BioMarin Pharmaceutical Q2 revenue up 6% from year ago
BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) reported second-quarter revenue of $533.8 million, up 6% from the same period ending June 30 in 2021.
The revenue also came in higher than last quarter’s $519.4 million, the San Rafael-based company reported Wednesday, highlighting seven approved products listed as rare disease therapies.
Collectively, the two quarters in 2022 added up to revenue topping $1 billion.
Brian Mueller, chief financial officer, said the half-year report marks the first time the company has hit the $1 billion milestone.
“That’s pretty significant to us,” he told the Business Journal.
Company officials attributed much of the biomed company’s success this quarter to last fall’s approval from the U.S. Food and Drug Administration and the subsequent release of Voxzogo, which treats a rare genetic bone disease.
This medication is provided to children ages 2 through teenage years, who are diagnosed with achondroplasia — a type of dwarfism. Achondroplasia occurs in 1 in 25,000 births.
“There are 20,000 patients in the world that can benefit from this drug,” Mueller said.
Voxzogo, which costs annually about $240,000 for daily injections, contributed $34 million to the revenue tally. The other six medical treatments include: Vimizim, Naglazyme, Palynziq, Kuvan, Brineura and Aldurazyme.
As the company fills out the rest of the year, all eyes remain on the supply chain, Mueller pointed out. Supplies used in packaging, in particular vials, are necessary in the pharmaceutical development business. He said BioMarin planned ahead by lining up supplies internally and externally to overcome global supply chain shortages.
The CFO added the company is closely watching “inflation risks,” which may impose cost increases on supplies.
For now, Mueller said he’s “pleased” with the results, and so is the executive at the helm.
“We were thrilled to receive commercial approval in both Japan and Australia in the quarter. As we said previously, in 2022, we expect to return to double-digit revenue growth and profitability, and we are tracking to plan as demonstrated by record revenues in both the first and second quarters of this year," Chairman and CEO Jean-Jacques Bienaime said in a statement.
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 Marin County company’s revenue and earnings results have surpassed Wall Street expectations, according to the Associated Press using Zacks Investment Research surveys.
Full-year revenue expectations this year range from $2 billion to $2.1 billion.
BioMarin stock closed Thursday 5.18% higher at $92.98.
Susan Wood covers law, cannabis, production, tech, energy, transportation, agriculture as well as banking and finance. For 27 years, Susan has worked for a variety of publications including the North County Times, Tahoe Daily Tribune and Lake Tahoe News. Reach her at 530-545-8662 or susan.wood@busjrnl.com.
