Loading...
•
Sep 30, 2020
BioMarin Q3 2020 Earnings Report
Reported total revenues of $477 million, driven by growth in Palynziq and Aldurazyme, while Vimizim and Naglazyme revenues decreased due to order timing and COVID-19 impacts.
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
Revenue by Segment
VIMIZIM Revenue
CapyFin.comNAGLAZYME Revenue
CapyFin.comPALYNZIQ Revenue
CapyFin.comALDURAZYME Revenue
CapyFin.comBRINEURA Revenue
CapyFin.comKUVAN Revenue
CapyFin.com 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