BioMarin Announces 28% Y/Y Total Revenue Growth in the Third Quarter and Increase in Full-year 2024 Guidance; Reaffirms Long-term Guidance and Outlook

Core Insights - BioMarin Pharmaceutical Inc. reported total revenues of $746 million for Q3 2024, reflecting a 28% year-over-year increase, and $2.11 billion year-to-date, up 19% year-over-year [1][3][21] - The strong performance was driven by a 54% year-over-year revenue growth for VOXZOGO® and a 27% increase in revenues from the Enzyme Therapies portfolio [1][2][3] - GAAP diluted earnings per share (EPS) for Q3 2024 reached $0.55, a 162% increase year-over-year, while non-GAAP diluted EPS was $0.91, up 98% year-over-year [1][3][21] Financial Performance - Total revenues for Q3 2024 were $746 million, compared to $581 million in Q3 2023, marking a 28% increase [3][21] - Year-to-date revenues reached $2.11 billion, up from $1.77 billion in the same period last year, representing a 19% increase [1][21] - VOXZOGO revenues were $190 million in Q3 2024, a 54% increase from $123 million in Q3 2023 [21] - Enzyme Therapies portfolio revenues increased by 27% year-over-year, driven by strong demand and order fulfillment timing [3][21] Profitability Metrics - GAAP net income for Q3 2024 was $106 million, up from $40 million in Q3 2023, a 165% increase [4][21] - Non-GAAP income increased to $178 million in Q3 2024, compared to $89 million in Q3 2023, a 100% increase [5][21] - GAAP operating margin improved to 15.3%, up from 5.3% year-over-year, while non-GAAP operating margin rose to 27.7%, up from 16.2% [15][21] Strategic Developments - The company is focused on innovation, growth, and value commitment, with ongoing advancements in its clinical programs, particularly for VOXZOGO [2][6] - BioMarin is expanding VOXZOGO access into over 20 additional countries by 2027, targeting a total addressable patient population of 24,000 for achondroplasia [11][13] - The company is also advancing its pipeline with several innovative therapies, including BMN 351 for Duchenne Muscular Dystrophy and BMN 349 for Alpha-1 antitrypsin deficiency [9][10] Cash Flow and Guidance - Operating cash flows totaled $221 million in Q3 2024, a 63% increase compared to the same period last year [17] - Total cash and investments at the end of Q3 2024 were approximately $1.5 billion [17] - The company raised its full-year 2024 guidance for total revenues, non-GAAP operating margin, and non-GAAP diluted EPS, reflecting sustained demand for VOXZOGO and growth in Enzyme Therapies [18][23]