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How BioMarin Pharmaceutical Is Positioned Financially in August

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Dec. 4 2020, Updated 10:50 a.m. ET

Revenue trends

In the second quarter, BioMarin Pharmaceutical (BMRN) reported revenues of $372.8 million compared to $317.4 million in Q2 2017, reflecting a ~17% YoY (year-over-year) growth. It reported net revenues of $746.3 million in the first half of 2018 compared to $621.2 million in the first half of 2017, reflecting a ~2% YoY growth.

Vimizim and Kuvan primarily pushed BioMarin Pharmaceutical’s revenue growth in the second quarter of 2018.

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Expense trends

In the second quarter, BioMarin Pharmaceutical reported cost of sales, R&D (research and development), and SG&A (selling, general, and administrative) expenses of $79 million, $175.6 million, and $153.3 million, respectively, compared to $56.3 million, $143 million, and $143.5 million, respectively, in Q2 2017.

In the first half of the year, BioMarin Pharmaceutical reported cost of sales, R&D, and SG&A expenses of $161.4 million, $359.5 million, and $291.6 million, respectively, compared to $106.3 million, $288 million, and $263.5 million, respectively, in the first half of 2017.

In the second quarter, BioMarin Pharmaceutical reported expenses in intangible asset amortization and contingent consideration of $10.2 million compared to $13.4 million in Q2 2017.

Earnings trends

In the second quarter, BioMarin Pharmaceutical reported GAAP net income of -$16.8 million compared to -$36.8 million in Q2 2017. In the first half of 2018, it reported GAAP net income of -$60.9 million compared to -$53.1 million in the first half of 2017.

In the second quarter, BioMarin Pharmaceutical reported GAAP EPS of -$0.09 compared to -$0.21 in Q2 2017. In the first half of 2018, it reported non-GAAP EPS of $0.35 compared to $0.31 in the first half of 2017.

The increase in net gross profit primarily contributed to the decrease in GAAP net loss in the second quarter of 2018. The solid growth of Vimizim, Kuvan, and Brineura contributed to the increase in gross profit.

The revenue growth of BioMarin Pharmaceutical could boost the share price of the iShares Nasdaq Biotechnology ETF (IBB). BioMarin Pharmaceutical makes up ~2.09% of IBB’s total portfolio holdings.

BioMarin Pharmaceutical’s peers in the rare drugs market are Alexion Pharmaceuticals (ALXN), Vertex Pharmaceuticals (VRTX), and Biogen (BIIB), which reported revenues of $1 billion, $751.2 million, and $3.4 billion, respectively, in the second quarter of 2018.

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