BioMarin Pharmaceutical Inc. (NASDAQ:BMRN), one of the top biotech Stocks has announced raising over $1 billion in revenue for the first time in 2016. This is the traditional level for a blockbuster. Although the figure is a combination of the company’s four drugs it is still a big achievement that several manufacturers of drugs never arraign.
According to BioMarin CFO Spiegelman the future looks bright for the company adding that the company’s 2017 growth in revenue is just below 15% of the projections. He says they hope to uphold the growth beyond 2017 at the rate of about 15%. This will spread thought a decade basing on the company’s product line and the unveiling of Brineura and pegvaliase. The company is expected to record accelerated growth in revenue following the launching of products in the pipeline like vosoritide and BMN 270.
Although the company is yet to reveal its earnings projections beyond 2017, Spiegelman said they are fully committed to cutting costs associated with growth relative to growth in revenue. “The magnitude of the difference in 2017 is almost, by definition, as big as it can be,” he says
The company is now targeting revenue of between $1.25 billion and $1.3 billion which according to Spiegelman will be a strong double-digit increase compared to the $1.12 billion recorded in 2016. Vimizim has been at the forefront in driving the company’s growth while Kuvan is also poised to undergo double-digit growth.
In a nutshell the company’s management is expecting a loss of between $140 million and $180 million on the basis of GAAP but after adjustment, the company is anticipating a profit of $30million to %70 million.
The company’s next growth driver will be the Food and Drug Administration which is expected to make a determination on the Brineura by April 27, 2017. The drug is waiting its approval in Europe in this year’s third quarter. BioMarin is also expecting another FDA approval in 2018 as it prepares to submit an application to market pegvaliase in the second quarter of this year. BioMarin is one of the biotech Stocks listed at SEC.