BioMarin Pharmaceutical(NASDAQ: BMRN) logged over $1 billion in revenue -- the traditional level for a blockbuster -- for the first time in 2016. Of course, that's combined sales of its four drugs, but it's still a mighty accomplishment that many drugmakers never reach.
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BioMarin Pharmaceutical results: The raw numbers
Data source: BioMarin Pharmaceutical.
What happened with BioMarin Pharmaceutical this quarter?
- Don't freak out about the switch from a profit to a loss; the year-ago quarter had a large credit for the sale of talazoparib to Medivation.
- Sales of Vimizim, Kuvan, and Naglazyme increased by 59%, 38%, and 25%, respectively.
- The only drug that saw year-over-year declines was Aldurazyme, which was down 10% year over year, but the drop is simply due to the amount of drug BioMarin transferred to its partner Sanofi (NYSE: SNY). Sales of Aldurazyme by Sanofi were actually flat year over year.
- In December, the company started aphase 3 trial for vosoritide, its treatment for achondroplasia, the most common form of dwarfism.
Image source: Getty Images.
What management had to say
BioMarin CFO Dan Spiegelman painted a bright future for growing revenue, saying:
While the company isn't giving earnings goals beyond this year, Spiegelman noted that it is "committed to having [growth of operation expenses] be less than revenue growth." He added, "The magnitude of the difference in 2017 is almost, by definition, as big as it can be."
Management is guiding for revenue of $1.25 billion to $1.3 billion, which as Spiegelman noted, would be a solid double-digit increase over the $1.12 billion seen in 2016. Vimizim continues to drive growth with Kuvan also expected to experience double-digit growth.
On the bottom line, management expects a loss of $140 million to $180 million on a GAAP basis, but on an adjusted basis, management is looking for a profit between $30 million and $70 million.
Looking toward the next growth driver, the Food and Drug Administration has a goal of making a decision on Brineura by April 27, 2017. A decision on the drug's approval in Europe is expected in the third quarter of this year.
And BioMarin could have another approval next year as it plans to submit a marketing application for pegvaliaseto the FDA in the second quarter of this year.
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