BioMarin Pharmaceutical Inc. reported significant financial growth in its latest 10-Q filing for the three and nine months ended September 30, 2024. The company achieved net product revenues of $733.9 million for Q3 2024, a substantial increase from $568.3 million in Q3 2023. For the nine-month period, net product revenues rose to $2.073 billion, compared to $1.739 billion in the same period last year. Total revenues for Q3 2024 reached $745.7 million, up from $581.3 million in Q3 2023, while total revenues for the nine months increased to $2.107 billion from $1.773 billion.
The growth in revenues was primarily driven by strong sales of several key products, including VOXZOGO, which generated $189.8 million in Q3 2024, up from $122.9 million in Q3 2023. Other contributors included VIMIZIM, NAGLAZYME, and ALDURAZYME, which also saw increased sales volumes. The company noted that higher sales volumes from new patients and timing of order fulfillment were significant factors in this revenue growth.
BioMarin's profitability improved markedly, with net income for Q3 2024 at $106.1 million, compared to $40.4 million in Q3 2023. For the nine-month period, net income was $301.9 million, up from $147.3 million in the prior year. Earnings per share (EPS) also reflected this growth, with basic EPS of $0.56 for Q3 2024, compared to $0.21 in Q3 2023.
Despite the positive financial performance, the company faced challenges, including a reduction in its global workforce by approximately 395 employees during the second and third quarters of 2024 as part of a restructuring plan. This plan aims to optimize operations and reduce costs, including severance and employee-related expenses.
As of September 30, 2024, BioMarin reported cash and cash equivalents of $675.4 million, down from $755.1 million at the end of 2023. The company also entered into a $600 million unsecured revolving credit facility in August 2024, with no amounts outstanding as of the reporting date.
The company continues to focus on its pipeline of therapies for rare genetic conditions, with eight approved therapies and ongoing clinical development efforts. BioMarin is also adapting to regulatory changes and market conditions that may impact its operations and financial results, including potential challenges related to pricing and reimbursement for its products.
About BIOMARIN PHARMACEUTICAL INC
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