Biomarin's Q2 Beat Street View, Raises Voxzogo Annual Guidance Driven By Global Demand
Portfolio Pulse from Vandana Singh
Biomarin Pharmaceutical Inc (NASDAQ:BMRN) reported a Q2 adjusted EPS of $0.54, beating the consensus of $0.47. The company's revenue rose 12% to $595.3 million, surpassing the consensus of $518.91 million. Sales of Voxzogo drug increased 229% to $113.3 million due to global expansion and patient uptake. The company raised its FY23 Voxzogo sales forecast to $400 million-$440 million from $380 million-$430 million. BMRN shares are down 0.36% at $87.61 premarket.
August 01, 2023 | 1:27 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Biomarin's Q2 earnings beat estimates and the company raised its FY23 Voxzogo sales forecast. However, the stock is down in premarket trading.
Biomarin's strong Q2 results and raised sales forecast for Voxzogo indicate a positive outlook for the company. However, despite the positive earnings report, the stock is down in premarket trading, suggesting that the market may have already priced in the positive news or there may be other factors at play affecting the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100