BioMarin Q3 2020 Earnings Report
Key Takeaways
BioMarin announced financial results for Q3 2020, with total revenues of $477 million. GAAP Net Income was $784.8 million, and Non-GAAP Income was $98.7 million. The company is working with health authorities regarding valoctocogene roxaparvovec and anticipates sharing Phase 3 study results in Q1 2021.
Total revenues reached $477 million.
GAAP Net Income was $784.8 million due to tax benefits.
Non-GAAP Income increased to $98.7 million.
Valoctocogene roxaparvovec's Phase 3 study results are expected in early 2021.
BioMarin
BioMarin
BioMarin Revenue by Segment
Forward Guidance
BioMarin revised its full-year 2020 financial guidance due to the impact of COVID-19 and the absence of valoctocogene roxaparvovec revenue contributions. Total revenue is now expected to be between $1.81 billion and $1.87 billion.
Positive Outlook
- GAAP Net Income guidance increased to $760 million - $820 million.
- Non-GAAP Income guidance increased to $280 million - $330 million.
Challenges Ahead
- Total Revenues revised to $1.81 billion - $1.87 billion from $1.85 billion - $1.95 billion.
- Vimizim Net Product Revenues revised to $515 million - $545 million from $530 million - $570 million.
- Cost of Sales (% of Total Revenues) revised to 26% - 28% from 20% - 21%.
- Research and Development Expense revised to $630 million - $670 million from $675 million - $725 million.
- Selling, General and Administrative Expense revised to $725 million - $765 million from $780 million - $830 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income