BioMarin's Q4 Earnings: Strong Performance Driven by VOXZOGO and Strategic Initiatives

BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) reported robust financial results for the fourth quarter and full year 2024, driven by strong contributions from VOXZOGO and strategic initiatives. The company's total revenues for the fourth quarter increased by 16% year-over-year (YoY) and 21% at constant currency, while full-year revenues grew by 18% YoY and 22% at constant currency. GAAP net income for the quarter increased by $105 million to $125 million, and non-GAAP income rose by $85 million to $180 million.

VOXZOGO, the company's achondroplasia treatment, contributed significantly to BioMarin's strong performance. The drug saw a 42% increase in the fourth quarter and 56% for the full year, driven by new patient starts in all regions, including a substantial number of new patient starts in the U.S. for children under the age of 5 years. VOXZOGO's success can be attributed to its positive clinical data, early screening and treatment guidelines, and the company's expansion into new markets. The drug is on track to be available in over 60 countries by 2027, reducing market risk and suggesting significant untapped potential in the U.S. market.