Biomarin Pharmaceutical (BMRN) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

July 31, 2023 4:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for joining BioMarin Second Quarterly Results Conference Call. Hosting today's call from BioMarin is Traci McCarty, Head of Investor Relations at BioMarin. Please go ahead, Traci.

Traci McCarty

Thank you, Katie, and thank you, everyone 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 authority, 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 and Chief Commercial Officer; Hank Fuchs, President, Worldwide Research and Development; Greg Guyer, Executive Vice President, Chief Technical Officer; Brian Mueller, Executive Vice President and Chief Financial Officer.

I will now turn the call over to our BioMarin's Chairman and CEO, JJ Bienaime.

Jean-Jacques Bienaime

Thank you, Traci, and good afternoon, everyone. Thank you for joining us today on this call. We were very pleased with our progress in the second quarter as more families around the world gain access to VOXZOGO and the highly anticipated FDA approval of ROCTAVIAN was received.

The achievement of these two milestones are key components of our growth plans, including continued VOXZOGO expansion and ROCTAVIAN launch execution. Record revenues of approximately $1.2 billion in the first half of the year represented 13% year-over-year growth and 16% growth excluding KUVAN. Our commitment to profitability was demonstrated again this quarter and we were pleased to deliver $56 million in GAAP net income as a result of strong product demand.

With Q2 total revenues coming in at $595 million, including $113 million in VOXZOGO revenues. We are on a path to achieving our 2023 objectives of double-digit revenue growth and significant operating leverage. This is expected to drive more than 30% growth in bottom line profitability in 2023 as communicated earlier this year.

We were very pleased to have received FDA's approval of ROCTAVIAN in the quarter, as we believe the demonstrated clinical benefit of this one-time gene therapy has transformative potential for those living with severe hemophilia A and eligible for treatment.