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How Is BioMarin Pharmaceuticals Positioned after 1H17?

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Part 3
How Is BioMarin Pharmaceuticals Positioned after 1H17? PART 3 OF 4

How Did BioMarin Pharmaceuticals’ Drugs Perform in 1H17?

Aldurazyme revenue trends

In 2Q17, BioMarin Pharmaceuticals’ (BMRN) Aldurazyme generated revenues of around $20 million, which was a ~6% increase on a year-over-year (or YoY) basis and a ~5% increase on a quarter-over-quarter basis. In 1H17, Aldurazyme reported revenues of around $39.3 million, a 12% increase on a YoY basis. Genzyme commercializes Aldurazyme to third parties for BioMarin Pharmaceuticals. The high revenues generated by Genzyme from sales of Aldurazyme was the main contributor to BioMarin’s revenue growth. The decrease in shipments to Genzyme partially offset the revenue growth of BioMarin Pharmaceuticals.

How Did BioMarin Pharmaceuticals’ Drugs Perform in 1H17?

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The chart above represents the revenue curve of BioMarin Pharmaceuticals’ drugs from 2Q16 to 2Q17.

Kuvan revenue trends

In 2Q17, Kuvan generated revenues of around $102 million, which reflected ~13% growth on a YoY basis and ~11% growth on a quarter-over-quarter basis. In 1H17, Kuvan reported revenues of around $39.3 million, which is 16% growth on a YoY basis. The increasing number of patients on Kuvan therapy in the US primarily contributed to the revenue growth of the drug. To know more about Kuvan, please refer to Kuvan Could Boost BioMarin’s Revenue Growth in 2017.

Naglazyme revenue trends

In 2Q17, Naglazyme generated revenues of around $85.7 million, which reflected ~9% growth on a YoY basis and ~6% growth on a quarter-over-quarter basis. In 1H17, Naglazyme reported revenues of around $166 million, which is 16% growth on a YoY basis. The timing of central government purchases from Latin America and the Middle East primarily contributed to the revenue growth in 1H17 and 2Q17.

Vimizim revenue trends

In 2Q17, Vimizim generated revenues of around $103 million, a ~3% decline on a YoY basis and a ~3% decline on a quarter-over-quarter basis. In 1H17, Vimizim reported revenues of around $209 million, which was a 16% increase on a YoY basis. The increase in new patients initiating Vimizim therapy contributed to the revenue growth.

BioMarin Pharmaceuticals’ peers in the orphan drugs market include Amgen (AMGN), Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals, Pfizer (PFE), Biogen, and others. Growth in sales of BioMarin Pharmaceuticals’ products could boost the share prices of the Vanguard Extended Market ETF (VXF). BioMarin Pharmaceuticals makes up about ~0.99% of VXF’s total portfolio holdings.

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