BioMarin Pharmaceuticals Inc. (NASDAQ:BMRN) Reports Net Revenue Of $460.7 Million In Q3 2020

BioMarin Pharmaceuticals Inc. (NASDAQ:BMRN) has announced its Q3 financial results for the quarter ended September 30, 2020, in which net product revenue was $460.7 million compared to $450.9 million a year ago.

Palynziq and aldurazyme sales boost BioMarin’s Q3 2020 revenue

The growth in net product revenue was attributable to a YoY increase in palynziq net product revenues by 22 million as a result of US patients attaining maintenance dosing and new patients starting the therapy. Also, Aldurazyme net sales increased YoY by $18.1 million because of high sales volumes to Genzyme. Interestingly Naglazyme and Vimizim net product revenues dropped by $33.7 million in aggregate because of the timing of orders from Latin America and the impact of missed infusions due to the pandemic.

Jean-Jacques Beinaime the company’s CEO and Chairman said that although the impact of the pandemic continued in Q3, the company’s staff remained focused on serving patients with a steady supply of medicines. He added that considering the unprecedented times we are in, the critical natures of BioMarin’s products to patients that rely on them continues to be constant.

Beiname said that during the quarter, the company received surprising news regarding the status of its valoctocogene rozaparvovec application for haemophilia A. Although the news resulted in the deferral of possible approval timelines the company is confident on the potential of the valoctogene roxarparvovec gene therapy in redefining the treatment paradigm for haemophilia A patients. The third phase valoctocogene roxarparvovec study will complete a one-year follow-up in all the 134 enrolled participants later this month, and the company plans to share topline data of the study in Q1 2021.

BioMarin developing achondroplasia treatment

BioMarin’s achondroplasia treatment, Vosoritide is progressing as a schedule with applications under review in Europe and the US with possible regulatory approvals expected in 2021. Because of the significant unmet medical need for children having achondroplasia, the company has developed a multi-pronged dossier for clinical studies. The encouraging results from the vosoritide clinical program give optimism on the potential of the drug becoming the first pharmaceutical therapy addressing the underlying cause of achondroplasia.