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How BioMarin Pharmaceutical Performed in 4Q17 and 2017

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BioMarin Pharmaceutical’s revenue trends

In 4Q17, BioMarin Pharmaceutical (BMRN) generated revenue of $358.3 million, compared with $300.1 million in 4Q16, reflecting ~19% growth YoY (year-over-year) and ~7% growth quarter-over-quarter. In fiscal 2017, BioMarin reported revenue of $1.3 billion, compared with $1.1 billion in 2016, reflecting ~18% YoY growth.

In 4Q17, BioMarin reported a GAAP (generally accepted accounting principles) net loss of $51.4 million, compared with $90.7 million in 4Q16. In 2017, the company reported a net loss of $117.0 million, compared with $630.2 million in 2016.

Its GAAP net loss per basic share and net loss per diluted share was $0.29 and $0.30, respectively, in 4Q17, compared with a loss of $0.53 for both basic and diluted shares in 4Q16. In fiscal 2017, BioMarin reported a GAAP net loss per basic share of $0.67, compared with $3.80 in 2016.

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Net revenue growth by Kuvan, Naglazyme, and Vimizim primarily contributed to the reduction of BioMarin’s GAAP net loss in 2017. The upfront payment of $31.5 million from Sarepta Therapeutics (SRPT) associated with the settlement of BioMarin’s patent proceedings against Sarepta also contributed to its lower GAAP net loss.

Expense trends

In 4Q17, BioMarin reported costs of sales and R&D (research and development) and SG&A (selling, general, and administrative) expenses of $76.0 million, $168.6 million, and $160.3 million, respectively, compared with $64.1 million, $175.2 million, and $143.0 million in 4Q16. In fiscal 2017, BioMarin reported costs of sales and R&D and SG&A expenses of $241.8 million, $610.8 million, and $554.3 million, respectively, compared with $209.6 million, $661.9 million, and $476.6 million in 2016.

In 4Q16 and 2017, BioMarin reported net operating expenses of $300.3 million and $1.3 billion, respectively, compared with $389.7 million and $1.9 billion in 4Q16 and 2016. In 4Q17, biopharmaceutical peers Biogen (BIIB), Sarepta, and Ionis Pharmaceuticals (IONS) reported revenue of $3.3 billion, $57.3 billion, and $172.3 million, respectively.

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