BioMarin Lifts Annual Guidance On Better Than Expected Q2 Earnings

BioMarin Pharmaceutical Inc's BMRN Q2 sales reached $533.8 million, up 6% Y/Y, beating the consensus of $521.47 million.
BioMarin said the increase was achieved "despite continued erosion of the U.S. Kuvan market." Total revenues grew 13% Y/Y, excluding Kuvan.
The company reported EPS of $0.15 compared to $0.07 a year ago, beating the consensus of $0.11.
Voxzogo for achondroplasia (dwarfism) reported sales of $34.4 million.
An estimated 446 children were being treated with commercial Voxzogo globally, compared to 284 children in Q1 FY22.
During the quarter, marketing authorization for Voxzogo was approved in Japan and Australia, with commercial sales anticipated in these markets to begin in Q3 of 2022.
Guidance: BioMarin has upped its FY22 Voxzogo sales forecast to $130-$160 million, from $100 - $125 million expected earlier.
The company expects FY revenues of $2.06-$2.16 billion, up from the previous guidance of $2.05 - $2.15 billion.
BioMarin expects that Roctavian (valoctocogene roxaparvovec) for severe hemophilia A will be approved in Europe in Q3, and FDA resubmission is planned for September.
Price Action: BMRN shares closed 0.96% lower at $87.55 during after-hours trading on Wednesday.

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