Rare Disease-Focused BioMarin Narrows Sales Focus, Cuts Cost For Hemophilia A Gene Therapy; Lifts Annual Guidance
Portfolio Pulse from Vandana Singh
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has announced a strategic update focusing its Roctavian business on the U.S., Germany, and Italy, where the treatment is approved and reimbursed. The company plans to reduce annual Roctavian expenses to $60 million by 2025 and expects the treatment to be profitable by the end of that year. BioMarin reported strong Q2 results with an adjusted EPS of $0.96, beating the consensus of $0.35, and sales of $712.03 million, driven by Voxzogo and Naglazyme. The company raised its 2024 revenue guidance to $2.75-$2.825 billion and adjusted EPS guidance to $3.10-$3.25. William Blair maintains an Outperform rating on the stock.
August 06, 2024 | 7:06 pm
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BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) has announced a strategic update focusing its Roctavian business on the U.S., Germany, and Italy, where the treatment is approved and reimbursed. The company plans to reduce annual Roctavian expenses to $60 million by 2025 and expects the treatment to be profitable by the end of that year. BioMarin reported strong Q2 results with an adjusted EPS of $0.96, beating the consensus of $0.35, and sales of $712.03 million, driven by Voxzogo and Naglazyme. The company raised its 2024 revenue guidance to $2.75-$2.825 billion and adjusted EPS guidance to $3.10-$3.25. William Blair maintains an Outperform rating on the stock.
The strategic focus on key markets and cost reduction for Roctavian, along with strong Q2 results and raised guidance, are positive indicators for BioMarin's short-term stock performance. The market has already reacted positively with a 7.69% increase in stock price.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100