Global Finance News
20 Feb 2025, 10:33
BioMarin Pharmaceutical Inc. reported strong fourth-quarter and full-year 2024 results, driven by significant revenue growth, operational transformation, and advancements in its pipeline. Fourth-quarter revenue reached $747 million, a 16% increase year-over-year, while full-year revenue totaled $2.85 billion, up 18% from 2023. Growth was led by the continued expansion of VOXZOGO, which saw a 56% increase in revenue for the year, as well as steady gains in BioMarin’s enzyme therapies.
The company reported a fourth-quarter GAAP net income of $125 million, up $105 million from the prior year, and a non-GAAP income of $180 million. Full-year GAAP operating margin improved to 17%, and diluted EPS increased 154% to $2.21. BioMarin also continued executing its $500 million cost transformation program, with full benefits expected by 2026.
Pipeline advancements included the initiation of clinical trials for BMN 351 for Duchenne muscular dystrophy and BMN 333 for skeletal conditions, along with progress in expanding VOXZOGO's indications through the CANOPY program. The company also expects Phase 3 results for PALYNZIQ in adolescent phenylketonuria patients by mid-2025, potentially leading to regulatory submissions.
Looking ahead, BioMarin expects 10% revenue growth in 2025, with VOXZOGO’s global expansion and enzyme therapies as key drivers. The company remains on track to reach $4 billion in revenue by 2027, with a targeted 40% non-GAAP operating margin and over $1.25 billion in annual operating cash flow by that time.
The company reported a fourth-quarter GAAP net income of $125 million, up $105 million from the prior year, and a non-GAAP income of $180 million. Full-year GAAP operating margin improved to 17%, and diluted EPS increased 154% to $2.21. BioMarin also continued executing its $500 million cost transformation program, with full benefits expected by 2026.
Pipeline advancements included the initiation of clinical trials for BMN 351 for Duchenne muscular dystrophy and BMN 333 for skeletal conditions, along with progress in expanding VOXZOGO's indications through the CANOPY program. The company also expects Phase 3 results for PALYNZIQ in adolescent phenylketonuria patients by mid-2025, potentially leading to regulatory submissions.
Looking ahead, BioMarin expects 10% revenue growth in 2025, with VOXZOGO’s global expansion and enzyme therapies as key drivers. The company remains on track to reach $4 billion in revenue by 2027, with a targeted 40% non-GAAP operating margin and over $1.25 billion in annual operating cash flow by that time.