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BioMarin Lifts Annual Guidance On Better Than Expected Q2 Earnings

·1 min read
  • BioMarin Pharmaceutical Inc's (NASDAQ: BMRNQ2 sales reached $533.8 million, up 6% Y/Y, beating the consensus of $521.47 million.

  • BioMarin said the increase was achieved "despite continued erosion of the U.S. Kuvan market." Total revenues grew 13% Y/Y, excluding Kuvan.

  • The company reported EPS of $0.15 compared to $0.07 a year ago, beating the consensus of $0.11.

  • Voxzogo for achondroplasia (dwarfism) reported sales of $34.4 million.

  • An estimated 446 children were being treated with commercial Voxzogo globally, compared to 284 children in Q1 FY22.

  • During the quarter, marketing authorization for Voxzogo was approved in Japan and Australia, with commercial sales anticipated in these markets to begin in Q3 of 2022.

  • Guidance: BioMarin has upped its FY22 Voxzogo sales forecast to $130-$160 million, from $100 - $125 million expected earlier.

  • The company expects FY revenues of $2.06-$2.16 billion, up from the previous guidance of $2.05 - $2.15 billion.

  • BioMarin expects that Roctavian (valoctocogene roxaparvovec) for severe hemophilia A will be approved in Europe in Q3, and FDA resubmission is planned for September.

  • Price Action: BMRN shares closed 0.96% lower at $87.55 during after-hours trading on Wednesday.

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