Biomarin's Q2 Beat Street View, Raises Voxzogo Annual Guidance Driven By Global Demand

Biomarin Pharmaceutical Inc BMRN reported a Q2 adjusted EPS of $0.54, higher than $0.41 a year ago and beating the consensus of $0.47.

The company's revenue rose 12% to $595.3 million, beating the consensus of $518.91 million.

Voxzogo drug sales increased 229% to $113.3 million due to continued global expansion and rapid patient uptake across all regions.

Over 2,000 were being treated with commercial Voxzogo globally. Pivotal Program with Voxzogo in a new, potential second indication, hypochondroplasia, to start in Q4 of 2023.

Palynziq product revenues increased 22% to $74.9 million, primarily due to new patients initiating therapy.

Naglazyme product revenues declined 22% To $90.1 million, primarily driven by the timing of orders in countries that place large government orders, particularly in Latin America.

Also Read: BioMarin's Roctavian US Launch: Focus on Commercial Strategy Amid EU Failures, Analyst Points Out.

"For the remainder of 2023, we plan to build on the foundation of growth and profitability achieved in the first half of the year, expand VOXZOGO globally and treat the first ROCTAVIAN patients in the U.S. and Europe," said Jean-Jacques Bienaimé, Chairman and CEO of BioMarin.

Guidance: BioMarin has upped its FY23 Voxzogo sales forecast to $400 million-$440 million from $380 million-$430 million.

The company reaffirms FY23 revenue guidance of $2.375 billion - $2.5 billion versus the consensus of $2.46 billion.

It updated the adjusted EPS outlook to $1.85 - $2.10 from $1.80 - $2.05 versus the consensus of $1.02.

Price Action: BMRN shares are down 0.36% at $87.61 premarket on the last check Tuesday.