Benzinga | Jul 29, 2021 07:13AM EDT

BioMarin Bounces Back With Solid Q2 Earnings, Nudges Up 2021 Guidance

* BioMarin Pharmaceutical Inc (NASDAQ:BMRN) reported a 17% Y/Y increase in revenue to $501.7 million in Q2, beating the consensus of $448.8 million, attributable to Vimizim, Naglazyme, and Palynziq product revenues, partially offset by lower Kuvan product revenues.

* Vimizim and Naglazyme sales increased 47% to $171.7 million and $118.8 million, respectively, primarily driven by the timing of orders from Europe and the Middle East.

* Palynziq sales increased 45% to $59 million, primarily driven by a combination of revenue from more U.S. patients achieving maintenance dosing and new patients initiating therapy.

* Kuvan product revenues declined 36% to $78.8 million due to generic competition due to the loss of exclusivity in the U.S.

* The Company turned to profit as EPS came in at $0.07, ahead of the consensus of $(0.11). Adjusted income increased to $97.8 million from $57.4 million a year ago.

* Guidance: BioMarin raised its FY21 guidance with sales of $1.79 billion - $1.88 billion (consensus $1.82 billion), compared to the earlier outlook of $1.75 billion - $1.85 billion.

* It forecasts adjusted income of $190 million - $240 million, compared to previous guidance of $170 million - $220 million.

* Price Action: BMRN shares closed at $78.73 on Wednesday.