Biomarin Pharmaceutical Inc (BMRN) Reports 15% Total Revenue Growth in Q3 2023
Biomarin Pharmaceutical Inc (NASDAQ:BMRN) reports a 15% increase in total revenues for Q3 2023, amounting to $581.3 million.
GAAP and Non-GAAP Net Income for Q3 2023 were $40.4 million and $89.5 million respectively, indicating significant increases from the same period in 2022.
VOXZOGO net product revenues saw a substantial increase of 155% compared to Q3 2022, reaching $123.1 million.
The company's total cash, cash equivalents, and investments stood at $1,673.8 million as of September 30, 2023.
On November 1, 2023, Biomarin Pharmaceutical Inc (NASDAQ:BMRN) released its earnings report for the third quarter of 2023. The company reported a 15% year-over-year increase in total revenues, reaching $581.3 million. This growth was primarily attributed to higher VOXZOGO sales volume due to new patients initiating therapy across all regions and higher PALYNZIQ product revenues primarily due to new patients initiating therapy, particularly in the U.S.
Financial Highlights
GAAP and Non-GAAP Net Income for the third quarter of 2023 were $40.4 million and $89.5 million respectively, showing increases of $47.1 million and $37.5 million compared to the same period in 2022. The increased net income was primarily due to higher gross profit driven by increased revenues, as well as lower income tax expense, partially offset by higher spend in research and development programs and higher sales and marketing expenses.
VOXZOGO net product revenues saw a substantial increase of 155% compared to Q3 2022, reaching $123.1 million. This growth was driven by the recent FDA approval for VOXZOGO for children under 5 years of age with achondroplasia, making it available in the U.S. for children of all ages with open growth plates.
Balance Sheet and Cash Flow
As of September 30, 2023, the company's total cash, cash equivalents, and investments stood at $1,673.8 million. The company's robust financial position provides a solid foundation for continued growth and investment in research and development activities.
Looking Forward
Looking ahead, Biomarin Pharmaceutical Inc (NASDAQ:BMRN) expects revenues to approach $3 billion in 2024. The company is also preparing to initiate two additional clinical programs in 2024 with VOXZOGO, one in idiopathic short stature and one in genetic short stature conditions. Additionally, the company is exploring methods of administering ROCTAVIAN in people with pre-existing antibodies against AAV5.
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Explore the complete 8-K earnings release (here) from Biomarin Pharmaceutical Inc for further details.
This article first appeared on GuruFocus.
