BioMarin Pharmaceutical (BMRN) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

February 28, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the BioMarin Fourth Quarter Investor Update 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, Paul, and thank you all 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 reports. We do plan to end this call promptly at 5:30 Eastern Time. So, please reach out if you have questions.

On the call today from BioMarin’s management team are JJ Bienaimé, Chairman and Chief Executive Officer; and 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, JJ Bienaimé.

JJ Bienaimé

Thank you, Traci, and good afternoon, everyone. Thank you for joining us on today’s call.

So, as we communicated throughout 2022, a truly transformative year for BioMarin. We have built the foundation for accelerating growth, double-digit revenue growth and the successful pivot to GAAP profitability. In 2022, we achieved all of our top and bottom line guidance items, further underscoring our commitment to creating value for our patients, our employees and our shareholders.

Our high performance in 2022 will flow through 2023 and beyond, driven by our strongest global commercial launch on record with VOXZOGO and our profitable base enzyme business and the addition of ROCTAVIAN, a truly disruptive onetime gene therapy for those with severe hemophilia A.

While the process of finalizing reimbursement in Germany has taken longer than expected, given the novelty of the approach, at the patient level, we are very encouraged by the interest we are seeing for ROCTAVIAN. And patients have gone through a companion diagnostic testing in Germany as an important first step in the patient journey toward treatment. And in the United States, we are pleased to share that roughly 300 patients from the bleeding disorders community have engaged with BioMarin directly to learn more about ROCTAVIAN. Many of them may not ultimately be eligible for treatment, but it is a good indicator of awareness and interest in ROCTAVIAN ahead of potential approval this year.