BioMarin Lifts FY Guidance Driven By Product Demand

(RTTNews) - California-based healthcare company, BioMarin Pharmaceutical Inc. (BMRN), provided an improved full-year outlook on Wednesday. The company has narrowed its net loss outlook to a range of $85 million to $45 million, from prior estimate of $110 million to $60 million. On an adjusted basis, the outlook for net income is $215 million to $255 million, up from prior guidance of $190 million to $240 million. Revenue outlook was improved to $1.82 billion to $1.88 billion, from prevoius forecast of $1.79 billion to $1.88 billion. On average, 17 analysts polled by Thomson Reuters are expecting revenue to come at $1.85 billion. BioMarin expects Vimizim, Palynziq, and Kuvan to perform better than previously expected. Jean-Jacques Bienaimé, Chairman and Chief Executive Officer of BioMarin said, "The essential nature of our medicines to the people who rely on them, gives us confidence in the growth prospects ahead. We plan to finish 2021 strong and expect meaningful growth in revenues in 2022 leading to anticipated GAAP profitability next year. We look forward to providing full guidance for 2022 early next year, especially given early demand signals for Voxzogo, for the treatment of achondroplasia, in Europe, and the potential for Voxzogo to be approved in the U.S. next month."