BioMarin Stock Rises on Earnings Beat

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BioMarin posted record total revenues of $461.1 million for the quarter, beating Wall Street expectations of $455.8 million, according to FactSet.

BioMarin Stock Rises on Earnings Beat

BioMarin posted record total revenues of $461.1 million for the quarter, beating Wall Street expectations of $455.8 million, according to FactSet.

https://www.barrons.com/articles/biomarin-stock-revenue-earnings-hemophilia-gene-therapy-valrox-51564751633 mailto:josh.nathan-kazis@barrons.com BioMarin Stock Rises on Earnings Beat By Josh Nathan-Kazis

Shares of the biotech firm BioMarin Pharmaceutical were up 3.3% Thursday morning after the company beat Wall Street expectations in its third-quarter earnings report out Wednesday night.

BioMarin announced record total revenues of $461.1 million for the quarter, beating Wall Street analyst expectations of $455.8 million, according to FactSet. The company reported earnings per share of $0.30, far better than the FactSet consensus of $0.06.

“With normal puts and takes, revenue and non-GAAP EPS were both comfortably ahead of consensus and management raised the lower end of most guidance ranges, so all-in, a solid quarter,” wrote Piper Jaffray analyst Christopher Raymond in a note out Wednesday evening.

The back story. Shares of BioMarin (ticker: BMRN) were down 19% so far this year, as of Wednesday evening. The company fell short of estimates in the second quarter. The company sells a number of drugs, largely targeting rare diseases. It is developing a hemophilia A gene therapy.

What’s new. In its report, BioMarin attributed its strong earnings to increased sales of Vimizim, which treats Morquio syndrome, and increased sales of Palynziq, which treats phenylketonuria, among other drugs.

The company updated its financial guidance slightly, saying it expected between $1.69 and $1.72 billion in 2019, up from between $1.68 and $1.75 billion.

“BioMarin is entering a stage that I believe will bring significant growth as we get closer to submitting marketing applications for valoctocogene roxaparvovec for severe hemophilia A and a pivotal data read-out for vosoritide for children with achondroplasia,” the company’s CEO, Jean-Jacques Bienaimé, said in a statement. “These potential new products, combined with our strong base business and continued financial discipline, position us for significant growth and expansion beginning in the very near future.”

Bienaimé said that the company will submit applications to regulatory agencies in the U.S. and Europe for its hemophilia A vaccine later this quarter.

“BMRN reported Q3 total revenue above consensus aided by the timing of orders; 2019 Guidance was raised modestly,” wrote Cowen analyst Phil Nadeau on Wednesday evening. “Q4 will be eventful with planned U.S. and EU regulatory submissions for valrox and data from vosoritide’s Ph. III.”

Looking forward. The company is holding a research and development day on Nov. 14 to discuss study data and its pipeline.

Write to Josh Nathan-Kazis at josh.nathan-kazis@barrons.com

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.