BMRN - NASDAQ
BioMarin Pharmaceutical Inc.
BMRN·NASDAQ
$54.66
+2.5%HealthcareBiotechnology
BioMarin Pharmaceutical Inc. develops and commercializes therapies for people with serious and life-threatening rare diseases and medical conditions. Its commercial products include Vimizim, an enzyme replacement therapy for the treatment of mucopolysaccharidosis (MPS) IV type A, a lysosomal storage disorder; Naglazyme, a recombinant form of N-acetylgalactosamine 4-sulfatase for patients with MPS VI; and Kuvan, a proprietary synthetic oral form of 6R-BH4 that is used to treat patients with phenylketonuria (PKU), an inherited metabolic disease. The company's commercial products also comprise Palynziq, a PEGylated recombinant phenylalanine ammonia lyase enzyme, which is delivered through subcutaneous injection to reduce blood Phe concentrations; Brineura, a recombinant human tripeptidyl peptidase 1 for the treatment of patients with ceroid lipofuscinosis type 2, a form of Batten disease; Voxzogo, a once daily injection analog of c-type natriuretic peptide for the treatment of achondroplasia; and Aldurazyme, a purified protein designed to be identical to a naturally occurring form of the human enzyme alpha-L-iduronidase. In addition, it develops valoctocogene roxaparvovec, an adeno associated virus vector, which is in Phase III clinical trial for the treatment of patients with severe hemophilia A; BMN 307, an AAV5 mediated gene therapy, which is in Phase 1/2 clinical trial to normalize blood Phe concentration levels in patients with PKU; and BMN 255 that is in Phase 1/2 clinical trial for treating primary hyperoxaluria. The company serves specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. BioMarin Pharmaceutical Inc. has license and collaboration agreements with Sarepta Therapeutics, Ares Trading S.A., Catalyst Pharmaceutical Partners, Inc., and Asubio Pharma Co., Ltd. The company was incorporated in 1996 and is headquartered in San Rafael, California.
At a Glance
Live SnapshotMarket Cap$10.56B
EPS1.8200
P/E Ratio30.03
Earnings Date08/03/2026
Earnings Call Transcript
BMRN • 2023 • Q4
Operator
Thank you for standing by, and welcome to the BioMarin Pharmaceutical Fourth Quarter and Full Year 2023 Conference Call. I would now like to welcome Traci McCarty, Head of Investor Relations to begin the call. Traci, over to you.
Traci McCarty
Thank you, Mandeep. Thank you, everyone, for joining us today. To remind you, this non-confidential presentation contains forward-looking statements about the business prospects of BioMarin Pharmaceutical, Inc., including expectations regarding BioMarin's financial performance, commercial products and potential future products in different areas of therapeutic research and development. Results may differ materially depending on the progress of BioMarin's product programs, actions of regulatory authorities, availability of capital, future actions in the pharmaceutical market and developments by competitors, and those factors detailed in BioMarin's filings with the SEC such as 10-Q, 10-K and 8-K reports. In addition, we will use non-GAAP financial measures as defined in Regulation G during the call today. These non-GAAP measures should not be considered in isolation from, as substitutes for or superior to financial measures prepared in accordance with US GAAP. And you can find the related reconciliations to US GAAP in the earnings release and earnings presentation, both of which are available on the Investor Relations section of our website. On the call from BioMarin management today are Alexander Hardy, President and Chief Executive Officer; Hank Fuchs, President of Worldwide R&D; and Brian Mueller, Executive Vice President, Chief Financial Officer; Jeff Ajer, Executive Vice President, Chief Commercial Officer; and Greg Guyer, Executive Vice President and Chief Technical Officer, are here with us to answer questions during the Q&A portion of the call. I will now turn the call over to BioMarin's President and CEO, Alexander Hardy.
Alexander Hardy
Thank you, Traci, and good afternoon, everyone. Thank you all for joining us today. As I said in January and reiterate today, the opportunity at BioMarin to positively impact patients' lives through transformative therapies, while delivering value creating revenue growth and profitability to shareholders has never been more evident. Touching on today's financial results. Total revenue grew 20% in the fourth quarter of 2023 compared to the fourth quarter of 2022. And total revenue grew 15% for the full year of 2023 compared to the prior year. This is a very strong performance. On a constant currency basis, total revenue growth was 25% in the fourth quarter and 20% for the full year, equally as important to BioMarin's growth story of bottom line results. Non-GAAP earnings per share increased 48% in the fourth quarter versus the fourth quarter of 2022, an increase by 36% year-over-year. These 2023 results along with our growth expectations, as implied by our full 2024 financial guidance provided today, solidifies our position as a financially self-sustaining business that can grow revenue, expand operating margins and accelerate earnings per share. Brian will provide more details on the financials in a moment. So I will now turn to update you on our progress on the priorities I outlined in January. The first, to accelerate and maximize the VOX
Henry Fuchs
Thank you, Alexander, and good afternoon, everyone. The R&D organization is gratified by the productivity achieved on behalf of those who benefit from our innovative therapies. As we take BioMarin into the future and align our drug development capabilities with our ambitious financial goals, we will continue to prioritize the most high impact medicines for patients. What will change is the level of spend and the rigor of the criteria used to determine, which assets advance. As Alexander mentioned, we are undertaking a strategic assessment of our portfolio with the goal of ranking, prioritizing and then advancing only those assets that represent the highest value to patients. The assessment will evaluate the amount of time and investment required to determine proof-of-concept through global approvals, as well as the market opportunity and competitive landscape for each asset. The higher bar is designed to expedite development, increase the probability of success, and improve cost effectiveness. We look forward to sharing the results of the strategic investment - assessment at our Investor Day later in 2024. Touching briefly on a few clinical updates, we intend to open the treatment study of the pivotal trial with VOX
Brian Mueller
Thank you, Hank. Please refer to today's press release summarizing our financial results for full details on the fourth quarter and full year 2023, including reconciliations of GAAP to non-GAAP financial measures. I will provide my comments on a GAAP basis for 2023 results and will comment on key financial updates and guidance for 2024. All 2023 financial results will be available in our upcoming Form 10-K, which we expect to file within the next few days. In the fourth quarter of 2023, BioMarin generated strong total revenue of $646 million, representing 20% year-over-year growth, including KUVAN, and 26% growth, excluding KUVAN. As expected, the strength of our enzyme products generated more than $1.7 billion of net product revenues for the full year 2023, an increase of 4% year-over-year. Looking more closely at performance in the fourth quarter, VOX
Operator
The floor is now open for your questions. [Operator Instructions] Our first question comes from the line of Salveen Richter with Goldman Sachs. Please go ahead.
Salveen Richter
Good afternoon. Thanks for taking my question. I just wanted to better understand your EPS guidance for 2024 and what that assumes? Are there some OpEx and overall R&D cuts that are basically baked into the assumptions there? And help us also understand that you do - your strategic portfolio review of the R&D program, what the criteria is for further investment in advancement? Thank you.
Brian Mueller
Yes. Thanks, Salveen. This is Brian. Appreciate the question. So first of all, we're pleased that the non-GAAP EPS guidance midpoint implies 30% growth over this year. And this year, as noted, was over 30% growth over 2022. There are a few items that impact the year-over-year non-GAAP analysis. One is those - some of those tax benefits that I mentioned in 2023. So now that tax, since the beginning of '23 is in our non-GAAP income to the extent those benefits, don't recur, that would be a headwind, if you will, to 2024 non-GAAP. There's also some unique - I mentioned the unique SG&A charges in '23. We've got some incremental SG&A in '24. We're implementing a new ERP system, which is commanding some G&A resources in '24. So those are some of the dynamics. And to the part of your question about how much of our strategic savings or cost efficiency opportunities are included, just a modest amount of the known items at this point that we were already working on. We are embarking on the cost efficiency and operating model efficiency exploration. As we speak, this is going to be part of the more ambitious financial target setting for the future to be communicated later this year. So we ask you to stay tuned on that part. But I will say that there's not a substantial amount of savings related to that in this guide.
Henry Fuchs
Hi, Salveen. In response to the second question about prioritization of the R&D portfolio, we are undertaking a strategic assessment of our portfolio with the goal of ranking, prioritizing and then advancing only those assets that represent the highest value to patients and shareholders. The assessment will include considerations of time and money involved to prove concept or to advance to global approvals as the case may be, as well as consideration of market opportunity and competitive landscape. And the concept of having a very high bar for going forward is to foster expedited development. When things happen early that are impressive and important subsequent development in registration and market access happens much more quickly. And so with those higher bars, we can also see that subsequent events have a higher probability of success and also contribute to improving the cost effectiveness of programs. We look forward to sharing the results of the strategic investments later in 2024.
Operator
Our next question comes from the line of Akash Tewari with Jefferies. Please go ahead.
Akash Tewari
Hey. Thanks so much. Alexander, in the past, BioMarin spent a lot of time and resources building up its gene therapy capabilities, but we haven't really seen that translate to shareholder value. For example, it looks like you're spending almost identical amounts on VOX
Alexander Hardy
Thanks very much for the question. As I mentioned in terms of our priorities, we're still very much at the early stage with ROCTAVIAN. We really want to establish the opportunity there. We are seeing progress in terms of market access, market activation. So we wanted to see that run through 2024, we also think probably into 2025 is when we'll be able to really determine. In the meantime, we're spending wisely and cautiously supporting the launch. But we're very mindful of the return on investment that we're currently seeing from ROCTAVIAN. At the same time, we referenced in this conversation today a strategic review. So we're also thinking about the future strategy of BioMarin. We're looking at the R&D portfolio. We're looking at our own experience with gene therapy, the scientific challenges, regulatory market access, market uptake and also taking note of what's happening in the world outside BioMarin's walls. And as part of that, we'll assess do we have the right exposure to gene therapies in our pipeline. Is it something we want to double down on, stay the course or take a lower exposure to gene therapies. So we'll continue to keep you updated. We'll provide more information at our Investor Day later this year.
Operator
Our next question comes from the line of Jessica Fye with JPMorgan. Please go ahead.
Jessica Fye
Great. Good afternoon, Thanks for taking my questions. A couple on VOX
Brian Mueller
Hi, Jess, it's Brian. Thanks. I'll take the first part of your question. Good question. And the way I'd respond is nothing excessive with respect to the channel and nothing broad across the marketplaces. I made that comment because when we gave our full year guide, essentially Q4 guide back on the 1st of November, the high end was $455 million, and we talked about how that high end was supply constrained. And so here we are reporting close to $470 million for the quarter. So I want to explain that the circumstances there were some additional commercial supply that became available. So we used it to meet demand that was out there. And the point is that with respect to Q1, we don't necessarily expect or guarantee that, that same dynamic can recur. So that's the Q4, Q1 dynamic, that plus decrease in KUVAN in Q1 is just an overall comment that Q1 is not going to be our strongest quarter, and we're going to see most of the growth in the second half of the year.
Alexander Hardy
Thanks, Jessica. As regards to the concept of basket, one of the great benefits of having Dr. Dauber do his study is we actually have really good regulatory feedback on that question already. And in fact, you could see that his study is itself a basket of things that might be formerly known as subsets of idiopathic short stature or hypochondroplasia. So the concept of basketing has already been in front of the FDA and has already gained a little bit of acceptance. And having said that, though, as reflected in our prepared comments, we are in the stages of finalizing our game plan after our last interactions with health authorities around the world, and we'll communicate final design decisions when those studies come online. All that said, we're not waiting for any of that because we're also implementing our theater studies, the baseline run-in studies that are essential for enrolling these baskets of studies so that we can expedite the start and completion of these additional registration activities. So in sum, I think we're trying to be as cover as we can be about getting studies underway and working with health authorities around the world to ensure that they meet the demands of regulators.
Jessica Fye
Thank you.
Operator
Our next question comes from the line of Phil Nadeau with TD Cowen. Please go ahead.
Phil Nadeau
Thanks for taking my question. A follow-up question on VOX
Henry Fuchs
Hi, Phil. No particular update on the regulatory status or strategy or read-through on competitors. But one of the things that's really exciting about the update that we can report is that every so often we look at ongoing studies to assess the durability of VOX
Phil Nadeau
Perfect. Thank you.
Operator
Our next question comes from Geoff Meacham with Bank of America. Please go ahead.
Geoff Meacham
Hey, guys. Afternoon and thanks for the question. Another one on VOX
Jeffrey Ajer
Hi, Geoff, its Jeff here. Let me take a shot at that. So I think we've had some good returns on our commercial investments to-date. You mentioned new starts, new starts were accelerated starting late last year following the label expansion, as noted in the prepared remarks. Expanding the prescriber base, particularly in the United States, to pediatric endocrinologists is a particular area of focus, both last year and into this year. We're making good progress. And in terms of metrics, I would say we're dialing back from specific quantitative metrics on these launches and turning more towards revenue. I might suggest that was a post-launch revenue base for VOX
Geoff Meacham
Great. Thank you.
Operator
Our next question comes from the line of Ellie Merle with UBS Financial. Please go ahead.
Ellie Merle
Hey, guys. Thanks for taking my question. At the ISS VOX
Henry Fuchs
Okay. As regards to Dr. Dauber's ISS, the anticipated update, this is his study, and so it's very much under his determination as to what he's going to update. My understanding is that he's enrolled more hypochondroplasia patients than other indications. But I think he be reporting unless he felt that there was useful information to be reported. I think the things to be looking for really are corroboration of what, I think, most scientists fundamentally believe, which is that CNP as a master regulator of bone growth is going to work across a wide variety of indications. And so as we had seen with the hypochondroplasia program, so it's actually sort of the first half of the cohort at the 6 month mark that enabled FDA to gain confidence that we could go directly into Phase 3 and that's predicated on a lot of this biology. And therefore, I think the important outcome of the ISS presentation at PES is going to be are we seeing basically the same effect that we expect to see in the different types of stature disorders. And as regard to your second question, I think the prioritization process has been described, really boils down to fairly conventional metrics around time and cost to proof-of-concept or to global registration, value that gets created for patients and for shareholders. With the idea of by setting a high bar for something like proof-of-concept, then you really only advance your winners. And by focusing on those, we hope that will expedite development and bring faster and higher value to patients and shareholders of the undertaking.
Operator
Our next question comes from the line of Joseph Schwartz with Leerink Partners. Please go ahead.
Joseph Schwartz
Great. Thank you very much. And welcome, Alexander. I think I heard you say that the outcomes of the strategic and operating review committee could be communicated incrementally as well as at the Investor Day in the third quarter. So I was wondering if you have a sense of which updates might emerge sooner and which updates could require more time to formulate?
Alexander Hardy
Thanks, Joseph. Thanks very much for the question. The SORC is proceeding extremely well. We've met frequently and we're making progress on the financial guidance, long-term financial guidance and the capital allocation strategy. We also have a lot of other work underway, as you get a sense from the cost optimization, the acceleration of VOXOGO, even faster R&D prioritization, et cetera, et cetera. And right now, we're figuring out what is the best timing to update the external world on our progress on these points. Obviously, the benefit of the Investor Day is, allows us to put this all together with a strategic context of where we're going to take BioMarin into the future. At the same time, we're keen to share the information we can -- as soon as we can on the progress we're making. So, as I said in my prepared remarks, please stand by for more information. The latest possible day will be Investor Day for all of those information. If it makes sense, we'll communicate other information sooner.
Operator
Our next question comes from the line of Robyn Karnauskas with Truist Securities. Please go ahead.
Unidentified Analyst
Hi. This is Nishant. I'm on for Robyn. One on VOX
Henry Fuchs
Yes, we've shared robust and highly significant growth data from VOX
Unidentified Analyst
Thank you.
Operator
Our next question comes from the line of Mohit Bansal with Wells Fargo. Please go ahead.
Mohit Bansal
Hey. Thank you very much for taking my question and congrats to Alexander, and welcome. Maybe one question for you. In general, what is your general thought on gene therapy as a therapeutic modality? I'm asking because a significant portion of your pipeline is investing in gene therapy and would love to understand how you think about gene therapy in general for rare diseases? And what are the puts and takes there? Thank you.
Alexander Hardy
Thank you very much for your question. As I referenced a little bit, but let me go in a little bit more detail. We've got a very broad and exciting pipeline, across multiple modalities, including gene therapies. Gene therapy is offered obviously significant potential benefits for patients, transformative benefits. We have an expertise and ability to develop, manufacture and now commercialize gene therapies in multiple geographies. That is a unique set of capabilities that BioMarin has. As we look at our pipeline, as Hank was talking about, we're going to be assessing at a program-by-program basis. What is the transformative potential of the program, together with the commercial potential? At the same time, we're also looking at the overall strategy of BioMarin. What are we really, really good at? And where we're confident we're going to have a sustainable competitive advantage going forward. And that will include asking and answering the question about our exposure to gene therapy, which will and form also the prioritization of our portfolio. So, more to come on this. Please hold your question. We'll have a clearer idea of this, and we'll share it at our Investor Day later in 2024.
Mohit Bansal
Got it. Thank you.
Operator
Our next question comes from Gena Wang with Barclays. Please go ahead.
Gena Wang
Thank you. I have two very quick questions. The first one is regarding VOX
Jeffrey Ajer
Hi, Gena, it's Jeff here. I'm going to take that first question on VOX
Alexander Hardy
Thanks, Gena. Yeah, let me take your second question. We're going to provide details on Q1 including product revenues at our conference call in April, H1. We're tracking progress on site readiness at hemophilia treatment centers with payers, completed positive CDxs tests. But clearly, these metrics so far have not yet correlated directly to patient uptake. So we're no longer going to be providing specific updates on these metrics. Once again, just to reiterate, we're going to let the actual experience with actual commercial patient infusions form our future expectations and we'll report at the end of the quarter about our progress this year with infusions and revenue.
Operator
Our next question comes from the line of Paul Matteis with Stifel. Please go ahead.
Unidentified Analyst
Hi. This is Julian on for Paul. Thanks so much for taking our question. I guess just in terms of thinking about capital allocation moving forward. Obviously, you're reviewing the pipeline. But could you just provide a little bit of color on, do you anticipate reinvesting in the pipeline, perhaps after cooling programs that don't meet that high bar that you speak of for advancement? Or are you sort of more focusing on growing the commercial business for VOX
Brian Mueller
Yeah. Thanks for the question. This is Brian. We'll ask you to wait a bit longer for the outcomes of our strategic review to give you details on our capital allocation strategy. I mean, we can say that internal innovation, given our track record and value created in the current business is going to continue to be a priority. But we also recognize that BioMarin not only carries a substantial amount of total cash and investments today, but we are now cash flow positive. So we are committed to developing a capital allocation strategy that's in the interest of maximizing shareholder value. That work is in process, and we will look forward very much to sharing it with you, but I'll just ask you to stay tuned until we finish the work.
Unidentified Analyst
Thanks.
Operator
Our next question comes from the line of Vikram Purohit with Morgan Stanley. Please go ahead.
Vikram Purohit
Hi, good afternoon. Thanks for taking the question. We had a follow-up question on ROCTAVIAN, a bit of a broader one. So your release mentions and you also just mentioned a couple of different areas of work that you're going through to help progress commercialization here, from patient education to site readiness. But I was wondering now that you've had a few months of experience with the process for ROCTAVIAN, what do you see as the one or two specific factors or drivers of uptake that you think you have the most near-term leverage within and control over that could support the trajectory here in 2024?
Jeffrey Ajer
Hi, Vikram, this is Jeff Ajer. I'll talk a little bit about that. What we've said is that we've seen very nice signals of patient demand, for example, in the United States, much of last year, we talked about the buildup of a patient funnel in the strategic market and priority market of Germany where we had gotten good uptake of CDx testing. We've also talked about the importance of site readiness and having reimbursement approvals that kind of clear that important reimbursement gate. As Alexander noted, we haven't seen a direct correlation. So we haven't been able to say, hey, this or that or are these leading indicators are good predictive indicators of patient infusion and revenue uptakes. And so I think the idea from here is instead of trying to better tune that model we're going to let the actual revenue do the speaking for ROCTAVIAN.
Operator
Our next question comes from the line of Tim Lugo with William Blair. Please go ahead.
Tim Lugo
Thanks for the questions. You introduced operating margin in your guidance and you have a nice step-up year-over-year, what are the initial impressions on whether BioMarin will be able to continue to expand operating margins and eventually reach north of 40%, like some of the other rare disease-focused companies?
Brian Mueller
Yeah. Thanks a lot, Tim. I appreciate the question. It's a great one. So again, we are pleased to be able to report and deliver over the last few years kind of year-on-year operating margin improvement. We've been talking about it for a while, and it is - we're pleased to be able to actually deliver upon that. I'll give a two part answer to your question. On one hand, we know there's a lot of opportunity with the type of revenue growth that BioMarin has, not to mention the outcomes of the strategic work that we've talked about a lot today, and potential impact on revenue into the future. We also recognize that we've got operating model and cost efficiency opportunities. We built this global infrastructure that now we're leveraging to support the strong launch of VOX
Tim Lugo
I understood. Thank you.
Operator
Our next question comes from the line of Olivia Brayer with Cantor Fitzgerald. Please go ahead.
Olivia Brayer
Hey. Good afternoon guys. Thank you for the question. Wanted to ask about life cycle management for your VOX
Henry Fuchs
Yeah, thanks. That's a good question. And yes, in fact, we do plan to undertake some further dose optimization. Right now, our thinking is to try to do that in parallel with registration-enabling trials. But again, details to be communicated when study designs are final, after regulatory authority alignment.
Operator
Our next question comes from the line of Kostas Biliouris with BMO Capital Markets. Please go ahead.
Kostas Biliouris
Hello, everyone. Congrats on the progress. Thanks for taking our question. Given that your R&D day is planned for the third quarter of 2024, which is about a year after Alex took over, and likely, this is when you will potentially share pipeline prioritization details. I'm wondering whether you will continue to progress all pipeline programs, full steam until this third quarter, or you are going to pause the progression of some of the programs until you decide on their fate? Thank you.
Henry Fuchs
Thanks, Kostas. I think a big part of the purpose of the early part of the year of prioritizing R&D portfolio, ties to the conversations that Brian was just having around capital allocation, Alexander was having around longer-term financial outlook. The way I think about that is that it's a real - it's a great thing that our company can generate cash that can be reinvested in our R&D portfolio. And we have to earn that through developing assets that have value to then reapply to generate new medicines. So we have to do that in a business context. And so as soon as we can make decisions about what's going to go forward, we want to invest in expediting that and also things that are not going to go forward, we want to make sure that we don't spend money on things that are not going to go forward. So that's very much the intention, and it's, I think, ties to Alexander's statement of how the progress of our process through to Investor Day could be potentially incrementally informed over the course of the year.
Operator
Our next question comes from the line of Jack Allen with Baird. Please go ahead.
Jack Allen
Hi. Thanks for taking our question and congratulations on all the progress made over the course of the quarter. I wanted to ask one on VOX
Henry Fuchs
Thanks for the question, Jack. In the United States, we haven't disclosed penetration rates and we're not going to introduce that metric overall, with reported numbers of about 2,600 patients, and you heard me quote the question to Gena earlier of an eligible patient population of 20,000, you can do the quick arithmetic on that yourself. Specifically from the United States, which is one of our largest and highest value markets, we're really encouraged by both the continued uptake in the older children, those ages five and up from the original approval and also the new demand from the younger patients. So I think we're pretty confident that we've got an opportunity for increased uptake there going forward.
Jack Allen
Okay, thanks.
Operator
Our next question comes from the line of David Lebowitz with Citigroup. Please go ahead.
David Lebowitz
Thank you, very much for taking my question. Just following up on that, with 70% of patients on VOX
Alexander Hardy
David, let me take that one on. I don't think we have enough data to specifically say that we're going to maintain that mix. But that's a onetime metric intended to give you a little bit of color on how things are going in that key market since we got the younger age label expansion. But it's an important signal, and I think it's a good one, good and encouraging looking forward.
David Lebowitz
Thanks for taking my question.
Operator
Our final question comes from the line of Luca Issi with RBC Capital Markets. Please go head. Thanks so much.
Luca Issi
Hello, great. Thanks much. Thanks for squeezing me in. Maybe Alexander at the R&D day last year, which I appreciate was before your time, BioMarin talked quite extensively about life cycle management in valrox including testing patients with neutralizing antibodies to AAV5, patients with Factor VIII inhibitors, younger patients and so on. Given the relatively slow launch, is that still a plan? Or is there a scenario don't invest that capital, just you prioritize operational efficiency to really make the story here, driven primarily by VOX
Henry Fuchs
We do intend to include a review of those studies in our portfolio assessment and prioritization. And so we'll communicate the plans for each of the additional potential ROCTAVIAN indications that we did outline at R&D day that you did just list, and as we complete our portfolio prioritization process, as well as our overall corporate strategy and so we'll follow up then.
Alexander Hardy
And I would just add to that, that as we've said that R&D prioritization is looking at the potential benefit in terms of the medical impact together with the commercial potential. So we'll be taking into mind our experience with the commercial uptake of ROCTAVIAN to inform the business case around those life cycle developments.
Luca Issi
Thank you, very much.
Operator
I would now like to turn the call over to Alexander Hardy, President and CEO of BioMarin, for closing remarks.
Alexander Hardy
Thank you very much for joining us today. As you've heard, we are really hard at work here on shaping the future corporate and R&D strategy, as well as setting ambitious long-term financial goals. As you've heard, these are on about accelerating revenue and also profitability. We're approaching this work with a sense of urgency, and we're making significant progress. We're looking forward to sharing that with you on a timely basis. So as you heard, please stay tuned for additional updates. Thank you very much for your attention and your questions, and good-bye.
Transcript from February 22, 2024
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