BioMarin's third quarter performance showed strong revenue growth and profitability expansion, supported by successful commercial execution and strategic initiatives. However, challenges in Roctavian revenue and increased competition in the achondroplasia market introduce some risks.

Company Guidance

In the third quarter of 2024, BioMarin Pharmaceuticals reported record revenues of $746 million, marking a 28% increase compared to the same period in 2023. The financial performance was bolstered by a 50% revenue growth in Voxzogo, driven by new patient starts and expanded indications, while enzyme therapies contributed a 27% increase in revenue, aided by substantial Aldurazyme orders. The company raised its full-year revenue guidance to between $2.79 billion and $2.825 billion, anticipating a 16% year-over-year growth at the midpoint. BioMarin also achieved a non-GAAP operating margin of 28% in the quarter, with non-GAAP EPS nearly doubling to $0.91. The company aims to achieve approximately $4 billion in total revenues by 2027 and grow its non-GAAP operating margin to the low mid-40% range over time.

Record Revenue Growth

BioMarin reported another quarter of record financial results with revenues reaching $746 million, marking a robust 28% increase compared to the same period in 2023.

Voxzogo Revenue Surge

Voxzogo revenue grew by 50% year-over-year for the treatment of achondroplasia, driven by increased penetration in the U.S. and new geographies.

Strong Enzyme Therapy Performance

The enzyme therapies portfolio showed a 27% revenue growth in Q3 and 13% year-to-date growth, driven by increased Aldurazyme revenue and strong patient uptake.

Increased Full-Year Guidance

BioMarin increased its full-year revenue guidance to between $2.79 billion and $2.825 billion, representing approximately 16% year-over-year growth at the midpoint.

Profitability Expansion

Year-to-date non-GAAP EPS grew more than 3x faster than revenue, and non-GAAP operating margin was 28% for the third quarter.

Strong Cash Flow and Debt Management

Operating cash flows totaled $221 million in Q3, an increase of 63% compared to the previous year, and the company retired $495 million of convertible debt.

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BioMarin Pharmaceutical (BMRN) Earnings, Revenues Date & History

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BMRN Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Feb 20, 2025	2024 (Q4)	0.55 / -	0.11	―	―	―
Oct 29, 2024	2024 (Q3)	0.53 / 0.55	0.21	161.90% (+0.34)
Aug 05, 2024	2024 (Q2)	0.36 / 0.55	0.29	89.66% (+0.26)
Apr 24, 2024	2024 (Q1)	0.31 / 0.46	0.27	70.37% (+0.19)
Feb 22, 2024	2023 (Q4)	0.20 / 0.11	0	―
Nov 01, 2023	2023 (Q3)	0.22 / 0.21	-0.04	625.00% (+0.25)
Jul 31, 2023	2023 (Q2)	0.21 / 0.29	0.15	93.33% (+0.14)
Apr 26, 2023	2023 (Q1)	0.15 / 0.27	0.63	-57.14% (-0.36)
Feb 27, 2023	2022 (Q4)	-0.06 / 0.00	-0.32	―
Oct 26, 2022	2022 (Q3)	-0.01 / -0.04	-0.2	80.00% (+0.16)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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BMRN Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 29, 2024	$69.91	$66.68	-4.62%
Aug 05, 2024	$80.47	$86.87	+7.95%
Apr 24, 2024	$91.20	$82.17	-9.90%
Feb 22, 2024	$89.97	$91.24	+1.41%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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