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Dec 31, 2023
BioMarin Q4 2023 Earnings Report
BioMarin announced record financial results driven by global demand for VOXZOGO and contributions from established enzyme products.
Key Takeaways
BioMarin reported strong financial results for Q4 2023, driven by global demand for VOXZOGO and contributions from established enzyme products. Total revenues increased by 20% compared to the same period in 2022, with VOXZOGO revenues growing by 118%. The company's 2024 financial outlook reflects anticipated double-digit total revenue growth and significant Non-GAAP operating margin expansion.
Total revenues for Q4 2023 were $646.2 million, a 20% increase year-over-year.
VOXZOGO net revenues reached $146 million in Q4 2023, up 118% quarter-over-quarter.
GAAP Net Income increased to $20.4 million in Q4 2023, compared to a loss of $0.2 million in the same period in 2022.
The FDA approved VOXZOGO for children under 5 years of age, leading to approximately 70% of new U.S. treatment starts in Q4 from that age group.
BioMarin
BioMarin
BioMarin Revenue by Segment
Revenue by Segment
VOXZOGO Revenue
CapyFin.comKUVAN Revenue
CapyFin.com Forward Guidance
BioMarin anticipates double-digit Total Revenue growth, significant Non-GAAP Operating Margin expansion, and Non-GAAP Earnings Per Share growing faster than revenues in 2024.
Positive Outlook
- Total Revenues between $2.7 billion and $2.8 billion.
- Non-GAAP Operating Margin % between 23% and 24%.
- Non-GAAP Diluted EPS between $2.60 and $2.80.
- Focus on value creation through accelerating growth.
- Optimizing efficiencies and driving operational excellence.
Challenges Ahead
- Uncertainty regarding the financial impact of changes resulting from our strategic portfolio and business operating model reviews.
- Potential future asset impairments.
- Gains and losses on investments.
- Other unusual gains and losses.
- These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income