BioMarin Pharma (BMRN) Tops Q2 EPS by 2c, FY Guidance Unchanged
BioMarin Pharma (NASDAQ: BMRN) reported Q2 EPS of ($0.51), $0.02 better than the analyst estimate of ($0.53). Revenue for the quarter came in at $250 million versus the consensus estimate of $218.16 million.
| Total Revenue Growth | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| 2015 | 2014 | $ Change | % Change | 2015 | 2014 | $ Change | % Change | |
| Vimizim | $ 53.9 | $ 14.3 | $ 39.6 | n.m. | $104.5 | $ 15.2 | $ 89.3 | n.m. |
| Naglazyme | 111.1 | 98.3 | 12.8 | 13% | 189.3 | 178.4 | 10.9 | 6% |
| Kuvan | 60.1 | 46.9 | 13.2 | 28% | 110.3 | 92.1 | 18.2 | 20% |
| Aldurazyme | 20.2 | 24.1 | (3.9) | -16% | 38.4 | 42.2 | (3.8) | -9% |
| Firdapse | 3.7 | 4.6 | (0.9) | -20% | 7.8 | 9.3 | (1.5) | -16% |
| Net product revenues | 249.0 | 188.2 | 60.8 | 32% | 450.3 | 337.2 | 113.1 | 34% |
| Collaborative agreement revenues | 0.3 | 0.5 | (0.2) | 0.7 | 0.9 | (0.2) | ||
| Royalty, license and other revenues | 1.2 | 3.1 | (1.9) | 2.8 | 5.2 | (2.4) | ||
| Total BioMarin revenues | $250.5 | $191.8 | $ 58.7 | 31% | $453.8 | $343.3 | $ 110.5 | 32% |
| Reconciliation of Aldurazyme Revenues | ||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| 2015 | 2014 | $ Change | % Change | 2015 | 2014 | $ Change | % Change | |
| Aldurazyme revenue reported by Genzyme | $ 56.5 | $ 62.3 | $ (5.8) | -9% | $109.9 | $118.2 | $ (8.3) | -7% |
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||
| 2015 | 2014 | $ Change | 2015 | 2014 | $ Change | |||
| Royalties earned from Genzyme | $ 23.5 | $ 24.4 | $ (0.9) | $ 45.8 | $ 46.3 | $ (0.5) | ||
| Net product transfer revenues (1) | (3.3) | (0.3) | (3.0) | (7.4) | (4.1) | (3.3) | ||
| Total Aldurazyme net product revenues | $ 20.2 | $ 24.1 | $ (3.9) | $ 38.4 | $ 42.2 | $ (3.8) | ||
| (1) To the extent units shipped to third party customers by Genzyme exceed BioMarin inventory transfers to Genzyme, BioMarin will record a decrease in net product revenue from the royalty payable to BioMarin for the amount of previously recognized product transfer revenue. If BioMarin inventory transfers exceed units shipped to third party customers by Genzyme, BioMarin will record incremental net product transfer revenue for the period. Positive net product transfer revenues result in the period if BioMarin transferred more units to Genzyme than Genzyme sold to third-party customers. | ||||||||
2015 Guidance Unchanged
Revenue Guidance ($ in millions)
| Item | |
| Total BioMarin Revenues | $850 to $880 |
| Vimizim Net Product Revenue | $200 to $220 |
| Naglazyme Net Product Revenue | $315 to $340 |
| Kuvan Net Product Revenue | $210 to $230 |
| * On a constant currency basis, guidance for Total BioMarin Revenues in 2015 would be $880 million to $920 million. | |
| Income Statement Guidance ($ in millions, except percentages) | |
| Item | |
| Cost of Sales (% of Total Revenue) | 17.0% to 18.0% |
| Selling, General and Admin. Expense | $360 to $395 |
| Research and Development Expense | $610 to $640 |
| Non - GAAP Net Loss | $(130) to $(170) |
| GAAP Net Loss | $(360) to $(400) |
For earnings history and earnings-related data on BioMarin Pharma (BMRN) click here.