BioMarin Pharmaceutical has recently released its 10-K report, providing a detailed insight into its financial performance and business operations. The company, founded in 1997 and headquartered in San Rafael, California, focuses on developing and commercializing therapies for people with rare and life-threatening diseases and medical conditions. BioMarin's commercial products include Vimizim, Naglazyme, Kuvan, Palynziq, Brineura, Voxzogo, and Aldurazyme, serving specialty pharmacies, hospitals, and non-U.S. government agencies, as well as distributors and pharmaceutical wholesalers in the United States, Europe, Latin America, and internationally. The company also has license and collaboration agreements with various entities.
In the 2024 financial year, BioMarin reported total revenues of $2,853.9 million, a significant increase from $2,419.2 million in 2023 and $2,096.0 million in 2022. The company's net income also saw a substantial rise, reaching $426.9 million in 2024, compared to $167.6 million in 2023 and $141.6 million in 2022.
The 10-K report highlighted the company's efforts to grow its commercial business and advance its product candidate pipeline in 2024. BioMarin achieved $2.9 billion in total revenues, with a significant contribution from the expansion of Voxzogo. The company also made important advancements in its product development pipeline and completed a strategic portfolio assessment of research and development programs to determine the strongest combination of scientific merit, commercial success, and potential value creation for stockholders.
BioMarin's net product revenues for 2024 amounted to $2,809.4 million, showing a notable increase from $2,372.5 million in 2023 and $2,042.0 million in 2022. The company attributed this growth to higher sales volumes across various regions and new patient initiations for several of its commercial products.
The 10-K report also shed light on BioMarin's cost of sales, which includes raw materials, personnel, facility costs, and other expenses associated with manufacturing its commercial products. In 2024, the company reported a cost of sales of $580.2 million, compared to $532.1 million in 2023 and $503.0 million in 2022. The gross margin for 2024 was 79.7%, reflecting an increase from 78.0% in 2023 and 76.0% in 2022.
Furthermore, the report detailed the company's research and development (R&D) expenses, which totaled $747.2 million in 2024, slightly increasing from $746.8 million in 2023 and $649.6 million in 2022. BioMarin's R&D activities are categorized into research and early pipeline, later-stage clinical programs, and marketed products, with the company continuously evaluating the recoverability of costs associated with pre-launch or pre-qualification manufacturing activities.
Following these announcements, the company's shares moved 1.2%, and are now trading at a price of $69.09. If you want to know more, read the company's complete 10-K report here.
