BioMarin Pharmaceutical FY Conference Summary Company Overview - **Company**: BioMarin Pharmaceutical (NasdaqGS: BMRN) - **Date of Conference**: March 11, 2026 - **Key Speakers**: Brian (CFO), Cristin (Chief Commercial Officer) Key Highlights of 2025 - **Revenue Growth**: Total revenue grew by 13% in 2025, with Voxzogo revenue increasing by 26% and enzyme therapies by 9% [2][3] - **Profitability Improvement**: Earnings per share growth outpaced revenue growth, achieving over 2 times leverage on the bottom line after adjusting for special items [3] - **Amicus Acquisition**: Announcement of the acquisition of Amicus, expected to close in Q2 2026, which will add two high-growth rare disease assets to BioMarin's portfolio [3][4] 2026 Outlook - **Revenue Guidance**: Expected revenue growth in both enzyme therapies and skeletal conditions at 7%-8%, with a total revenue headwind of about 3% due to decreasing royalty and other revenues [4] - **Voxzogo Revenue Guidance**: Projected revenue for Voxzogo in 2026 is between $975 million and $1.025 billion, influenced by international market access negotiations and competitive impacts [14][15] - **Pipeline Advancements**: Anticipated phase 3 readouts for hypochondroplasia and BMN 401, with potential for significant market impact [5][47] Competitive Landscape - **Voxzogo Competition**: Voxzogo faces competition, but only 25% of its revenues are from the U.S., which is subject to competition, representing about 7% of total revenue [8][15] - **Market Positioning**: BioMarin is confident in Voxzogo's established position in the achondroplasia community, emphasizing the complexity of switching treatments for patients [7][8] Clinical Pipeline - **Hypochondroplasia**: Estimated total addressable patient population of 14,000, with a focus on increasing disease awareness and shortening diagnosis times [24][25] - **BMN 351**: A second-generation exon skipping therapy for Duchenne muscular dystrophy, showing promising early data with a target of 10% dystrophin expression [6] - **ENPP1 Deficiency**: Anticipated phase 3 data readout for BMN 401, with an estimated addressable patient population of 2,000-2,500 globally [47][48] Amicus Acquisition Impact - **Revenue Contribution**: Amicus products generated over $600 million in 2025, expected to enhance BioMarin's revenue portfolio significantly [18] - **Operational Synergies**: Anticipated operational expense synergies from integrating Amicus, with a focus on leveraging existing global capabilities [30][32] Financial Strategy - **Deleveraging Plan**: Target to reduce debt to less than 2.5 times within two years post-acquisition, with a focus on maintaining operational profitability [56][57] - **Future Business Development**: Continued interest in pipeline clinical stage transactions to enhance long-term revenue growth [58] Additional Insights - **Palynziq Expansion**: Recent label expansion for Palynziq to include adolescents, with an estimated 1,500 eligible patients in the U.S. [39][41] - **Seasonality in Revenue**: Historical trends indicate a ramp-up in revenue towards Q4, with a typical step down in Q1 due to international order timing [49][50] This summary encapsulates the key points discussed during the BioMarin Pharmaceutical FY Conference, highlighting the company's growth trajectory, competitive positioning, and strategic initiatives for the upcoming year.

Financial Data and Key Metrics Changes - Total revenues for 2025 grew by 13% to a record $3.22 billion, driven by a 9% increase in enzyme therapies revenue and a 26% rise in Voxzogo revenues [6][11] - Fourth quarter revenues reached $875 million, representing a 17% year-over-year growth, with Voxzogo delivering 31% growth and enzyme therapies achieving 13% growth [11][12] - Full-year 2025 non-GAAP diluted earnings per share was reported at $3.15, with underlying business earnings per share growing by approximately 34% [14][15] Business Line Data and Key Metrics Changes - Enzyme therapies revenue increased by 9% year-over-year for 2025, with Palynziq growing by 22% and Vimizim by 7% [13][21] - Voxzogo revenue for 2025 totaled $927 million, with 73% generated outside the United States, highlighting the company's global reach [12][13] - Palynziq is expected to remain a primary growth driver in 2026, supported by an anticipated adolescent label expansion [22] Market Data and Key Metrics Changes - Voxzogo achieved 26% year-over-year growth in 2025, with over 5,000 children treated globally by year-end [23] - The company is focusing on expanding its market presence in newly launched countries and increasing penetration in existing markets, particularly among children under two years of age [24][27] - Approximately 75% of Voxzogo's total revenues are generated from countries outside the United States, emphasizing the importance of international markets [26] Company Strategy and Development Direction - The company plans to expand its therapeutic and commercial reach through acquisitions, including Inozyme and Amicus, which will enhance its enzyme therapies portfolio [7][8] - BioMarin aims to build on Voxzogo's leadership in achondroplasia and expand its indications to include hypochondroplasia [9] - The company is actively engaged in business development targeting pipeline assets to drive long-term growth [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to sustain revenue growth and profitability, with expectations for high single-digit growth in enzyme therapies and Voxzogo in 2026 [17][19] - The company anticipates total revenues for 2026 to be in the range of $3.325 billion to $3.425 billion, excluding contributions from the Amicus acquisition [18] - Management highlighted the importance of early treatment for patients and the long-term benefits of Voxzogo, supported by extensive safety and efficacy data [39][40] Other Important Information - The company recorded approximately $240 million in special items during Q4 due to the strategic decision to withdraw Roctavian from the market [14] - BioMarin secured approximately $3.7 billion in debt financing to support the Amicus acquisition, reflecting confidence in its business outlook [15][16] Q&A Session Summary Question: Dynamics in the achondroplasia market with new oral therapies - Management noted that Voxzogo has extensive supporting evidence and long-term safety data, which may influence patient and physician decisions regarding treatment options [36][37] Question: Factors driving patient switching decisions - Management indicated that efficacy and safety are the highest priorities for patients, with long-term data playing a crucial role in the decision to switch therapies [51] Question: Expected timing for data readouts from the phase II CANOPY study - Management anticipates data in the 2027 timeframe for the CANOPY study, which includes hypochondroplasia [78] Question: Voxzogo guidance and market access considerations - Management is being cautious regarding routine market access negotiations, which may impact revenue growth but also present opportunities for broader access [81]

Financial Data and Key Metrics Changes - In 2025, total revenues grew by 13% to a record $3.22 billion, driven by a 9% increase in enzyme therapies revenue and a 26% rise in Voxzogo revenues [4][10] - For Q4 2025, total revenues reached $875 million, representing a 17% year-over-year growth, with Voxzogo delivering 31% growth and enzyme therapies achieving 13% growth [10][11] - Full-year 2025 non-GAAP diluted earnings per share was reported at $3.15, with underlying business earnings per share growing by approximately 34% [12][13] Business Line Data and Key Metrics Changes - Enzyme therapies revenue for 2025 increased by 9% year-over-year, led by 22% growth for Palynziq and 7% growth for Vimizim [11][12] - Voxzogo revenue for 2025 totaled $927 million, with approximately 73% generated outside the United States, highlighting BioMarin's global reach [11][12] - Palynziq is expected to remain the primary growth driver in the enzyme therapy portfolio, supported by an anticipated adolescent label expansion [20] Market Data and Key Metrics Changes - Voxzogo achieved 26% year-over-year growth in 2025, with over 5,000 children treated worldwide by the end of the year [21] - The company anticipates continued high patient demand across both enzyme therapies and Voxzogo in 2026, resulting in high single-digit growth rates [15][16] - Approximately 75% of Voxzogo's total revenues are generated from countries outside the United States, indicating a strong international market presence [23] Company Strategy and Development Direction - BioMarin plans to expand its therapeutic and commercial reach through acquisitions, including Inozyme and Amicus, which will enhance its enzyme therapies portfolio [5][6] - The company is focused on pipeline expansion and innovation, with several anticipated data readouts and regulatory activities planned for 2026 [26][29] - BioMarin aims to solidify its revenue growth potential and transform its cost structure to achieve a strong operating margin profile [17][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue expanding Voxzogo's market presence and achieving blockbuster status [9][10] - The company anticipates that integrating Amicus's products will significantly enhance its 2026 outlook and accelerate revenue growth through the 2030s [9][16] - Management highlighted the importance of early treatment for patients and the long-term benefits of Voxzogo, supported by extensive safety and efficacy data [38][46] Other Important Information - BioMarin made a strategic decision to withdraw Roctavian from the market, resulting in approximately $240 million in special items recorded during Q4 [12] - The company secured approximately $3.7 billion in debt financing to support the Amicus acquisition, reflecting confidence in its business and financial outlook [13][14] Q&A Session Summary Question: Dynamics in the achondroplasia market with new oral therapies - Management noted that Voxzogo has extensive supporting evidence and long-term safety data, which may influence patient and physician decisions regarding treatment options [33][34] Question: Factors driving patient switching decisions - Management indicated that efficacy and safety are the highest priorities for patients, with long-term data playing a crucial role in the decision to switch therapies [46][47] Question: Expected timing for data readouts from the phase 2 CANOPY study - Management anticipates data in the 2027 timeframe for the CANOPY study, which includes hypochondroplasia [74] Question: Voxzogo guidance and market access negotiations - Management is being cautious regarding routine market access negotiations, which may impact pricing but also provide opportunities for broader patient access [77][78]

Core Insights - BioMarin Pharmaceutical is targeting a preliminary revenue of $3.2 billion for 2025, with Voxzogo expected to contribute $920 million, reflecting a strong performance and a projected 27% year-over-year growth in Q4 [3][6] - The company is focusing on expanding Voxzogo's market presence and enhancing its enzyme therapies portfolio, alongside the strategic acquisition of Amicus, valued at $4.8 billion, which is expected to diversify and accelerate revenue growth [7][8] Revenue and Growth Projections - BioMarin anticipates Voxzogo's growth in achondroplasia will be supported by new country launches and deeper market penetration, particularly emphasizing early treatment decisions for infants [2][6] - The acquisition of Amicus is expected to be accretive within 12 months post-close and substantially accretive starting in 2027, with confidence in outperforming previous growth expectations for enzyme therapies [8][7] Strategic Focus and Pipeline Development - The company's strategy is built on three pillars: innovation, growth, and a value commitment, prioritizing pipeline programs with transformative potential, including BMN 333 and BMN 351 [5][6] - BioMarin plans to accelerate revenue through geographic expansion of Voxzogo and potential label expansions for other therapies, including Palynziq [4][6] Clinical and Regulatory Catalysts - BioMarin is preparing to file for full approval of Voxzogo with the FDA, leveraging extensive safety data and additional efficacy endpoints [11] - Upcoming regulatory actions include an FDA PDUFA date for Palynziq's adolescent label expansion and significant data readouts for BMN 351 and BMN 333 [12][10][13] Competitive Dynamics and Intellectual Property Strategy - The company is committed to defending its intellectual property for Voxzogo, including seeking orphan drug exclusivity and engaging in ongoing litigation to protect its market position [15][16] - BioMarin views BMN 333 as a potential long-term game changer for achondroplasia, based on its promising exposure profile [16]

BioMarin Pharmaceutical FY Conference Summary Company Overview - **Company**: BioMarin Pharmaceutical (NasdaqGS: BMRN) - **Event**: FY Conference held on January 12, 2026 - **CEO**: Alexander Hardy Key Industry Insights - BioMarin is a leader in genetically defined conditions with a strong track record of innovation, having six first-in-disease treatments and many best-in-disease treatments [6][7] - The company operates in 80 countries and has significant R&D capabilities and in-house manufacturing [6][7] Core Financial Highlights - Preliminary revenue for 2025 is projected at **$3.2 billion**, with a **15% CAGR** over the last two years [9][21] - Voxzogo, a treatment for achondroplasia, is expected to generate **$920 million** in revenue for 2025, reflecting a **27% year-over-year growth** [19][21] Strategic Pillars 1. **Innovation**: Focus on transformative potential in the pipeline, with key assets like 333 and 351 showing promise [8][12] 2. **Growth**: Significant growth rates driven by enzyme therapies and the expansion of Voxzogo into new indications and countries [9][10] 3. **Value Commitment**: Cost transformation efforts have identified **$500 million** in cost reductions, enhancing profitability and cash flow [10] Amicus Acquisition - BioMarin announced the acquisition of Amicus for an equity value of **$4.8 billion**, which is expected to enhance revenue growth and diversify the revenue base [14][15] - Key products from Amicus include: - **Galafold** for Fabry disease, currently available in **40 countries**, with plans to expand to BioMarin's **80-country footprint** [16][17] - **Pombiliti** for Pompe disease, currently reimbursed in **15 countries**, with potential for significant growth [18] Pipeline and R&D Updates - Upcoming catalysts include: - Filing for full approval of Voxzogo in achondroplasia [12][34] - Two phase 3 data readouts and label expansions expected within the year [12][24] - BMN 351 for Duchenne muscular dystrophy showing promising early results [24][25] - BMN 333 for achondroplasia demonstrating over **13-fold** increase in free CNP exposure [28] Market Position and Competition - BioMarin is focused on defending its market position for Voxzogo against potential competitors by leveraging its established safety profile and efficacy data [49][50] - The company has petitioned for orphan drug exclusivity to delay the approval of competing products for **three more years** [49] Future Outlook - BioMarin aims for sustained double-digit CAGR growth into the 2030s, supported by the integration of Amicus products and ongoing pipeline developments [22][37] - The company is optimistic about its ability to reach more patients and enhance treatment options through its expanded portfolio [15][51] Additional Notes - The adherence rate for Voxzogo is approximately **90%**, indicating strong patient retention [45] - The company emphasizes the importance of early diagnosis and treatment in achondroplasia, which is expected to drive future growth [39][40]

Acquisition Details - BioMarin Pharmaceutical has agreed to acquire Amicus Therapeutics for $4.8 billion, gaining two marketed drugs for rare diseases and a third asset in late-stage testing [1][2] - The acquisition is an all-cash deal, with BioMarin paying $14.50 per Amicus share, representing a 33% premium over Amicus' closing stock price prior to the announcement [2] Financial Impact - BioMarin anticipates that Amicus' medicines will enhance its long-term revenue growth through 2030 and beyond, with Galafold generating $371 million in revenue for Amicus in the first nine months of the year [3] - Amicus' second marketed product, a combination of Pombiliti and Opfolda, recorded $77 million in revenue during the same period [4] - If the acquisition closes, BioMarin's marketed therapies will increase to 10, contributing to a reported net product revenue of $2.3 billion from January to September, an 11% year-over-year increase [5] Strategic Fit - BioMarin's CEO described Amicus as an "exceptional strategic fit," expecting the deal to be accretive to non-GAAP diluted earnings per share within a year of closing [7] - Amicus has a potentially first-of-its-kind treatment for FSGS, an uncommon kidney disease, which could further expand BioMarin's portfolio [6]

Core Insights - Amicus is a rare disease-focused biotech company with three programs, each having a potential market opportunity of $1 billion, currently at different development stages [1] - The company is expected to turn profitable in the second half of the year and maintains a strong cash position [1] Product Performance - Galafold, the first approved product for Fabry disease, was launched in 2016 and is projected to achieve 10% to 15% growth this year, with sales exceeding $500 million [2] - Pombiliti, Opfolda, is in the early stages of its launch after receiving approval in 2023, indicating potential for future growth [2]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.1 million, a 19% increase compared to Q3 2024, with a 17% growth at constant exchange rates [23] - GAAP net income for Q3 2025 was $17.3 million, or $0.06 per share, compared to a net loss of $6.7 million, or $0.02 per share, in Q3 2024, marking the first quarter of positive GAAP net income in 2025 [24][25] - Non-GAAP net income for Q3 2025 was $54.2 million, or $0.18 per share, compared to $30.8 million, or $0.10 per share, in the same quarter last year [25] Business Line Data and Key Metrics Changes - Galafold revenue reached $138.3 million, up 12% at constant exchange rates and 15% in reported terms, with a year-over-year patient demand increase of 13% [10] - Pombiliti and Opfolda generated $30.7 million in revenue for Q3, a 42% increase at constant exchange rates and 45% in reported terms, with year-to-date growth of 59% at CER [14] Market Data and Key Metrics Changes - Approximately 69% of the global market share of treated Fabry patients with amenable mutations is held by Galafold [10] - The U.S. represented approximately 43% of Pombiliti and Opfolda revenue, while ex-U.S. accounted for 57% [15] Company Strategy and Development Direction - The company aims to achieve combined sales of $1 billion for its two commercial products by 2028, supported by growing diagnostic rates and patient access [7] - The company is advancing the development of DMX-200, a therapy for FSGS, with over 90% enrollment in the ACTION3 pivotal study expected to complete by year-end [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit revenue growth in the Fabry and Pompe core business, driven by record demand and robust new patient starts [5] - The company anticipates positive GAAP net income for the second half of 2025 and reiterated full-year financial guidance for 2025, projecting total revenue growth of 15%-22% [26][27] Other Important Information - The company highlighted the significant unmet need in Fabry disease, with over 6,000 diagnosed patients remaining untreated, indicating a larger market opportunity for Galafold [12] - The company is focused on expanding its market presence and increasing patient compliance and adherence rates above 90% [16] Q&A Session Summary Question: Reception of Pombiliti in the U.S. and real-world evidence impact - Management noted that the label for Pombiliti has been well received, with ongoing studies expected to support label expansion for pediatric patients [32] - Real-world evidence is increasingly important in discussions with physicians, and the company plans to continue supporting publications and presentations [33][34] Question: U.S. new patient starts and revenue trajectory for 2026 - Management reported significant increases in new patient starts in Q3 and expressed confidence in continued momentum into 2025 [42] - The company is focused on expanding its sales force and enhancing real-world evidence to drive revenue growth [43] Question: Galafold patient adds from core vs. emerging countries - The growth in patient adds is primarily driven by core countries, with a significant number of naive patients being diagnosed [48][49] Question: DMX-200 candidate selection based on MCP-1 levels - Management indicated that higher MCP-1 levels correlate with more robust responses to DMX-200, and they are measuring MCP-1 throughout the phase three study [54][55] Question: Impact of Biosecure 2.0 on Pombiliti usability in the U.S. - Management expressed confidence in maintaining a stable supply from the Ireland facility and highlighted the importance of providing evidence to physicians regarding Pombiliti [59][60] Question: Timing for infantile onset Pompe disease label expansion - Management anticipates a submission for adolescent patients mid-next year, with further progress expected for infantile onset patients thereafter [66][68] Question: Commercial trajectory of Pombiliti and market share expectations - Management is confident in continued growth and aims for over 50% market share at peak for Pombiliti, with a target of exceeding $1 billion in revenue [71][72]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.1 million, a 19% increase compared to Q3 2024, with a 17% growth at constant exchange rates [23] - GAAP net income for Q3 2025 was $17.3 million, or $0.06 per share, compared to a net loss of $6.7 million, or $0.02 per share, in Q3 2024, marking the first quarter of positive GAAP net income in 2025 [24][25] - Non-GAAP net income for Q3 2025 was $54.2 million, or $0.18 per share, compared to $30.8 million, or $0.10 per share, in the same quarter last year [25] Business Line Data and Key Metrics Changes - Galafold revenue reached $138.3 million, up 12% at constant exchange rates and 15% in reported terms, with a year-over-year patient demand increase of 13% [10][11] - Pombiliti and Opfolda generated $30.7 million in revenue for Q3 2025, reflecting a 42% increase at constant exchange rates and 45% in reported terms, with year-to-date growth of 59% at CER [14][15] Market Data and Key Metrics Changes - The U.S. represented approximately 43% of Pombiliti and Opfolda revenue, while ex-U.S. accounted for 57% [15] - Galafold holds approximately 69% of the global market share of treated Fabry patients with amenable mutations [10] Company Strategy and Development Direction - The company aims to achieve combined sales of $1 billion for its two commercial products by 2028, supported by strong growth in patient demand and market penetration [7][8] - The company is advancing the development of DMX-200, a first-in-class therapy for FSGS, with over 90% enrollment in the ACTION3 pivotal study expected to complete by year-end [8][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit revenue growth in the Fabry and Pompe core business, driven by record demand and new patient starts [5][6] - The company anticipates positive GAAP net income for the second half of 2025, reinforcing its financial discipline and growth trajectory [24][26] Other Important Information - The company is focused on expanding its market presence and improving patient access, particularly in underdiagnosed populations [12][13] - The company is working on enhancing awareness and diagnosis of Fabry disease through initiatives like the Finding Fabry campaign [13] Q&A Session Summary Question: Reception of Pombiliti label and real-world evidence impact - Management noted that the label for Pombiliti has been well received, with ongoing studies expected to support label expansion for pediatric patients [32] - Real-world evidence is increasingly important in discussions with physicians, with positive feedback on durability and effectiveness from clinical trials [34] Question: U.S. new patient starts and revenue trajectory for 2026 - Management confirmed that Q3 saw the largest net commercial demand for Pombiliti and Opfolda, with significant increases in prescriptions and improved reimbursement times [42] - The company is optimistic about continued momentum into 2025, with plans to expand into new markets and enhance real-world evidence [43] Question: Galafold patient additions from core vs. emerging countries - The growth in Galafold patient additions is primarily driven by core countries, with a significant number of naive patients being diagnosed [48] Question: DMX-200 candidate selection based on MCP-1 levels - Management indicated that while there is no defined threshold for MCP-1 levels for DMX-200 candidates, higher levels may correlate with better responses [54] Question: Impact of Biosecure 2.0 on Pombiliti usability - Management expressed confidence in maintaining a stable supply from the Ireland facility, which is expected to enhance the usability of Pombiliti in the U.S. [59] Question: Timing for infantile onset Pompe disease label expansion - Management anticipates a submission for adolescent patients by mid-next year, with further expansions for younger patients and infantile onset following [66][68] Question: Commercial trajectory of Pombiliti in 2026 - Management is confident in strong growth for Pombiliti, aiming for over 50% market share at peak, with a trajectory towards $1 billion in revenue [71][72]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 reached $169.1 million, a 19% increase year-over-year, with a 17% growth at constant exchange rates [22] - GAAP net income was $17.3 million, or $0.06 per share, compared to a net loss of $6.7 million, or $0.02 per share, in Q3 2024, marking the first quarter of positive GAAP net income in 2025 [24] - Non-GAAP net income was $54.2 million, or $0.18 per share, compared to $30.8 million, or $0.10 per share, in the same quarter last year [24] Business Line Data and Key Metrics Changes - Galafold revenue reached $138.3 million, up 12% at constant exchange rates and 15% in reported terms, with a 13% year-over-year increase in patient demand [8][22] - Pombiliti and Opfolda generated $30.7 million in revenue for Q3, a 42% increase at constant exchange rates and 45% in reported terms, with year-to-date growth of 59% at CER [12][22] Market Data and Key Metrics Changes - Approximately 69% of the global market share of treated Fabry patients with amenable mutations is held by Galafold, with a significant opportunity for further market penetration [8] - The U.S. represented approximately 43% of Pombiliti and Opfolda revenue, while ex-U.S. accounted for 57% [13] Company Strategy and Development Direction - The company aims to achieve combined sales of $1 billion for its two commercial products by 2028, supported by strong growth in Galafold and Pombiliti and Opfolda [5][6] - The company is advancing the development of DMX-200, a late-stage therapy for FSGS, with over 90% enrollment in the ACTION3 pivotal study [6][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining double-digit revenue growth in the Fabry and Pompe core business, driven by record demand and new patient starts [4][5] - The company anticipates positive GAAP net income for the second half of 2025 and reiterated full-year financial guidance for total revenue growth of 15%-22% [25][24] Other Important Information - The company is focused on expanding its market presence and improving patient access, with ongoing efforts to enhance awareness and diagnosis of Fabry disease [10][11] - The company has secured reimbursement in 15 countries for Pombiliti and Opfolda, with plans to launch in up to 10 new countries in 2024 [16] Q&A Session Summary Question: Can you discuss the reception of Pombiliti's label and real-world evidence? - Management noted that the label has been well received, with ongoing studies expected to support label expansion, particularly for pediatric patients [30] Question: What is the status of new patient starts in the U.S. for Pompe? - Management reported significant increases in new patient starts and improved time to reimbursement, contributing to strong growth [38] Question: How should we think about the commercial trajectory of Pombiliti in 2026? - Management expressed confidence in continued momentum and expects strong growth, aiming for over 50% market share at peak [64]