- BioMarin Pharmaceutical has boosted its 2022 GAAP net income and net revenue outlook following Q2 2022 growth in product sales.
- The biotech is now projecting GAAP net income of $105M-$145M, up from $95M-$135M. Total revenues are now estimated at $2.06B-$2.16B, up from $2.05B-$2.15B.
- BioMarin ( NASDAQ: BMRN ) beat on the top and bottom line s in its Q2 results.
- Q2 GAAP net income of $27.7M compared to $12.9M in Q2 2021 ($0.15 per share, basic and diluted vs. $0.07).
- Revenue of $533.8M was a 6% increase over the prior-year period.
- Sales of BioMarin's biggest seling product, Vimizim (elosulfase alfa), increased 1% to $173.3M in the quarter. The company's newest drug, Voxsogo (vosoritide), which was approved in November 2021, had $34.4M in sales.
- The company ended the quarter with ~$1.5B in cash and cash equivalent, about the same as on Dec. 31, 2021.
- Read why Seeking Alpha contributor BioSci Capital Partners sees more growth ahead for BioMarin ( BMRN ).
For further details see:
BioMarin (BMRN) boosts 2022 top and bottom line guidance on back of product sales growth