BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) stock fell over 0.84% on Feb 22nd, 2019 (as of 10:48 am GMT-5; Source: Google finance) after the company posted weaker than expected results for the fourth quarter of FY 18. The company has repaid the principal amount for the convertible bonds using $375 million of cash, resulting in cash, cash equivalents and cash investments totaling $1.3 billion as of December 31, 2018, as compared to $1.8 billion on December 31, 2017.
BMRN has completed enrollment of the cohort of patients in the ongoing Phase 3 study in the 6e13 dose that are intended to satisfy the requirements depending on the results observed. Currently, the company is on track complete enrollment of all 130 subjects in the full Phase 3 study in the third quarter of this year. And finally, the company expect to provide a three-year data update from the ongoing Phase 2 study with a 6e13 dose and a two-year update with a 4e13 dose in the middle of this year. In the near-term, BMRN continue to target $2 billion in 2020 revenues which is next year and beyond that given the strength of the base business and the potential for the big three Palynziq, valrox and vosoritide to drive substantial upside and long-term growth.
BMRN in the fourth quarter of FY 18 has reported the adjusted loss per share of 7 cents, missing the analysts’ estimates for the adjusted loss per share of 10 cents. The company had reported 1 percent fall in the adjusted revenue to $353.2 million in the fourth quarter of FY 18, missing the analysts’ estimates for revenue of $380 million.
Combined with current and expected enrollment rates, the 2019 full year Palynziq revenue guidance is $70 million to $100 million. Should BMRN receive EU approval of Palynziq in 2019, though the company don’t expect material EU revenues in 2019, the company would expect to see a meaningful revenue contribution from that region beginning in 2020. For the full year 2019, BMRN expect Vimizim net product revenues of $530 million to $570 million. For 2019, BMRN anticipate full year Kuvan revenue of $420 million to $460 million due in part on the brand to focus on converting U.S. Kuvan adults to Palynziq treatment given its superior efficacy profile. For 2019, the company expect further non-GAAP income improvement of approximately 65%, based on the midpoint of the guidance of $130 million in income to $170 million in income.