BioMarin Pharmaceutical (BMRN) Q3 2024 earnings summary

Executive summary

• Achieved 28% year-over-year revenue growth in Q3 2024, reaching $746 million, driven by strong performance in VOXZOGO and enzyme therapies, with net income more than doubling to $106 million.

• VOXZOGO revenues grew 54% year-over-year to $190 million, with global patient growth and expansion plans for over 20 additional countries by 2027.

• Enzyme Therapies portfolio delivered $509 million in Q3, up 27% year-over-year, with broad-based product growth including Aldurazyme, Palynziq, Naglazyme, and Vimizim.

• Strategic restructuring included business unit realignment, portfolio assessment, and workforce reduction of about 395 employees to enhance efficiency and profitability.

• Leadership team strengthened with new appointments, supporting execution of innovation and growth strategy.

Financial highlights

• Q3 2024 total revenue was $746 million, up 28% year-over-year; year-to-date revenue reached $2.11 billion, up 19%.

• Q3 GAAP net income was $106 million, with diluted EPS of $0.55 (+162% year-over-year); non-GAAP diluted EPS was $0.91 (+98%).

• Operating cash flow for Q3 was $221 million, up 63% year-over-year.

• Gross margin was 75%, impacted by product mix and ROCTAVIAN inventory reserves.

• Total cash and investments at quarter-end were approximately $1.5 billion.

Outlook and guidance

• Full-year 2024 revenue guidance raised to $2.79–$2.825 billion, representing ~16% growth at midpoint.

• Non-GAAP operating margin guidance increased to 26.5–27.5%, a 7.6 percentage point expansion over 2023.

• Non-GAAP EPS guidance raised to $3.25–$3.35.

• Long-term targets reaffirmed: $4 billion revenue by 2027, 40%+ operating margin from 2026, and mid-teen CAGR through 2034.