On August 5, 2024, Biomarin Pharmaceutical Inc (BMRN, Financial) released its 8-K filing for the second quarter of 2024, showcasing robust financial performance and surpassing analyst expectations. BioMarin, a biotechnology company focused on rare-disease therapies, markets several key products including Naglazyme, Vimizim, Brineura, Kuvan, Palynziq, and Voxzogo. The company also recently received approval for Roctavian, a hemophilia A gene therapy, in both Europe and the US.
Performance Highlights
BioMarin reported total revenues of $712 million for Q2 2024, a 20% increase year-over-year (Y/Y) and a 25% increase at constant currency. This performance significantly exceeded the analyst estimates of $662.05 million. The company's GAAP diluted earnings per share (EPS) for the quarter was $0.55, a 90% increase Y/Y, while non-GAAP diluted EPS was $0.96, a 78% increase Y/Y, both surpassing the estimated EPS of $0.83.
Key Financial Achievements
BioMarin's strong revenue growth was driven by the high demand for Voxzogo, which saw a 73% Y/Y increase in the number of children receiving treatment. The company also experienced double-digit growth from its enzyme therapies, including Vimizim, Naglazyme, and Brineura. However, the revenue increase was partially offset by lower Kuvan product revenues due to generic competition.
| Financial Highlights (in millions of U.S. dollars, except per share data, unaudited) | Three Months Ended June 30 | Six Months Ended June 30 |
|---|---|---|
| Total Revenues | $712.0 | $1,360.9 |
| GAAP Net Income | $107.2 | $195.8 |
| Non-GAAP Income | $188.9 | $328.6 |
| GAAP Diluted EPS | $0.55 | $1.01 |
| Non-GAAP Diluted EPS | $0.96 | $1.67 |
Income Statement and Balance Sheet Insights
BioMarin's GAAP net income for Q2 2024 increased by $51.2 million to $107.2 million compared to the same period in 2023. This was primarily due to higher gross profit driven by increased revenues. Non-GAAP income rose by $83.7 million to $188.9 million, reflecting higher gross profit and increased SG&A expenses related to sales and marketing activities for Voxzogo.
Operational and Strategic Developments
BioMarin's strategic focus on accelerating growth and optimizing efficiencies was evident in their Q2 performance. The company reported that approximately 3,500 children were receiving Voxzogo by the end of the quarter, with significant uptake in the US market. Additionally, BioMarin's clinical programs for new growth-related conditions are progressing well, with pivotal studies for hypochondroplasia and other conditions actively enrolling.
"Strong execution across our business resulted in record double-digit revenue growth in the second quarter and first half of 2024. These top-line results, along with a focus on operational efficiency, resulted in a 78% year-over-year improvement in quarterly non-GAAP earnings per share," said Alexander Hardy, President and Chief Executive Officer of BioMarin.
Updated Full-Year Guidance
BioMarin raised its full-year 2024 guidance, reflecting the underlying strength of its enzyme products and continued high demand for Voxzogo. The company now expects total revenues to be between $2,750 million and $2,825 million, with non-GAAP diluted EPS projected to be between $3.10 and $3.25.
BioMarin's strong Q2 performance and strategic initiatives position the company well for continued growth and value creation in the biotechnology sector. For more detailed insights, visit the full 8-K filing.
Explore the complete 8-K earnings release (here) from Biomarin Pharmaceutical Inc for further details.
