Q1 revenues climb 25% for BioMarin
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) announced Wednesday a 25% increase in revenue for the first quarter ending March 31, 2020.
Revenue reached $502.1 million for Q1, compared to $400.7 million from the same period in 2019.
Its stock closed at $94.71 a share, up 22 cents on Wednesday.
The revenue hike was attributed by the company as coming not only from a reduction in research and development expenses by more than $40 million, but sales growth for six products.
The San Rafael-based company markets these products mostly to treat rare genetic diseases as an enzyme replacement therapy.
The six medications include Palynziq, Kuvan, Brineura, Aldurazyme, Vimizim and Nagalzyme. The latter two pharmaceuticals were largely driven by increased sales in lump sums to Brazil.
“That’s what we traditionally see in Brazil,” BioMarin spokeswoman Debra Charlesworth said. The North Bay biomed company markets to small markets in 75 countries.
BioMarin reported a GAAP net income of $81.4 million for 2020's first quarter compared to a $56.5 million loss in the same period in 2019. GAAP net income takes into account stock payments the company pays its employees.
The company predicts a 5% year-to-year revenue growth for 2020, ranging from $1.85- to $1.95 billion, based on an assumptive return to a normalized pattern.
Still, one factor that threatens the global economy and health could be at play this year. For that, Chief Executive Officer Jean-Jacques Bienaime commended his staff for working amid adverse conditions.
“With the arrival of COVID-19 to the many regions where we do business, BioMarin employees performed in unprecedented ways to ensure the continued supply of our critically-important medicines to the people we serve,” he said.
Many of BioMarin’s patient customers rely on the medications for weekly and biweekly injections.