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Sep 30, 2021
BioMarin Q3 2021 Earnings Report
Announced third quarter 2021 financial results and corporate updates.
Key Takeaways
BioMarin's Q3 2021 total revenues decreased to $408.7 million compared to $476.8 million for the same period in 2020. GAAP net loss increased to $36.5 million, while non-GAAP net income decreased to $33.5 million.
VOXZOGO™ commercial launch underway across Europe.
European opinion on Valoctocogene Roxaparvovec MAA expected first half 2022; U.S. resubmission on track for second quarter 2022.
Improved full-year 2021 total revenue and bottom-line financial guidance.
Multiple early-stage programs to be shared at upcoming BioMarin R&D Day on November 30, 2021.
BioMarin
BioMarin
BioMarin Revenue by Segment
Forward Guidance
BioMarin is improving both top and bottom-line financial guidance for the full-year.
Positive Outlook
- Total Revenues $1,820 to $1,880 million
- Vimizim Net Product Revenues $595 to $620 million
- Palynziq Net Product Revenues $230 to $260 million
- Kuvan Net Product Revenues $265 to $290 million
- Non-GAAP Income $215 to $255 million
Challenges Ahead
- GAAP Net Loss ($85) to ($45) million
- Cost of Sales (% of Total Revenues) 23% to 25%
- Research and Development Expense $635 to $675 million
- Selling, General and Administrative Expense $735 to $775 million
- Naglazyme Net Product Revenues $375 to $405 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income