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 (DE:BM8) Earnings, Revenues Date & History

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DE:BM8 Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Aug 02, 2018	2018 (Q2)	- / -0.09	-0.205	57.14% (+0.12)	―	―
Oct 25, 2018	2018 (Q3)	- / -0.07	-0.068	0.00% (0.00)	―	―
Feb 21, 2019	2018 (Q4)	- / -0.03	-0.293	90.00% (+0.26)	―	―
Apr 25, 2019	2019 (Q1)	- / -0.31	-0.254	-23.08% (-0.06)	―	―
Aug 01, 2019	2019 (Q2)	- / -0.20	-0.088	-133.33% (-0.12)	―	―
Oct 23, 2019	2019 (Q3)	- / 0.29	-0.068	528.57% (+0.36)	―	―
Feb 26, 2020	2019 (Q4)	- / 0.08	-0.029	366.67% (+0.11)	―	―
Apr 29, 2020	2020 (Q1)	- / 0.43	-0.312	237.50% (+0.74)	―	―
Aug 04, 2020	2020 (Q2)	- / -0.16	-0.205	23.81% (+0.05)	―	―
Nov 05, 2020	2020 (Q3)	- / 3.91	0.293	1236.67% (+3.62)	―	―

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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DE:BM8 Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Oct 29, 2024	€64.66	€62.30	-3.65%
Aug 05, 2024	€73.44	€77.42	+5.42%
Apr 24, 2024	€86.26	€80.74	-6.40%
Feb 22, 2024	€82.00	€83.08	+1.32%

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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