How Did BioMarin Pharmaceuticals Perform in 2Q17?
BioMarin Pharmaceuticals’ revenue trends
In 2Q17, BioMarin Pharmaceuticals (BMRN) generated revenues of around $317 million, which reflected ~6% growth on a year-over-year (or YoY) basis and ~5% growth on a quarter-over-quarter basis. In 1H17, BioMarin Pharmaceuticals reported revenues of around $621 million, which is ~16% growth on a YoY basis. In 2Q17, BioMarin Pharmaceuticals reported revenues from product sales of around $316 million compared to $298.6 million in 2Q17.
BioMarin Pharmaceuticals’ Kuvan and Naglazyme are expected to be the primary revenue growth drivers during 2017. BioMarin Pharmaceuticals’ Brineura received U.S. Food and Drug Administration (or FDA) approval in April 2017. In 2Q17, Brineura generated revenues of around $254,000. The revenue from sales of Brineura is expected to grow during 2H17.
Interested in ALXN? Don't miss the next report.
Receive e-mail alerts for new research on ALXN
The chart above shows the revenue curve of BioMarin Pharmaceuticals from 1Q16 to 2Q17 and analyst estimates for revenues in 3Q17 and 4Q17. To know more about BioMarin Pharmaceuticals, read What to Expect from BioMarin Pharmaceuticals in 2017.
2Q17 and 1H17 expenses
In 2Q17, BioMarin Pharmaceuticals reported a cost of sales of around $56 million compared to $51.6 million in 2Q16. In 2Q17, the company reported R&D (research and development) and SG&A (selling, general, and administrative) expenses of around $143.0 million and $143.5 million, respectively, compared to $167.0 million and $109.6 million in 2Q16.
In 1H17, BioMarin Pharmaceuticals reported a cost of sales of around $106 million compared to $94.7 million in 1H16. In 1H17, the company reported R&D and SG&A expenses of around $288 million and $263 million, respectively, compared to $325.8 million and $214 million in 1H16.
BioMarin Pharmaceuticals’ peers in the rare disease drugs market include Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals (VRTX), Shire Pharmaceuticals, Biogen (BIIB), Amgen, and others. BioMarin Pharmaceuticals’ revenue growth could boost the share prices of the iShares Nasdaq Biotechnology ETF (IBB). BioMarin Pharmaceuticals makes up about ~2.5% of IBB’s total portfolio holdings.