Biomarin Pharmaceutical (BMRN) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

October 26, 2022 4:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Welcome to the BioMarin Third 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, Ross, and thank you all for joining us today. To remind you, this nonconfidential 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.

On the call from BioMarin's management team today are JJ 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 and 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 Bienaime.

J.J. Bienaime

Thank you, Traci, and good afternoon, everyone. Thank you for joining us today. BioMarin results in the first 9 months of 2022 represent record year-to-date total revenues of more than $1.56 billion. In the third quarter, total revenues grew 24% year-over-year and increased 31%, excluding KUVAN. VOXZOGO revenues of $48 million in the third quarter and $102 million year-to-date led to today's increase in full year 2022 VOXZOGO guidance. Planning these impressive results is continued strong demand from across Europe and the United States for VOXZOGO, a significant increase in overall patients treated and notable uptake in Japan since launching there in August.

With no lower age restriction on VOXZOGO treatment in Japan, we are thrilled to share that one of the first patients treated in the third quarter was a 3-week old patient. Turning on to our second and most recently approved of product opportunity, ROCTAVIAN, gene therapy for the treatment of hemophilia A since receiving European approval in the third quarter, we are now in the final stages of negotiating outcome-based agreements for OBAs with the key payers in Germany and with ROCTAVIAN pricing in Germany, business and labeled commercial product in our warehouse and ready to ship, we expect to treat the first patient there in the fourth quarter.