BioMarin Achieves Record Q1 Sales Driven By Recently Approved Achondroplasia Therapy

• BioMarin Pharmaceutical Inc's (NASDAQ:BMRN) Q1 sales reached $519 million, up 7% Y/Y, beating the consensus of $507.52 million.
• BioMarin said that the increase was achieved "despite continued erosion of the U.S. Kuvan market." 
• Kuvan is indicated for phenylketonuria. Kuvan still brought in $59.3 million but down from $70.8 million a year ago.
• The company reported EPS of $0.63 compared to $0.09 a year ago.
• Newly approved Voxzogo for achondroplasia (dwarfism) reported sales of 19.7 million.
• 284 children were being treated with Voxzogo as of March 31, including 201 children in countries outside of the U.S. and 83 children within the U.S.," he said, adding that "[a]n estimated additional 53 children were in process in the United States as of April 15."
• Also See: BioMarin Sells Priority Review Voucher For $110M.
• BioMarin has upped its full-year Voxzogo sales forecast to $100 million - $125 million. The company previously expected sales of $90 million - $115 million from the med.
• The company expects FY revenues of $2.05 billion - $2.15 billion.
• Looking ahead, the company hopes to receive Voxzogo approvals in Australia and Japan later this year.
• Price Action: BMRN shares are down 0.46% at $79.94 during the market session on the last check Thursday.