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• Total Revenue: Full-year 2024 revenue grew 18% to $2.85 billion; Q4 2024 revenue increased 16% year over year to $747 million.

• VOXZOGO Revenue: Full-year 2024 revenue of $735 million, with 56% year-over-year growth; Q4 2024 revenue of $208 million.

• Enzyme Therapy Revenue: Full-year 2024 revenue over $1.9 billion, a 12% increase from 2023.

• Non-GAAP Operating Margin: Full-year 2024 margin expanded by 9.2 percentage points to 28.6%; Q4 2024 margin at 31.1%.

• Non-GAAP Diluted EPS: Full-year 2024 EPS increased 69% to $3.52; Q4 2024 EPS increased 88% to $0.92.

• Operating Cash Flow: Full-year 2024 operating cash flow of $573 million, a 260% increase over 2023.

• 2025 Revenue Outlook: Expected total revenue between $3.1 billion and $3.2 billion, representing 10% growth.

• 2025 Non-GAAP Operating Margin Guidance: Expected between 32% and 33%.

• 2025 Non-GAAP Diluted EPS Guidance: Expected between $4.20 and $4.40 per share.

• Warning! GuruFocus has detected 2 Warning Sign with BMRN.

Release Date: February 19, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Biomarin Pharmaceutical Inc (NASDAQ:BMRN) reported a record growth and profitability in 2024, with a topline growth of 18% year over year.

• The company achieved a significant expansion in non-GAAP operating margin by over 900 basis points and a 69% increase in non-GAAP diluted earnings per share.

• VOXZOGO for achondroplasia showed impressive growth of 56% year over year, with plans to expand into hypochondroplasia and other skeletal conditions.

• The enzyme therapy business grew by 9% in the fourth quarter, nearing $2 billion in annual revenues, supporting a high single-digit CAGR outlook.

• Biomarin's strategic pipeline prioritization led to advancements in promising candidates like BMN 351 for Duchenne Muscular Dystrophy and BMN 333, with early clinical data expected later this year.

Negative Points

• Despite strong growth, VOXZOGO's growth rate is expected to decelerate due to the law of large numbers as the revenue base increases.

• The enzyme therapy business experienced unusual high contributions from ALDURAZYME in 2024, which may not be sustainable in 2025.

• Non-GAAP SG&A expenses increased due to a bad debt reserve and higher commercialization expenses, impacting overall profitability.

• There is a potential risk of competition in the achondroplasia treatment market, which could affect VOXZOGO's market share.

• The company faces challenges in expanding patient access and awareness, particularly in the US, where a significant portion of eligible patients remain untreated.