BioMarin Pharmaceutical (BMRN) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 revenue of $712 million, up 20% year-over-year, driven by strong global demand for VOXZOGO and enzyme therapies, with VOXZOGO revenues rising 62% to $184 million and 3,500 children treated globally.

• Net income for Q2 2024 was $107.2 million, nearly doubling from $56.0 million in Q2 2023, reflecting improved operating performance and higher sales volumes.

• Raised full-year 2024 revenue guidance to $2.75–$2.825 billion and increased non-GAAP EPS guidance to $3.10–$3.25, with profitability expected to be weighted to the first half of 2024.

• Announced a focused strategy for ROCTAVIAN, prioritizing the US, Germany, and Italy, with a cost envelope of $60 million for 2025 and a goal of profitability by year-end 2025.

• Completed a strategic portfolio assessment, prioritizing high-impact R&D programs, discontinuing certain others, and implementing a 5% workforce reduction.

Financial highlights

• Q2 2024 total revenues reached $712 million, a 20% increase year-over-year and 25% on a constant currency basis; H1 2024 revenues were $1.36 billion, up 14% year-over-year.

• VOXZOGO revenue grew 62% year-over-year to $184 million; enzyme therapies contributed $482 million, with NAGLAZYME up 47% and PALYNZIQ up 18%.

• Q2 non-GAAP operating margin was 31.2% (up from 21.7%); GAAP diluted EPS was $0.55 (up 90%), and non-GAAP diluted EPS was $0.96 (up 78%).

• Net cash provided by operating activities was $165.7 million for H1 2024, compared to a $3.9 million outflow in the prior year period.

• Cash, cash equivalents, and investments totaled $1.78 billion as of June 30, 2024.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $2.75–$2.825 billion, reflecting ~15% growth at midpoint.

• Non-GAAP EPS guidance increased to $3.10–$3.25; non-GAAP operating margin guidance raised to 26–27%.

• ROCTAVIAN expected to be profitable by end of 2025, with annual direct expenses reduced to ~$60 million.

• Guidance does not reflect potential future business decisions from ongoing strategic review.

• Continued focus on expanding VOXZOGO indications and driving patient growth globally.