Biomarin Pharmaceutical Inc

Latest Results (14.08.2024):

Total Revenues

BioMarin Pharmaceutical Inc. reported total revenues of $712 million for the second quarter of 2024, marking a 20% increase year-over-year. This growth was driven by strong contributions from VOXZOGO, new patient starts, high compliance rates, and normalized customer stock levels facilitated by ample supply.

GAAP Diluted EPS

For the second quarter of 2024, BioMarin Pharmaceutical Inc. achieved a GAAP diluted earnings per share (EPS) of $0.55, representing a 90% increase compared to the same period in 2023. This significant rise was primarily due to higher gross profit, partially offset by increased spending in Selling, General and Administrative (SG&A) expenses.

Non-GAAP Diluted EPS

BioMarin Pharmaceutical Inc. reported a non-GAAP diluted EPS of $0.96 for the second quarter of 2024, which is a 78% increase year-over-year. The improvement in non-GAAP earnings was mainly attributed to higher gross profit, despite higher SG&A and Research and Development (R&D) expenses related to VOXZOGO and other pipeline products.

Net Income

In the second quarter of 2024, BioMarin Pharmaceutical Inc.'s GAAP net income increased by $51.2 million to $107.2 million compared to the same period in 2023. The rise in net income was driven by higher gross profit, although it was partially offset by higher SG&A expenses due to severance and restructuring costs.

VOXZOGO Demand

BioMarin Pharmaceutical Inc. experienced a 73% year-over-year increase in the number of children receiving VOXZOGO treatment during the second quarter of 2024. The strong demand for VOXZOGO, the only approved genetically-targeted medicine for achondroplasia, contributed significantly to the company's revenue growth and future market expansion expectations.