BioMarin Pharmaceutical (BMRN) Updates 2024 Guidance
BioMarin Pharmaceutical (BMRN) released updated guidance for 2024 following the release of its Q1 2024 financial results. While revenue expectations remain unchanged, the company boosted its non-GAAP diluted EPS range.
For the year, BioMarin projects revenue of $2.7B-$2.8B, in line with consensus estimates of $2.76B. However, non-GAAP diluted EPS guidance has been raised to $2.75-$2.95 from the previous range of $2.60-$2.80. The consensus estimate for non-GAAP diluted EPS is $2.75.
Q1 Highlights
In the first quarter of 2024, BioMarin missed revenue estimates but surpassed earnings expectations. Vimizim, the company’s top-selling drug, generated sales of $192.6 million, a 2% increase year-over-year. Sales of Voxzogo, the second-best selling drug, surged by 74% to $152.9 million.
BioMarin reported a 21% increase in non-GAAP income, which reached $139.7 million. Non-GAAP diluted EPS came in at $0.71, compared to $0.60 in the same period a year ago.
