From BioMarin Investor Day, Co Provides New Corporate Strategy And Introduces 2027 Financial Guidance; Sees FY27 Total Revenues $4B; Updated Corporate Strategy Includes Implementation Of $500M Cost Transformation Program; VOXZOGO Expected Data Readout Targeted In 2026, Potential Approval In 2027; Full Year 2024 Guidance Reaffirmed

Author: Benzinga Newsdesk | September 04, 2024 01:03pm

BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) hosted an Investor Day earlier today, where President and Chief Executive Officer Alexander Hardy and other members of BioMarin's leadership team provided an overview of the company's new corporate strategy to deliver sustained value creation and introduced longer-term Total Revenue and Non-GAAP Operating Margin guidance.  A copy of the presentation and a replay of the webcast are available at investors.biomarin.com.

"Over the last 9 months, we have undertaken the transformation of BioMarin's operations and ways of working with the goal of accelerating and delivering substantial value to all our stakeholders – patients, employees and shareholders," said Mr. Hardy. "Our new corporate strategy harnesses BioMarin's unique capabilities creating and leading new therapeutic markets around the world to deliver innovative medicines to the patients we serve. We are confident in our ability to realize the ambitious plans outlined today and excited to deliver on our new vision for BioMarin's future."

Corporate Strategy

The company reviewed BioMarin's differentiated strategy including its new company structure and updated organizational model, now built around three business units, Enzyme Therapies, Skeletal Conditions and ROCTAVIAN®, designed to support the focus on sustainable growth.  The updated corporate strategy also includes the implementation of a $500 million cost transformation program that will contribute to Non-GAAP Operating margin targets set for 2026 and beyond.     

Value Commitment

BioMarin provided an overview of its long-term financial outlook, based on its strategic plan to drive revenue growth and expand Non-GAAP Operating Margin. The summary table below includes the company's full year 2024 guidance, reaffirmed today, and the newly introduced outlook for 2026 with respect to Non-GAAP Operating Margin and other metrics for 2027, shared at BioMarin's Investor Day.

Item	FY 2024 (reaffirmed)	FY 2027
Total Revenues	$2.750B to $2.825B	$4B
Non-GAAP Operating Margin (1)	26% to 27%	Low-to-mid 40%s starting with 40% in 2026
Non-GAAP Diluted EPS (1)(2)	$3.10 to $3.25	N/A
Operating Cash flow	N/A	$1.25B+

(1)

Refer to Non-GAAP Information beginning on page 4 of this press release for the definitions of Non-GAAP Operating Margin and Non-GAAP Diluted EPS. Reconciliation of forward-looking Non-GAAP Operating Margin and Non-GAAP Diluted EPS to the most directly comparable U.S. GAAP reported financial measures is not available. Refer to Forward-Looking Non-GAAP Financial Measures beginning on page 5 of this press release for further information regarding forward-looking Non-GAAP financial measures.

(2)

Non-GAAP Diluted EPS guidance assumes approximately 200 million Non-GAAP weighted-average diluted shares outstanding.

Posted In: BMRN