SAN RAFAEL, Calif. - Shares of BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) fell 3.51% after the company reported a slight miss on revenue expectations for the first quarter of 2024, despite surpassing analyst estimates for earnings per share (EPS). The biotechnology firm reported an adjusted EPS of $0.71, which was $0.39 higher than the consensus estimate of $0.32. However, revenue for the quarter was $649 million, just shy of the consensus estimate of $649.27 million.
The company's total revenues saw a 9% increase year-over-year (YoY) to $648.8 million, with a notable 74% increase in VOXZOGO net product revenues, which reached $153 million in the first quarter. This growth was primarily driven by a significant rise in the number of children treated with VOXZOGO, which more than doubled YoY. Despite the overall revenue growth, the slight miss compared to analyst expectations led to a negative response in the stock market.
BioMarin's President and CEO, Alexander Hardy, attributed the quarter's success to strong demand for VOXZOGO, the only approved treatment for children with achondroplasia, and solid contributions from established enzyme products. Hardy noted the strategic R&D asset review resulted in the acceleration of the company's three highest value programs.
Looking ahead, BioMarin reaffirmed its full-year 2024 revenue guidance, expecting to generate between $2.7 billion and $2.8 billion. The company also raised its guidance for adjusted operating margin and EPS, now forecasting an EPS range of $2.75 to $2.95, compared to the analyst consensus of $2.75. This improved profitability guidance reflects a planned reduction in operating expenses following the discontinuation of certain early-stage R&D programs.
BioMarin's strategic focus for the rest of the year includes maximizing the VOXZOGO opportunity and addressing reimbursement and market access challenges for ROCTAVIAN, its treatment for severe hemophilia A. The company also plans to continue prioritizing its most productive assets to drive value creation for shareholders.
Investors and analysts will likely keep a close watch on BioMarin's progress with VOXZOGO and its pipeline developments, as well as the company's ability to navigate the market access landscape for its therapies.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.