BioMarin Pharmaceutical exceeded earnings and revenue expectations in its Q4 2024 financial results.
BioMarin Pharmaceutical (BMRN 1.16%), a leader in developing innovative therapies for rare genetic disorders, reported fourth-quarter 2024 financial results on Wednesday, Feb. 19, that topped analysts’ consensus expectations. Adjusted earnings per share (EPS) reached $0.92, significantly outperforming the anticipated $0.53. Revenue in Q4 hit $747 million, exceeding the estimated $712 million and rising 16% year over year.
The quarter was marked by strong financial performance, underpinned by strategic expansions in its product lines.
| Metric | Q4 2024 | Analysts’ Estimate | Q4 2023 | Change (YOY) |
|---|---|---|---|---|
| Adjusted EPS | $0.92 | $0.53 | $0.49 | 88% |
| Revenue | $747 million | $712 million | $646 million | 16% |
| Adj. income | $180 million | N/A | $95 million | 90% |
| Net income | $125 million | N/A | $20 million | 525% |
Source: BioMarin Pharmaceutical. Note: Analyst consensus estimates for the quarter provided by FactSet. YOY = Year over year.
About BioMarin Pharmaceutical
BioMarin Pharmaceutical focuses on delivering treatments for rare genetic disorders, characterized by its strategic growth in global markets. Voxzogo continues as a critical driver of revenue growth. The company prioritizes building a robust research and development (R&D) pipeline, advancing scientific innovation, and expanding its presence across global markets.
BioMarin’s revenue largely comes from a few key products, notably Voxzogo and enzyme therapies. It has achieved strong growth through regulatory approvals and market expansion initiatives, positioning itself to address untapped needs in the genetic disorder sector. As the company evolves, managing its competitive landscape and operational costs remains essential.
Quarter in Review
In the fourth quarter, BioMarin’s growth was driven by Voxzogo, with a 42% rise in quarterly revenue year over year, contributing $208 million this quarter. Government orders and new patient acquisitions also fueled enzyme therapy revenue, which grew by 9%.
BioMarin reported noteworthy regulatory advancements, including guidance on achondroplasia screening and extending Voxzogo availability to 47 countries, with ambitions to reach 60 markets by 2027. The R&D pipeline progressed with new dosing for BMN 333 and ongoing clinical strides within its Canopy program. Positive advancements projected 2025 clinical read-outs for BMN 351 and BMN 333, which harbor the potential for significant future market impact.
Despite such gains, BioMarin acknowledged heightened costs, with increased SG&A expenses partly offsetting gains. These operational challenges are due, in part, to competitive tensions and cost of goods sold, primarily from inventory adjustments. The company is proactive in expanding its margins while responding to competitive threats within the market.
GAAP net income showcased substantial improvement, rising to $125 million from a mere $20 million in the previous year — a 525% increase. This was primarily due to revenue growth, particularly from Voxzogo, which continues to gain market traction and forge pathways for future developments.
Looking Ahead
BioMarin’s forward outlook suggests continued robust revenue growth throughout 2025, with projections indicating a 10% increase, fueled by Voxzogo and its enzyme portfolios. Management anticipates substantial gains in efficiency, targeting a 40% non-GAAP operating margin by 2026, and is working towards achieving $4 billion in annual revenue by 2027.
Investors should watch for further expansion of BioMarin’s pipeline, particularly in geometric expansion and innovation progress in its skeletal conditions business unit. With planned regulatory milestones and refined cost management strategies, the company is positioned for sustained growth. Additionally, BioMarin remains vigilant in competitive defense, managing risks and leveraging its potential into new markets and therapeutic areas.
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