BioMarin Pharmaceutical (BMRN) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

April 27, 2022 4:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by. Welcome to the BioMarin First Quarter 2022 Financial Results Conference Call. Hosting the conference call today from BioMarin is Traci McCarty, Group Vice President of Investor Relations. Please go ahead, Traci.

Traci McCarty

Thank you, Ashley. Thank you everyone for joining us today. To remind you, this non-confidential presentation contains forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. including expectations regarding BioMarin’s financial performance, commercial products and potential future products in different areas of therapeutic research and development. Results may differ materially depending on the progress of BioMarin’s product programs, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market and developments by competitors and those factors detailed in BioMarin’s filings with the Securities and Exchange Commission, such as 10-Q, 10-K and 8-K report.

On the call today from BioMarin management are J.J. Bienaime, Chairman and Chief Executive Officer; Jeff Ajer, Executive Vice President, Chief Commercial Officer; Hank Fuchs, President, Worldwide Research and Development; Greg Guyer, Executive Vice President, Chief Technical Officer; and Brian Mueller, Executive Vice President and Chief Financial Officer.

I will now turn the call over to our Chairman and CEO, J.J. Bienaime.

J.J. Bienaime

Thank you, Traci and good afternoon everyone. Thank you for joining us today. So we begin 2022 points for significant growth and the transition to sustainable GAAP profitability, interest in VOXZOGO from a family seeking a treatment option that addresses the underlying cause of achondroplasia has been very positive, as underscored by today’s increase in full year 2022 VOXZOGO guidance to between $100 million and $125 million.

We also reaffirm previously released financial guidance for all other metrics included in our full year 2022 guidance. So, we generated $590 million record revenues in the first quarter, representing 11% growth year-over-year, excluding Kuvan. This marks the start of BioMarin’s return to significant double-digit growth. Actually, the revenues for products marketed by BioMarin were up 15%, including Kuvan. So really off our strong start as to double-digit revenue growth hopefully over the next few years. So, these results highlight the strength of our base business and the significant opportunity that lies ahead with VOXZOGO. It is important to note that $13 million of the $20 million total for the first quarter from VOXZOGO sales were from outside the United States, emphasizing the breadth of our global footprint and commercial capabilities and the importance of the ex-U.S. markets. This will be advantageous as we prepare for a potential European launch of our ROCTAVIAN in the second half of this year, ahead of a potential U.S. approval.