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Dec 31, 2022
BioMarin Q4 2022 Earnings Report
BioMarin reported record fourth quarter and full year 2022 total revenues, driven by strong global demand for VOXZOGO and steady growth of the enzyme business.
Key Takeaways
BioMarin announced strong Q4 and full-year 2022 results, driven by VOXZOGO's global launch and enzyme business growth. Total revenues for Q4 2022 were $537.5 million, a 19% increase compared to 2021. The company is focusing on the European commercial launch of ROCTAVIAN and preparing for its potential U.S. approval.
Total Revenues for the fourth quarter of 2022 were $537.5 million, an increase of 19% compared to the same period in 2021.
GAAP Net Loss decreased to $0.2 million for the fourth quarter of 2022 compared to GAAP Net Loss of $57.9 million for the same period in 2021.
Non-GAAP Income increased to $67.4 million for the fourth quarter of 2022 compared to Non-GAAP Income of $7.1 million for the same period in 2021.
The European launch of ROCTAVIAN is underway following EMA approval in the third quarter of 2022.
BioMarin
BioMarin
BioMarin Revenue by Segment
Revenue by Segment
VOXZOGO Revenue
CapyFin.comKUVAN Revenue
CapyFin.com Forward Guidance
BioMarin provided full-year 2023 financial guidance, including total revenues between $2.375 billion and $2.5 billion, ROCTAVIAN revenues between $100 million and $200 million, and VOXZOGO revenues between $330 million and $380 million.
Positive Outlook
- Total Revenues: $2,375 to $2,500 million
- Enzyme Product Revenues: $1,700 to $1,850 million
- ROCTAVIAN Revenues: $100 to $200 million
- VOXZOGO Revenues: $330 to $380 million
- Gross Profit %: 77.5% to 79%
Challenges Ahead
- R&D % of Revenue: 30% to 32%
- SG&A % of Revenue: 36% to 38%
- GAAP Net Income: $155 to $205 million
- GAAP Diluted EPS: $0.78 to $1.03
- Non-GAAP Income (new method): $360 to $410 million
Revenue & Expenses
Visualization of income flow from segment revenue to net income