BioMarin Pharmaceutical Inc. Announces Third Quarter 2024 Financial Results
BioMarin Pharmaceutical Inc. reported its financial results for the third quarter ending September 30, 2024.
Key Financial Metrics
| Metric | Q3 2024 Results | Year-over-Year Change | Consensus Estimates |
|---|---|---|---|
| Total Revenue | $746 million | +28% | $700.14 million |
| GAAP Diluted EPS | $0.55 | +162% | $0.52 |
| Non-GAAP Diluted EPS | $0.91 | +98% | - |
The company surpassed Wall Street expectations with a total revenue of $746 million, a 28% increase year-over-year, and a GAAP diluted EPS of $0.55, beating the consensus estimate of $0.52. The robust financial results were driven by strong demand for VOXZOGO® and an impressive performance across its Enzyme Therapies portfolio.
Revenue Performance by Segment
| Segment | Year-over-Year Change | Details |
|---|---|---|
| VOXZOGO® | +54% | Strong demand globally with increased adoption in the U.S. |
| Enzyme Therapies | +27% | Driven by the timing of order fulfillment and increased patient demand |
Revenue growth was propelled by a 54% year-over-year increase in VOXZOGO® sales, attributed to growing patient adoption, particularly in children under five. The Enzyme Therapies portfolio also contributed significantly with a 27% increase year-over-year.
Key Developments and Operational Highlights
- Advanced development across its CANOPY clinical program with VOXZOGO in multiple conditions.
- Presented data at the ISDS meeting showing meaningful improvements in health metrics for treated children.
- Progressed various other clinical pipeline programs, including completion of enrollment in ongoing studies and expected milestones in 2025.
- Settlement of $495 million convertible debt in cash, which retired four million potentially dilutive shares.
Comments from Company Officers
Alexander Hardy, CEO, reiterated the positive impact of the company's strategic and operational decisions. He highlighted VOXZOGO as a key growth driver and reaffirmed confidence in the company's future, citing consistent demand and progress in advancing innovative therapies.
Forward Guidance
BioMarin raised its full-year 2024 guidance for total revenues and non-GAAP metrics, driven by strong VOXZOGO demand and enzyme therapy growth. The company reaffirmed long-term objectives targeting $4 billion in total revenues by 2027.
Stock Price Movement
Following the earnings release, BioMarin's stock price experienced a minor decline of approximately 0.26%.
Overall, BioMarin's third-quarter results demonstrated solid financial performance with significant contributions from its VOXZOGO and Enzyme Therapies segments, alongside continued progress in its clinical programs and strategic initiatives.
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