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Dec 31, 2019
BioMarin Q4 2019 Earnings Report
BioMarin's Q4 2019 financial results were announced, showcasing significant revenue growth driven by key products and strategic advancements in its pipeline.
Key Takeaways
BioMarin announced a 29% increase in total revenues for Q4 2019, reaching $454.4 million compared to $353.2 million in Q4 2018. The growth was primarily driven by increased net product revenues, particularly from Palynziq, Vimizim, Naglazyme, and Brineura. The company also reported a GAAP net income of $15.0 million for the quarter, a significant improvement from the net loss of $3.7 million in the same period of the previous year.
Total revenues for Q4 2019 increased by 29% to $454.4 million.
GAAP Net Income improved to $15.0 million from a loss of $3.7 million in Q4 2018.
Palynziq revenues increased significantly due to maintenance dosing and new patients initiating therapy.
Advancements in the pipeline include FDA and EMA acceptance of marketing submissions for Valoctocogene Roxaparvovec.
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 anticipates total revenues between $1.95 billion and $2.05 billion for full-year 2020 and expects to be profitable on a GAAP basis for the first time.
Positive Outlook
- Total Revenues are expected to be between $1.95 billion and $2.05 billion.
- Vimizim Net Product Revenues are projected to be between $560 million and $610 million.
- Naglazyme Net Product Revenues are expected to be between $380 million and $420 million.
- Palynziq Net Product Revenues are guided to be between $180 million and $210 million.
- Brineura Net Product Revenues are projected to be between $85 million and $115 million.
Challenges Ahead
- Cost of Sales is expected to be 20% to 21% of Total Revenues.
- Research and Development Expense is projected to be between $675 million and $725 million.
- Selling, General, and Administrative Expense is expected to be between $780 million and $830 million.
- GAAP Net Income is guided to be between $20 million and $80 million.
- Non-GAAP Income is projected to be between $260 million and $310 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income