It has been about a month since the last earnings report for BioMarin Pharmaceutical (BMRN). Shares have added about 5.4% in that time frame, underperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is BioMarin due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

Q2 Earnings & Sales Top Estimates

BioMarin reported adjusted earnings per share of 96 cents in second-quarter 2024, beating the Zacks Consensus Estimate of 57 cents. Quarterly earnings, which rose 78% year over year, were driven by higher sales that were partially offset by rising operating expenses.

Total revenues were $712.0 million in the reported quarter, up 20% year over year on a reported basis and 25% on a constant-currency basis. Strong sales of Voxzogo drove this upside. The top line beat the Zacks Consensus Estimate of $660.5 million.

Quarter in Detail

Product revenues (including Aldurazyme) totaled $702.1 million, up 20% year over year. Product revenues from BioMarin's marketed brands (excluding Aldurazyme) increased 22% year over year to $663.5 million on higher revenues from Voxzogo, Naglazyme and Palynziq. This was partially offset by lower Kuvan sales. Royalty and other revenues totaled $9.9 million, down 6% year over year.

Voxzogo generated sales of $183.9 million, up 62% year over year and 20% quarter over quarter, 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.

Voxzogo’s sales beat the Zacks Consensus Estimate and our model estimate of $166 million and $168 million, respectively.

Vimizim sales were flat year over year at $178.0 million. The drug’s sales missed the Zacks Consensus Estimate and our model estimate of $183 million and $182 million, respectively.

Palynziq injection sales grossed $88.3 million in the quarter, up 18% year over year, driven by new patient starts in the United States. The drug’s sales beat the Zacks Consensus Estimate of $81 million and our model estimates of $83 million.

Naglazyme sales rose 47% year over year to $132.0 million due to the favorable timing of large government orders in certain regions outside the United States. Brineura generated sales of $45.3 million, up 19% year over year.

Roctavian added $7.4 million in sales during the second quarter compared with $0.8 million in the previous quarter. Sales rose as part of the company’s updated strategy to focus on three prioritized countries — the United States, Germany and Italy.