BioMarin touts Voxzogo sales bump in Q2 results, notes ‘temporarily tight supply’

BioMarin is touting “record revenues” from the first half of 2023, spearheaded by the jump in sales of its achondroplasia drug Voxzogo — so much so that it’s putting a strain on supply.

Voxzogo remains the star of the show as BioMarin is still gearing up for the launch of Roctavian, its gene therapy for hemophilia A, in Europe (where it was approved last August) and the US (following FDA approval just weeks ago). The company expects Roctavian to be available for commercial use in the US later this month.

According to its second quarter results, BioMarin brought in $595.3 million for the quarter, a 12% jump from last year’s Q2. Voxzogo had the biggest jump in sales, pulling in $113.3 million this quarter compared to $34.4 million over the same period in 2022, a 229% increase.

BioMarin said in a release that the increase in Voxzogo sales is a result of the expansion of the drug’s availability around the world and the “rapid patient uptake.” The pharma has updated the guidance for Voxzogo, expecting this year’s total revenue to be between $400 million and $440 million. Last year the drug pulled in over $169 million and BioMarin predicted between $330 million and $380 million in sales at the start of 2023.

Jeff Ajer

Chief commercial officer Jeff Ajer noted on an investor call that BioMarin is managing a “temporarily tight supply” of Voxzogo into next year. He added that it is keeping an eye on the growth and is limiting “inventory stocking” for the time being.

While BioMarin manufactures its own drug substance and has “ample” amount on hand to ensure supply, it had to secure more capacity at its fill-finish contract manufacturer which he noted as the “constrained element.”

But the update did not move the needle drastically on BioMarin’s stock price $BMRN, which is down 2% so far today.

“Outstanding execution across our business led to record revenues in the first half of 2023. We reached more children with Voxzogo around the world, as physicians and families sought treatment with the only approved medicine targeting the genetic cause of achondroplasia,” BioMarin CEO Jean-Jacques Bienaimé said in the release.

The pharma is looking to expand the reach of Voxzogo, with plans to start enrollment in a trial involving children with hypochondroplasia, a genetic condition that impairs bone growth. BioMarin expects to start a six-month observation arm of a Phase II study in hypochondroplasia later this year and eventually expand the drug to younger age groups in the US and Europe.

Tim Lugo, an analyst at William Blair, has seen the launch of Voxzogo as “impressive,” marking BioMarin’s largest approved product to date, and sees potential for the drugmaker to double its topline in the coming years with Voxzogo and other drugs in its arsenal.

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