In 2016 BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) recorded revenues of more than $1 billion marking the first time the drug maker had reached the blockbuster status. This was mostly due to improvements in the revenues from its four drug treatments.
Some of the drugs from this top biotech stocks that recorded growth in sales include Naglazyme, Kuvan, and Vimizim. The respective growth figure of the sales was 25%, 38%, and 59%. Aldurazyme, however, saw a drop of 10% in sales but this was mainly due to the fact that the drug was transferred to Sanofi SA (ADR) (NYSE:SNY).
On future prospects, BioMarin has commenced the third phase of trials for vosoritide, a drug that is used to treat achondroplasia, a condition that is associated with causing dwarfism. The pharmaceutical firm’s chief finance officer also expressed optimism at the company’s prospects.
“Beyond 2017 we anticipate annual revenue growth to continue at approximately 15% throughout the rest of the decade based on our current products plus the launches of Brineura and pegvaliase,” said Dan Spiegelman, BioMarin’s CFO.
Though this top biotech stocks did not issue earnings projections beyond 2017 the chief financial officer indicated that the company was committed to reducing operating expenses. A revenue guide from the management, however, points to sales of between $1.25 billion and $1.3 billion. This would constitute a double-digit risesince revenues for 2016 were $1.12 billion. Vimizim remains the main driver of growth while there are also expectations that Kuvan will growth at double-digit levels.
On the basis of GAAP, losses of between $140 million and $180 million are expected. Profits in the range of $30 million to $70 million are expected when the figures are adjusted.
Some of the drug approvals that the pharmaceutical firm is looking forward to are expected to be announced in the course of this year. The U.S. Food and Drug Administration is, for instance, expected to make a decision regarding Brineura on April 27, 2017. Later in the year, a decision is expected to be made by European regulators.
On Friday shares of BioMarin Pharmaceutical Inc fell by 1.99% to close the day at $87.51.