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BioMarin Pharmaceutical BMRN reported adjusted earnings per share of 91 cents in third-quarter 2024, beating the Zacks Consensus Estimate of 78 cents. Quarterly earnings rose 98% year over year, driven by higher sales, partially offset by rising operating expenses.
Total revenues were $746 million in the reported quarter, up 28% year over year on a reported basis and 32% on a constant-currency basis. Strong sales of Voxzogo drove this upside. The top line beat the Zacks Consensus Estimate of $707 million.
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BMRN’s Q3 Results in Detail
Product revenues totaled $733.9 million, up 29% year over year, on higher revenues from Voxzogo, Naglazyme, Palynziq and Aldurazyme. This was partially offset by lower Kuvan sales. Royalty and other revenues totaled $11.9 million, down 9% year over year.
Voxzogo, approved for achondroplasia, generated sales of $190 million, up 54% year over year, 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. Per BioMarin, as of the end of the third quarter, more than 3,800 children globally, many from infancy, were receiving Voxzogo for the treatment of achondroplasia.
However, Voxzogo’s sales missed the Zacks Consensus Estimate and our model estimate of $195.5 million and $192.3 million, respectively.
Shares of BioMarin have plunged 27.5% year to date compared with the industry’s 3.3% decline.
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Vimizim sales increased 12% year over year to $178 million. The drug’s sales missed the Zacks Consensus Estimate and our model estimate of $183.2 million and $183.9 million, respectively.
Palynziq injection sales grossed $91 million in the quarter, up 15% year over year, driven by new patient starts in the United States. The drug’s sales beat the Zacks Consensus Estimate of $89.95 million and our model estimates of $89.1 million.
Naglazyme sales rose 21% year over year to $132 million due to increasing demand and the benefit from favorable order timing. Brineura generated sales of $37 million, down 10% year over year.
New gene therapy, Roctavian, generated $7 million in sales during the third quarter compared with $1 million in the year-ago 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 35% to $28 million due to generic competition. Product revenues from Aldurazyme totaled $71 million, up significantly from $14 million recorded in the prior-year quarter. The massive uptick was driven by the favorable timing of order fulfillment to Sanofi.
BMRN Raises 2024 Guidance
BioMarin raised the financial guidance for 2024, driven by continued high demand for its marketed drugs. Management expects total revenues in the range of $2.790-$2.825 billion compared with the previous guidance of $2.750-$2.825 billion.
Adjusted operating margin is now expected between 26.5% and 27.5% compared with the earlier projection of 26-27%.
BioMarin also expects adjusted earnings per share to be in the range of $3.25-$3.35 compared with the earlier expectation of $3.10-$3.25.
BioMarin Pharmaceutical Inc. Price and Consensus
BioMarin Pharmaceutical Inc. Price and Consensus
BioMarin Pharmaceutical Inc. price-consensus-chart | BioMarin Pharmaceutical Inc. Quote
BMRN’s Recent Pipeline 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 soon.
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.
BMRN’s Zacks Rank & Stocks to Consider
BioMarin currently carries a Zacks Rank #3 (Hold).
Some better-ranked pharma stocks are Bayer BAYRY, ANI Pharmaceuticals ANIP and Novartis NVS, carrying a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Estimates for Bayer’s 2024 earnings per share (EPS) have increased from $1.37 to $1.38 over the past 60 days, while the same for 2025 have remained constant at $1.44. BAYRY’s shares have lost 24.7% year to date.
ANI Pharmaceuticals’ EPS estimates have risen from $4.68 to $4.73 per share for 2024 over the past 60 days, while that for 2025 has increased from $5.25 to $5.67. ANIP’s shares have risen 7% year to date.
ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 31.32%.
Novartis’ EPS estimates have risen from $7.48 to $7.53 per share for 2024 over the past 60 days, while that for 2025 has remained constant at $8.29. NVS’ shares have risen 9.5% year to date.
Novartis’ earnings beat estimates in three of the trailing four quarters and missed the same in one, delivering an average surprise of 1.26%.
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