BioMarin shares fall on slightly lower revenue despite EPS beat

SAN RAFAEL, Calif. – Shares of BioMarin Pharmaceutical Inc. (NASDAQ: ) fell 3.51% after the company reported first-quarter 2024 revenue that was slightly below expectations, although earnings per share (EPS) beat analysts teacher’s expectations. The biotech company reported adjusted earnings of $0.71 per share, beating the consensus estimate of $0.32 by $0.39. However, revenue for the quarter was $649 million, slightly below the consensus estimate of $649.27 million.

The company's total revenue increased by 9% year-on-year to US$648.8 million, of which VOXZOGO net product revenue increased significantly by 74%, reaching US$153 million in the first quarter. This increase was primarily due to a significant increase in the number of children treated with VOXZOGO, which more than doubled compared to the same period last year. While overall revenue grew, it was down slightly from analysts' expectations, leading to a negative reaction from the stock market.

BioMarin President and CEO Alexander Hardy attributed the season's success to strong demand for VOXZOGO, the only approved treatment for achondroplasia in children, as well as solid contributions from existing enzyme products. Hardy noted that the strategic R&D asset review accelerated implementation of the company's three highest value projects.

Looking ahead, BioMarin reiterated full-year 2024 revenue guidance, projecting revenues of $2.7 billion to $2.8 billion. The company also raised its guidance for adjusted operating margin and earnings per share, now forecasting an EPS range of $2.75 to $2.95, compared with analysts' consensus estimate of $2.75. The improvement in profit guidance reflects planned operating expense cuts following the termination of certain early-stage research and development projects.

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BioMarin's strategic priorities for the remainder of the year include maximizing the VOXZOGO opportunity and addressing reimbursement and market access challenges for ROCTAVIAN, a treatment for severe hemophilia A. Drive value creation for shareholders.

Investors and analysts are likely to keep a close eye on BioMarin's progress on VOXZOGO and its pipeline development, as well as the company's ability to carve out a market access landscape for its therapy.

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