Biomarin Pharmaceutical Inc. ( (BMRN) ) has released its Q4 earnings. Here is a breakdown of the information Biomarin Pharmaceutical Inc. presented to its investors.
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BioMarin Pharmaceutical Inc. is a global biotechnology company based in San Rafael, California, that focuses on developing and commercializing innovative therapies for rare genetic conditions. The company has a robust pipeline and eight commercial therapies that address unmet medical needs.
BioMarin Pharmaceutical Inc. has reported strong financial results for the fourth quarter and full year of 2024, showcasing record revenues and net income growth. The company achieved a total revenue of $2.85 billion for the year, representing an 18% increase compared to 2023. These results were driven by the successful execution of their operational transformation and the expansion of key products such as VOXZOGO.
The company’s financial highlights include a 42% increase in VOXZOGO revenues for the fourth quarter and a 56% growth for the entire year. Additionally, BioMarin’s Enzyme Therapies saw a 9% revenue increase in the fourth quarter, contributing to the overall growth. The GAAP net income surged by 154% for the full year, while the non-GAAP income increased by 69%, reflecting the company’s focus on operational efficiency and strategic portfolio management.
Looking ahead, BioMarin aims to continue its growth trajectory in 2025, with expectations of double-digit revenue and profitability growth. The company plans to focus on expanding VOXZOGO’s global reach and advancing its clinical pipeline, including BMN 351 and BMN 333, to enhance its leadership in treating genetically defined conditions.
BioMarin remains optimistic about its future prospects, with a strategic plan in place to achieve its targeted total revenues of approximately $4 billion by 2027. The company is committed to furthering its cost transformation program and operational efficiencies to drive sustainable growth and deliver breakthrough medicines to patients worldwide.
