BioMarin Pharmaceutical Q1 2024 Earnings Beat Estimates, Revenue Up 8.8%

BioMarin Pharmaceutical Inc. (BMRN) reported strong financial results for the first quarter of 2024, with earnings rising to $88.66 million, or $0.46 per share, compared to $50.85 million, or $0.27 per share, in the same period last year. The company's adjusted earnings were $139.7 million or $0.71 per share, surpassing the average analyst estimate of $0.34 per share.

Revenue for the quarter increased 8.8% to $648.83 million from $596.42 million in the prior-year quarter. The revenue growth was driven by continued strong demand for the company's product portfolio, particularly its VOXZOGO drug for achondroplasia, which saw revenue increase 74% year-over-year. More than 500 additional children received VOXZOGO therapy in the first quarter, bringing the total number treated to over 3,100.

Why this matters: BioMarin's strong Q1 results demonstrate the company's continued growth and financial performance in developing innovative therapies for rare genetic diseases. The success of VOXZOGO highlights BioMarin's ability to bring transformative treatments to patients in need and create value for shareholders.

BioMarin also made significant progress in its strategic initiatives during the quarter. The company accelerated the development of three key assets that offer the most transformative potential for patients and value creation for shareholders, while discontinuing four programs that did not meet its new higher bar for continued development.

Looking ahead, BioMarin is expanding the use of VOXZOGO to treat other growth-related conditions. A pivotal program for hypochondroplasia is set to start mid-year, and the company plans to begin enrollment in programs for idiopathic short stature and other genetic short stature pathway conditions later this year. BioMarin increased its full-year 2024 guidance for non-GAAP operating margin to 24%-25% and non-GAAP diluted EPS to $2.75 to $2.95 per share.

In a statement, BioMarin CEO Jean-Jacques Bienaimé said, "We are very pleased with the strong start to 2024, which positions us well to achieve our goals for the full year. We remain focused on executing our strategy to accelerate the development of our most promising programs while increasing profitability to fund future innovation and create value for our shareholders."

Key Takeaways

• BioMarin reported strong Q1 2024 results, with earnings up 74% YoY.
• Revenue grew 8.8% driven by strong demand for VOXZOGO, a drug for achondroplasia.
• BioMarin accelerated development of 3 key assets, discontinuing 4 programs.
• Expanding VOXZOGO to treat other growth-related conditions like hypochondroplasia.
• Increased 2024 guidance for non-GAAP operating margin and diluted EPS.