BioMarin Pharmaceutical of Marin County reports record Q1 revenues as new drug launches

BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) on Wednesday reported first-quarter revenues in 2022 of $519.4 million, an increase of 7% from the same period a year before.

The San Rafael-based company’s quarter ended March 31.

“We (began) 2022 from a position of financial strength, including significant contributions from our newest product, Voxzogo, the only approved therapy for children with achondroplasia,” Jean-Jacques Bienaimé, chairman and CEO of BioMarin, said on Wednesday’s earnings call. Achondroplasia is a rare bone disease that causes dwarfism and creates functional problems because the rest of the body is disproportionate.

“As we stated last quarter, in 2022 we expect to return to double-digit revenue growth and profitability,” Bienaimé said. “We begin the journey with record first-quarter revenues, and foresee continued momentum based on the essential nature of our innovative medicines for our patients around the world.”

BioMarin is a global biotechnology company that develops and commercializes innovative therapies for people with serious and life-threatening rare diseases and medical conditions.

The company reported first-quarter earnings of $120.8 million, or 63 cents per share, up nearly 600% from $17.4 million a year before, or 9 cents a share. Quarterly earnings, adjusted for one-time gains and the costs, were 55 cents per share.

BioMarin’s revenue and earnings results surpassed Wall Street expectations, according to The Associated Press, citing Zacks Investment Research surveys of multiple analysts.

BioMarin expects full-year revenue of $2.05 billion to $2.15 billion.

Wednesday at the market close, the stock was $80.31, up 1.29%. After hours, the stock rose to $83 a share, up another 2.69%.