Q3 2024 BioMarin Pharmaceutical Inc Earnings Call Transcript
Key Points
- Biomarin Pharmaceutical Inc (BMRN) reported record financial results with revenues reaching $746 million, marking a robust 28% increase compared to the same period in 2023.
- Voxzogo for the treatment of achondroplasia saw a 50% revenue growth, driven by increased penetration in the U.S. and new geographies.
- The enzyme therapies portfolio continued to perform well with 27% revenue growth in Q3 and 13% year-to-date growth.
- Biomarin Pharmaceutical Inc (BMRN) raised full-year guidance at the midpoint for all items, driven by strong ongoing execution and focus on performance.
- The company is targeting a mid-teen compound annual growth rate for total revenues through 2034, with a potential $5 billion revenue opportunity in skeletal conditions over time.
- The timing of order fulfillment, particularly for Aldurazyme, impacted revenue recognition and contributed to fluctuations in quarterly results.
- Operating expenses are expected to increase going forward as the company accelerates commercial growth strategies and advances the R&D pipeline.
- The company faces potential midterm competitive threats in the U.S. and EU markets, which comprise approximately 32% of the global total addressable patient population.
- Biomarin Pharmaceutical Inc (BMRN) is in a transition phase with operating expenses trending lower in Q3, but this is expected to change as new initiatives are deployed.
- The company is experiencing quarter-to-quarter fluctuations due to its dynamic global business, which can impact financial performance and growth metrics.
Thank you for standing by. My name is Bary, and I will be your conference operator today. At this time, I would like to welcome everyone to the BioMarin Pharmaceuticals Third Quarter 2024 Conference Call. [Operator Instructions].
I would now like to turn the call over to Tracy McCarty, Group Vice President of Investor Relations. You may begin.
Thank you, operator. To remind you, this nonconfidential presentation contains forward-looking statements about the business prospects of BioMarin's Pharmaceutical Inc., including expectations regarding BioMarin's financial performance, commercial products and potential future products in different areas of therapeutic research and development. Results may differ materially depending on the progress of BioMarin's product programs, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market and developments by competitors, and those factors detailed in BioMarin's filings with the
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