BioMarin Pharmaceutical Inc. (Nasdaq: BMRN) on Thursday reported fourth-quarter profit of $22.1 million, up 9% from a year before.
The San Rafael, California-based company said it had net income of 12 cents per share. Earnings, adjusted for one-time gains and costs, were 21 cents per share.
“Despite the impact in 2020 from the COVID-19 pandemic and a delay in the potential approval of valoctocogene roxaparvovec for severe hemophilia A, demand for our current product portfolio continued to drive steady revenue growth and expansion of our pipeline,” said Jean-Jacques Bienaimé, chairman and CEO, a news release. “Excluding contributions from Kuvan, for which a generic became available during 2020, total revenues grew 13% in 2020, and generated $85 million of positive operating cash flows for the full year, underscoring the essential nature of our medicines.”
The results topped Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The rare disease biopharmaceutical developer posted revenue of $452.1 million in the period, also surpassing Street forecasts. Ten analysts surveyed by Zacks expected $447.2 million.
For the year, the company reported net income of $859.1 million, or $4.53 per share, swinging to a profit in the period from a $23.8 million loss a year before. Revenue was reported as $1.86 billion.
BioMarin expects full-year revenue in the range of $1.75 billion to $1.85 billion.
BioMarin shares have fallen almost 7% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $81.76, a decline of 10% in the last 12 months.