Benzinga | Oct 28, 2021 07:14AM EDT

BioMarin's Q3 Net Income Hit By Lower Product Sales

* BioMarin Pharmaceutical Inc (NASDAQ:BMRN) reported a 14% Y/Y decrease in Q3 revenue to $408.7 million, missing the consensus estimate of $435.32 million.

* The decline was attributable to lower sales from Kuvan, Aldurazyme, Vimizim, and Naglazyme, partially offset by higher revenues from Palynziq and Brineura.

* Kuvan sales decreased 45% to $67.7 million, primarily due to generic competition.

* Vimizim and Naglazyme sales dipped 7% each to $136.9 million and $71.2 million, respectively, primarily driven by the timing of orders from Europe and the Middle East.

* Sales from Palynziq increased 32% at $60.7 million, primarily due to revenues from more patients in the U.S. achieving maintenance dosing and new patients initiating therapy.

* Brineura sales were up 30% at $32.9 million due to new patients initiating therapy driven by EMEA and North America growth.

* BioMarin posted an EPS loss of $(0.20), compared to earnings of $4.01, beating the consensus loss of $(0.25).

* Lower product revenues resulted in a decline in adjusted income from $98.7 million to $33.5 million.

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

* It forecasts an adjusted income of $215 million - $255 million, compared to previous guidance of $190 million - $240 million.

* Related: Stifel Upgrades This Pharma Stock On Prospective FDA Approval For Dwarfism Drug.

* Price Action: BMRN shares closed at $71.72 on Wednesday.