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BioMarin Pharmaceutical Inc. (BMRN - Free Report) reported adjusted earnings per share of 96 cents in second-quarter 2024, beating the Zacks Consensus Estimate of 57 cents. Quarterly earnings, which rose 78% year over year, were driven by higher sales that were partially offset by rising operating expenses.
Total revenues were $712.0 million in the reported quarter, up 20% year over year on a reported basis and 25% on a constant-currency basis. Strong sales of Voxzogo drove this upside. The top line beat the Zacks Consensus Estimate of $660.5 million.
Quarter in Detail
Product revenues (including Aldurazyme) totaled $702.1 million, up 20% year over year. Product revenues from BioMarin's marketed brands (excluding Aldurazyme) increased 22% year over year to $663.5 million on higher revenues from Voxzogo, Naglazyme and Palynziq. This was partially offset by lower Kuvan sales. Royalty and other revenues totaled $9.9 million, down 6% year over year.
Voxzogo, approved for achondroplasia, generated sales of $183.9 million, up 62% year over year and 20% quarter over quarter, driven by strong demand. Higher sales of Voxzogo were fueled by the U.S. label expansion to younger age groups (under five years). This label expansion was received last year in October.
Voxzogo’s sales beat the Zacks Consensus Estimate and our model estimate of $166 million and $168 million, respectively.
Shares of BioMarin have lost 16.5% year to date compared with the industry’s 2.1% decline.
Image Source: Zacks Investment Research
Vimizim sales were flat year over year at $178.0 million. The drug’s sales missed the Zacks Consensus Estimate and our model estimate of $183 million and $182 million, respectively.
Palynziq injection sales grossed $88.3 million in the quarter, up 18% year over year, driven by new patient starts in the United States. The drug’s sales beat the Zacks Consensus Estimate of $81 million and our model estimates of $83 million.
Naglazyme sales rose 47% year over year to $132.0 million due to the favorable timing of large government orders in certain regions outside the United States. Brineura generated sales of $45.3 million, up 19% year over year.
New gene therapy, Roctavian, generated $7.4 million in sales during the second quarter compared with $0.8 million in the previous quarter. Sales rose as part of the company’s updated strategy to focus on three prioritized countries — the United States, Germany and Italy.
In the phenylketonuria franchise, Kuvan revenues declined 43% to $28.6 million due to generic competition.
Product revenues from Aldurazyme totaled $38.6 million, down 4% from that recorded in the prior year quarter. Sales likely declined due to the unfavorable timing of order fulfillment to Sanofi.
2024 Guidance
BioMarin raised the financial guidance for 2024 it provided earlier this year, driven by continued high demand for its marketed drugs. Management expects total revenues in the range of $2.75-$2.83 billion compared with the previously-issued guidance of $2.70-$2.80 billion.
Adjusted operating margin is now expected to be between 26% and 27% compared with the earlier projection of 24% and 25%.
BioMarin also expects adjusted earnings per share to be in the range of $3.10-$3.25 compared with the earlier expectation of $2.75-$2.95.
Recent Updates
BioMarin is actively enrolling patients in a pivotal registrational program on Voxzogo in patients with hypochondroplasia, a condition characterized by impaired bone growth. Management is also preparing to start additional clinical programs evaluating the drug in other short-stature pathway conditions like idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency. Enrollment in all these programs is expected to begin later this year.
In January, BioMarin started a strategic portfolio review of all R&D programs to determine which pipeline programs should be selected and advanced for further development. As part of this review, management is prioritizing the development of BMN 333, a long-acting CNP for multiple growth disorders, BMN 349, a first-in-class, oral therapeutic for AATD-associated liver disease, and BMN 351, a next-generation oligonucleotide for Duchenne muscular dystrophy.
Alongside the earnings release, BioMarin also announced its decision to discontinue the development of BMN 293 gene therapy, which was being evaluated in an early-stage study for the treatment of MYBPC3 hypertrophic cardiomyopathy. Per management, the therapy no longer meets its ‘high bar for advancement.’
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have improved from 14 cents to 13 cents. Estimates for 2025 have improved from $3.44 to $3.21 during the same period. Year to date, shares of Entrada Therapeutics have lost 4.2%.
Earnings of Entrada Therapeutics beat estimates in two of the last four quarters while missing the mark on two other occasions. Entrada delivered a four-quarter average earnings surprise of 42.18%.
In the past 60 days, the loss per share estimates for Immatics have improved from $1.26 to $1.25 for 2024. During the same period, loss estimates for 2025 have improved from $1.49 to $1.41. Year to date, shares of IMTX have risen 7.8%.
Earnings of Immatics beat estimates in three of the last four quarters while meeting the mark on one occasion, delivering a four-quarter average earnings surprise of 32.57%.
In the past 60 days, the Zacks Consensus Estimate for Halozyme Therapeutics’ 2024 earnings has risen from $3.69 per share to $3.90. For 2025, earnings estimates have increased from $4.50 to $4.81 in the past 60 days. Year to date, shares of HALO have surged 41.0%.
Earnings of Halozyme beat estimates in three of the last four quarters while meeting the mark on one occasion, delivering a four-quarter average earnings surprise of 9.40%.
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BioMarin (BMRN) Q2 Earnings & Sales Top Estimates, Ups '24 View
BioMarin Pharmaceutical Inc. (BMRN - Free Report) reported adjusted earnings per share of 96 cents in second-quarter 2024, beating the Zacks Consensus Estimate of 57 cents. Quarterly earnings, which rose 78% year over year, were driven by higher sales that were partially offset by rising operating expenses.
Total revenues were $712.0 million in the reported quarter, up 20% year over year on a reported basis and 25% on a constant-currency basis. Strong sales of Voxzogo drove this upside. The top line beat the Zacks Consensus Estimate of $660.5 million.
Quarter in Detail
Product revenues (including Aldurazyme) totaled $702.1 million, up 20% year over year. Product revenues from BioMarin's marketed brands (excluding Aldurazyme) increased 22% year over year to $663.5 million on higher revenues from Voxzogo, Naglazyme and Palynziq. This was partially offset by lower Kuvan sales. Royalty and other revenues totaled $9.9 million, down 6% year over year.
Voxzogo, approved for achondroplasia, generated sales of $183.9 million, up 62% year over year and 20% quarter over quarter, driven by strong demand. Higher sales of Voxzogo were fueled by the U.S. label expansion to younger age groups (under five years). This label expansion was received last year in October.
Voxzogo’s sales beat the Zacks Consensus Estimate and our model estimate of $166 million and $168 million, respectively.
Shares of BioMarin have lost 16.5% year to date compared with the industry’s 2.1% decline.
Image Source: Zacks Investment Research
Vimizim sales were flat year over year at $178.0 million. The drug’s sales missed the Zacks Consensus Estimate and our model estimate of $183 million and $182 million, respectively.
Palynziq injection sales grossed $88.3 million in the quarter, up 18% year over year, driven by new patient starts in the United States. The drug’s sales beat the Zacks Consensus Estimate of $81 million and our model estimates of $83 million.
Naglazyme sales rose 47% year over year to $132.0 million due to the favorable timing of large government orders in certain regions outside the United States. Brineura generated sales of $45.3 million, up 19% year over year.
New gene therapy, Roctavian, generated $7.4 million in sales during the second quarter compared with $0.8 million in the previous quarter. Sales rose as part of the company’s updated strategy to focus on three prioritized countries — the United States, Germany and Italy.
In the phenylketonuria franchise, Kuvan revenues declined 43% to $28.6 million due to generic competition.
Product revenues from Aldurazyme totaled $38.6 million, down 4% from that recorded in the prior year quarter. Sales likely declined due to the unfavorable timing of order fulfillment to Sanofi.
2024 Guidance
BioMarin raised the financial guidance for 2024 it provided earlier this year, driven by continued high demand for its marketed drugs. Management expects total revenues in the range of $2.75-$2.83 billion compared with the previously-issued guidance of $2.70-$2.80 billion.
Adjusted operating margin is now expected to be between 26% and 27% compared with the earlier projection of 24% and 25%.
BioMarin also expects adjusted earnings per share to be in the range of $3.10-$3.25 compared with the earlier expectation of $2.75-$2.95.
Recent Updates
BioMarin is actively enrolling patients in a pivotal registrational program on Voxzogo in patients with hypochondroplasia, a condition characterized by impaired bone growth. Management is also preparing to start additional clinical programs evaluating the drug in other short-stature pathway conditions like idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency. Enrollment in all these programs is expected to begin later this year.
In January, BioMarin started a strategic portfolio review of all R&D programs to determine which pipeline programs should be selected and advanced for further development. As part of this review, management is prioritizing the development of BMN 333, a long-acting CNP for multiple growth disorders, BMN 349, a first-in-class, oral therapeutic for AATD-associated liver disease, and BMN 351, a next-generation oligonucleotide for Duchenne muscular dystrophy.
Alongside the earnings release, BioMarin also announced its decision to discontinue the development of BMN 293 gene therapy, which was being evaluated in an early-stage study for the treatment of MYBPC3 hypertrophic cardiomyopathy. Per management, the therapy no longer meets its ‘high bar for advancement.’
BioMarin Pharmaceutical Inc. Price
BioMarin Pharmaceutical Inc. price | BioMarin Pharmaceutical Inc. Quote
Zacks Rank & Stocks to Consider
BioMarin currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the healthcare sector are Entrada Therapeutics (TRDA - Free Report) , Immatics (IMTX - Free Report) and Halozyme Therapeutics (HALO - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
In the past 60 days, estimates for Entrada Therapeutics’ 2024 loss per share have improved from 14 cents to 13 cents. Estimates for 2025 have improved from $3.44 to $3.21 during the same period. Year to date, shares of Entrada Therapeutics have lost 4.2%.
Earnings of Entrada Therapeutics beat estimates in two of the last four quarters while missing the mark on two other occasions. Entrada delivered a four-quarter average earnings surprise of 42.18%.
In the past 60 days, the loss per share estimates for Immatics have improved from $1.26 to $1.25 for 2024. During the same period, loss estimates for 2025 have improved from $1.49 to $1.41. Year to date, shares of IMTX have risen 7.8%.
Earnings of Immatics beat estimates in three of the last four quarters while meeting the mark on one occasion, delivering a four-quarter average earnings surprise of 32.57%.
In the past 60 days, the Zacks Consensus Estimate for Halozyme Therapeutics’ 2024 earnings has risen from $3.69 per share to $3.90. For 2025, earnings estimates have increased from $4.50 to $4.81 in the past 60 days. Year to date, shares of HALO have surged 41.0%.
Earnings of Halozyme beat estimates in three of the last four quarters while meeting the mark on one occasion, delivering a four-quarter average earnings surprise of 9.40%.