and Development (R&D) expenses related to expansion into new VOXZOGO indications and our prioritized pipeline products.
Revenue & Expenses
Visualization of income flow from segment revenue to net income