BioMarin Pharmaceutical

This is our first report on rare disease specialist, BioMarin Pharma. The company had a decent start to 2022 recording $519 million in total revenues in the previous quarter. The $20 million in Voxzogo contributions during the first quarter increased the company’s full-year 2022 guidance to between $100 million and $125 million and will play a significant role in its future growth. At the end of the first quarter, Voxzogo had sales in 15 active markets, including Saudi Arabia, Slovenia, the Czech Republic, the UAE, and Italy, which were new markets. The company experienced geneticist and paediatric endocrinologist prescriptions during the quarter, as the team had anticipated. On the other hand, Kuvan contributed $59 million in revenue in Q1 of 2022, a decline of 16% from Q1 of 2021. Since losing U.S. market exclusivity in October 2020, they have declined further in the first quarter. They also disclosed that the Committee for Medicinal Products for Human Use has adopted a favourable opinion and recommended conditional marketing authorization for their investigational gene therapy, valoctocogene roxaparvovec, for adults with severe haemophilia A. We remain optimistic about their future growth and initiate coverage on their stock with a ‘Hold’ rating.