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BioMarin sees rise in Q4'17 product revenue, expects revenue boost for 2018

BioMarin Pharmaceutical Inc. reported a lower GAAP net loss for the fourth quarter of 2017 versus the year-ago period due to increased net product revenue and a license payment from Sarepta Therapeutics Inc.

Non-GAAP income was $5.2 million in the fourth quarter, compared with a loss of $27.5 million in the same period a year ago. GAAP net loss was $51.4 million, or 30 cents per share, versus a net loss of $90.7 million, or 53 cents per share, in the fourth quarter of 2016.

The S&P Capital IQ consensus normalized EPS estimate for the fourth quarter was 4 cents.

The California-based drugmaker said that the reduction in GAAP net loss was due to a $31.5 million net upfront license payment received from Sarepta after the settlement of a patent litigation involving the use of the Duchenne muscular dystrophy treatment EXONDYS 51, the $125.0 million gain on sale of intangible assets related to the sale of a rare pediatric disease priority review voucher and the absence of the impairment of intangible assets associated with the discontinuance of the Kyndrisa and reveglucosidase alfa programs in 2016.

BioMarin also said the reduction in GAAP net loss was due to a rise in net product revenue for Kuvan, Naglazyme and Vimizim, partially offset by an increase in the provision for income taxes related to the impact of the U.S. Tax Cuts and Jobs Act.

The company's total revenue in the quarter rose 19% to $358.3 million from $300.1 million a year earlier.

Non-GAAP income was $74 million for 2017, compared with a loss of $36.5 million in the same period a year ago. GAAP net loss was $117 million, or 67 cents per share, versus a net loss of $630.2 million, or $3.81 per share, for 2016.

The S&P Capital IQ consensus normalized EPS estimate for 2017 was 45 cents.

BioMarin's total revenue for 2017 rose 18% to $1.31 billion from $1.12 billion in 2016.

Outlook

BioMarin expects non-GAAP income for 2018 to be in the range of $100 million to $140 million. The company anticipates full-year GAAP net loss will be in the range of $115 million to $165 million.

The S&P Capital IQ consensus normalized EPS estimate for 2018 is 84 cents.

BioMarin expects total revenue for 2018 to rise, ranging between $1.47 billion to $1.53 billion. It expects Kuvan's net product revenue in the range of $440 million to $480 million, Naglazyme revenue in the range of $325 million to $355 million, Vimizim revenue in the range of $460 million to $500 million and Brineura revenue in the range of $35 million to $55 million.