Q2 2024 Biomarin Pharmaceutical Inc Earnings Call Transcript
Key Points
- Biomarin Pharmaceutical Inc (BMRN) reported a 20% year-over-year growth in total revenues, reaching a record $712 million for Q2 2024.
- VOXZOGO showed strong demand and patient uptake, with nearly 900 children beginning treatment in the first half of the year, marking the highest in its history.
- The company announced a 78% growth in non-GAAP earnings per share, demonstrating significant profitability improvements.
- Biomarin Pharmaceutical Inc (BMRN) received approval for Brineura, expanding access to children under the age of three years with CLN-2 disease.
- The company has made substantial progress in its R&D pipeline, including advancing development programs for multiple new indications such as idiopathic short stature, Turner syndrome, and Noonan syndrome.
- Despite progress, the company still faces challenges in achieving full market penetration for VOXZOGO, particularly in the U.S. and other key markets.
- ROCTAVIAN's profitability is not expected until the end of 2025, and the company has had to reduce its annual direct expenses for the product to approximately $60 million.
- There are ongoing challenges in securing reimbursement and providing access to ROCTAVIAN in markets like Germany and Italy.
- The company discontinued the development of BMN 293, a gene therapy for hypertrophic cardiomyopathy, due to commercial landscape and resource allocation concerns.
- Biomarin Pharmaceutical Inc (BMRN) faces competitive pressures in the achondroplasia market, with potential new entrants and alternative treatments on the horizon.
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(audio in progress) -- just on mute to prevent or much if you'd ask a question during this time, simply press star two Investor Relations.
Thank you, operator. To remind you, this non-confidential presentation contains forward-looking statements about the business prospects of BioMarin Pharmaceutical, Inc., including expectations regarding BioMarin's financial performance, commercial products and potential future products in different areas of therapeutic research and development.
Results made 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 Securities and Exchange Commission such as 10-Q, 10-K and 8-K about (audio in progress) gap, and you can find the related reconciliations to US GAAP in the
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