BioMarin Pharmaceutical (BMRN) 30 Apr 202020 Q1 Earnings call transcript

Company Profile

Participants

Traci McCarty	Vice President, Investor Relations
Jean-Jacques Bienaimé	Chairman and Chief Executive Officer
Robert Baffi	President of Global Manufacturing and Technical Operations
Jeff Ajer	Executive Vice President and Chief Commercial Officer
Henry Fuchs	President, Worldwide Research and Development
Brian Mueller	Acting Chief Financial Officer
Robyn Karnauskas	SunTrust Robinson Humphrey Inc
Salveen Richter	Goldman Sachs
Joshua Schimmer	Evercore ISI
Cory Kasimov	JPMorgan
Geoffrey Meacham	Bank of America Merrill Lynch
Akash Tewari	Wolfe Research, LLC
Christopher Raymond	Piper Sandler
Philip Nadeau	Cowen and Company
Matthew Harrison	Morgan Stanley
Alex Thompson	Stifel Nicolaus
Mohit Bansal	Citigroup
Tim Lugo	William Blair & Company, L.L.C.
Kennen MacKay	RBC Capital Markets
Peter Kim	Barclays Capital
Eliana Merle	Cantor Fitzgerald
Vincent Chen	Bernstein Research

Call transcript

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Operator

Welcome to the BioMarin First Quarter 2020 Financial Results Conference Call. Hosting the conference call today from BioMarin is Traci McCarty, Vice President of Investor Relations. Please go ahead, Tracy.

Traci McCarty

Thank you, May, and thank you, everyone, for joining us today. To remind you, this non-confidential presentation contains forward-looking statements about the business prospects of BioMarin, including expectations, regarding BioMarin’s financial performance, commercial products and potential future products in different areas of therapeutic research and development. developments depending regulatory progress future filings authorities, the market materially programs, BioMarin’s actions with differ those XX-K pharmaceutical of and and Exchange actions availability and as the may Securities on in Commission, of the product in factors and Results detailed competitors such BioMarin’s XX-Q, by of report. capital, X-K

Commercial Chief management Officer; Executive Manufacturing Operations; request remotely Mueller, Chief call for Development; J.J. the your are this the the everyone President Global that call yourself you today and Financial Baffi, to also Q&A keep and call. from Vice Robert ask BioMarin Chief give Thank Jeff hope the and President, and Officer; Hank Chairman Worldwide Officer. On Ajer, Fuchs, to to opportunity portion X Brian Executive we questions and Research of you understanding. one Bienaimé, Technical We Acting President, limit during hour to so and today,

I the call our J.J. to will now CEO, turn Chairman Bienaimé. and over

Jean-Jacques Bienaimé

by Traci. you through on hope virus. for We call. families joining and you, brought Good thank your today’s circumstances about healthy unusual you and afternoon, these are managing us Thank COVID-XX and

essential the the the enabled of BioMarin So challenge well. unprecedented times, to of need them these are but our to weather who medicines nature patients has COVID-XX quite

access order maintain dedication employees who our to the our have the of important, running as extraordinary to operations smoothly want Equally in underscore I therapies kept world. to around

million. importance therapies exceeding first our $XX.X the to and year net Firdapse, revenues, GAAP XX% footprint. results quarter $XX base $XX guidance growth record income million, total our in over full-year first in quarter last and the the commercial current a to to of of range of million Due is or sale was our part product $XXX of million diversified testament Our of

disruptions anticipate meaningful potential the experienced COVID-XX, for but first do to business minimal pandemic. for of to XXXX we due due the we the the In quarter, remainder more interruptions

full-year total result, maintaining As a fully we X%, around by both have $XXX estimated while non-GAAP provided year. guidance or revenue and income GAAP reduce our to earlier this chosen million,

potential Valoctocogene, BMN impacts for for valrox to moment. blockbusters [indiscernible] XXX A and a commercial next approved COVID-XX, Jeff for business on recently Despite our Achondroplasia XXX, in Roxaparvovec, near-term will BMN our continuing and hemophilia brand reveal our advance names to Vosoritide

and marketing FDA Briefly on Achondroplasia. Vosoritide the and successful quarter with and based the quarter, for authorities the year. Europe, health applications in announced meetings to on EMA the this submit we to plan In that U.S. third in recent meetings we of

the first If approved, the and of Vosoritide would be Achondroplasia treatment in U.S. for the medicine Europe.

to we closer that therapy this potential So delighted regulatory. proceeds are step a

of patients In a pandemic, level The strong business the the and remains of our conclusion, serve. risen the COVID-XX high evolving and BioMarin to fundamentals and demonstrating underlying resilience. we dedication supply employees chain challenges have to commitment our manufacturing of

and near-term We positions the rare have essential long-term. pipeline substantial risk business medicines, and larger the base to address for success the in with a indications, transitioned ourselves built durable diversified both

health in ongoing We confident success. for crisis, this are to our strategy grounded through manage long-term staying our global in ability while

the who few to tremendous years. Baffi, to a I’d about last has organization the Robert made say contributions like over words XX

stand the we His manufacturing in most today products During a has technical world therapy expertise, role key most Robert. dedication we his acknowledge to and capability. complex and advanced his you, the where BioMarin, biological gene the played many we commercial in want time leadership, manufactured contributions. scale at foresight have visits Thank and

from marketing and with continuity review Guyer, as of Bristol-Myers successor, with to remain May, XXX BMN his Squibb. pleased are vosoritide journey the Greg his begins we coming BioMarin manufacturing And will applications the valrox that ensure he us through in

all Thank Robert words. now, to for And your a say over call turn few continued Robert? to would like to you I the support.

Robert Baffi

been of Innovation core J.J. you, always Thank BioMarin at has the success.

XX company a foster of guiding my culture to Head a During years few tenure the still I’ve in as innovation. principles Operations, of the Technical been

inform our decision-making; outcomes; lead ingenuity second, and First, let approach let create and let and efforts science patient on development. focus and our adaptivity compliance resiliency third, and drug safety clinical to

most of approval research and talents infused differentiated in These three ever manner ideas with a process navigating to highly needs take meet enabled patients. rapidly tenants complexities with worked I’ve through the us of the the of regulatory dedicated consistently have development, effective to the people the

with for for the assuring creating BioMarin’s vision products. company has powers, of an technology is the and uninterrupted integral team component clinical commercial demand strategic paradigms integrated a delivery operations, of timely and supply fully shared an technical development leadership supported of and studies

Furthermore, implemented faster benefited rates success that CMC development innovative a to and linked for and design, alike. shareholders allows appropriately strategies high and clinical rapid patients both

challenging some in As others. invigorating a are simultaneously, going transitions in ways, through company, we multiple

provides therapies. this more to Our year resources profitability the develop transition innovative to

transition of technological the commercial emerging Our squarely advancement gene leverages our forefront the places at therapy precision clinical and to and us and manufacturing product capabilities medicine.

Guyer’s experiential operation Our help, impressed his innovative be career. diversity with his of provides on I the transition to opportunity approach build to variety the growth. could fuel I drug of the not saw and Dr. to and our first scope and leadership When CV, our but responsibility Greg development technical

shared shareholders science, for from that products In our that efforts emerge that and the to confident their lot BioMarin from will of benefit many let our on a ingenuity become of vote the I’m and we with to ways, different transition and for us build while our careers me and as employees will is my for at technical not committed to BioMarin. and commonality own and compliance will our that Greg legacy journey, operations a from it profitable. patients the

QX. preapproval process, This Regulatory Medicines equipment, review validation, Authority of documentations of European a of a XXX of testing. Products manufacturing and generated detailed of facility, Health the in approval, Ireland facility support behalf analytical therapy In involve I’m of conducted in inspection in that production and of relevant licensure share and on terms to studies our Agency, The inspection support pleased gene the BMN

Following granted, At distribution cGMP the the completed be this facility QX, consistent PDUFA for XX BMN in a action approved. by of EU the date. allowing certification the production in product XXX of is expected was commercial of when with U.S. the and August to allowing inspection the present, is inspection, the for FDA facility during licensure

commercial potential a the bleeding launch my hemophilia the your community introducing throughout support to the more product for We doses XXX remain prospects enthusiastic gene you therapy soon have disorder as possible. for Thank very at for BioMarin. XXX than about BMN of and this year as ready time later for first

the turn Jeff business Jeff? to the And call now, over update. to I’d commercial to discuss like

Jeff Ajer

you, Thank Robert.

all we brands quarter. begin I’m pleased the during As XXXX, very and regions across performance the with all team’s

quarterly a XX% J.J. total our will and by our moment. This highest revenue record related achieved challenges $XXX to with achievement of the we which to product on in revenues near-term reflects revenues BioMarin, As $XXX marketed million I business, of in growth COVID-XX, mentioned, the quarter, strength address million. like up with net first fundamental

Palynziq. growing and titration with a from slowing increasing on On and therapy, revenue results of starts, part early new daily and enrollments starting mirroring steadily the in in In maintenance including of patients seasonal the the to did to QX. based experience base the quarter, induction the continued of we our patient with the somewhat United States. dosing, historical Kuvan experience commercial trend patient In a quarter in U.S., on of progression

revenue are Palynziq are coming We revenue Europe, in the reporting with to $XX signals in the of from U.S. In with Germany quarter, continued million early quarter, the uptake clinics first first majority and patients Palynziq encouraging. treat that multiple for actively the across

dosing. titration in through During prescribing phase and clinics progress we that maintenance some now the Germany, induction have quarter, made to the daily patients significant Palynziq managing adding experience and

As patients towards approvals we contributions Germany by negotiations Germany an anticipate year. price in and step EU mid from anticipate the this other the in reimbursement important European number finalizing in getting priority this commercial price reimbursement meaningful and We revenue steadily high year, starting markets. of grows,

of X% $XXX Vimizim Kuvan potential United an by contributed continued the revenues in anticipated million with year-over-year. XX% contributing for quarter, first increase the in million growth in growth driven the grew we from States. XX% growth This is Vimizim. of most that year-over-year, patients quarter, $XXX the revenues year-over-year, in expect or coming reflective

Naglazyme. to totaled Revenues XX% well-established growth for the Turning $XXX year-over-year million, brand. a

patients As Naglazyme on a the difficult. indicative with X% XX years ongoing since commercial in by being nearly brand, this order and potential Vimizim, grew patterns large the number is impact from the approved. for year, The of past quarterly of growth makes uneven comparison

EMEA and QX, represented which These year-end million a in flat inventory net growth. in finally, And that by over essentially revenues, contributed $XX revenues QX. region in was build Brineura the XX% modest were year-over-year driven product

the Brineura an revenues growth of Importantly, in growth in underlying reflects to year compared XX% commercial prior patients.

seeing are disease net a to Brineura identification of benefiting and increase in from our treatment awareness patients success due programs. the We patient

for pleased of hospitals impact potential the And while demand Taken together, higher the business. operations the and of of and minimal impact a first of for remainder our we to during in quarter day-to-day due experienced as products. results our quarter degree through flow financial we’re we with first COVID-XX, XXXX, disruptions anticipate clinics

possible, patients continuity engage with teams to of to ensure approaches to medicines. continue to infusion Where Our access global help to supporting we’re efforts mitigate home adjust commercial our will innovative and implement clinics to impact.

some as as to ongoing patients visits to are infusion continue. patient to center well disruption However, expected COVID-XX existing starts, new from

guidance $X,XXX million $X,XXX As to full-year between reducing a by midpoint million result, the total are for revenue X% we to the at XXXX.

majority Vimizim, Palynziq demand line updated business in guidance including of return XXXX. Naglazyme in reflects revenue second-half the The normalized will of our to to and vast and today’s patterns assumes adjustments total brands,

not XXXX from XXX guidance contribution in in some did XXXX XXX BMN February, BMN we Although did our revenue total guidance assume Europe. give revenue

I’d my which our form intended INN, to XXX. with alternatively, hemophilia gene calls, introduce the therapy of an you’ve Name, references our was program remarks abbreviated Roxaparvovec, to or or our and an brand identifier program, Now BMN update ROCTAVIAN. valrox, heard Valoctocogene on like name, previous In Nonproprietary to you International end

launch. not brand with Both will valrox, look FDA and EMA cease we brand to we we to name. forward accepted meantime, use to intended as ROCTAVIAN name, the closer our our the as In and as it get confuse so adopting have to ROCTAVIAN

progress. Other to key have continued launch activities readiness

We have The new markets these States in out EU. first added in substantial majority have hemophilia. essentially in the and the experience and key commercial in individuals have employees priority the the built United of team diverse

challenging Our anticipated certain others, us are activities most have develop more in and pivoted showing allowing also virtual with educational and lieu gene and engagements the program, to short-term for interactions. to site with digital the amenable and ongoing as teams Obviously, therapy, where platforms, is in marketplace brand engagement continue face-to-face campaigns to COVID-XX of and is virtual readiness.

recently with forward approval. team we with anticipate on if providing regulatory payer to and meantime, we have current very some lunch. validated updates embrace well already look In the ROCTAVIAN we’ll positive on set, our the research, Board, being pricing to with willingness we Fortunately, finished pricing which the prepared data you launch receive to at

Thank R&D you an provide the will And turn to over attention. now I your call update. for Hank? to Hank

Henry Fuchs

Greg I’d where also is the to the and expression like organization bottled. deep for welcome and sauce J.J’s secret Jeff. the has heartfelt Guyer spent to Robert with time Thanks, of us, appreciation echo also to

to pandemic. about to by been welcome gratifying next brought products our and organization and mostly R&D the ROCTAVIAN virtually focus the to delighted from innovative COVID-XX. is come of a distraction continue under on especially and product significant to date, advancement opportunities that progress, ongoing The ability circumstances has our The the particularly Vosoritide, work

our to these ability are with and the for thank your to we pandemic. acknowledge the been going, your story during impressed I and teams times. their want challenging I by and contributions flexibility keep while have dealing commitment

accelerated Authorization Starting and Jeff. strong filing the Europe, XX a on and this PDUFA name, what our meet memorable committed congratulations, The at assessment remains with Application action brand Marketing August is time. to In FDA ROCTAVIAN date.

to due review the be at months to by extended However, delays. least COVID-XX is procedure three

case there or a possibility on CHMP is XXXX. most a to assessment, initially standard with expect our XXXX assessment. believe we procedure that Based Further, accelerated revert assumptions, review by we these as late the filings from is opinion early the receive that MAA high accelerate will

for XeXX plan three to our genome the vector the the the to dose, as – four-year the as update dose year, of but yet vector form be XeXX to per three-year environment We meetings. kilo kilo middle is well the given changing in as per medical update defined, on of our the continue genome share

We’ll place. still and update in point, a is providing fluid forward with us. but analysis data for this for at have We venue bearing usual, move the with plan so thanks business the as method

COVID-XX expect of ROCTAVIAN chronic Phase being And timelines the not of do to treatment Enrollment completed the of that, receive was of in November benefits we a not X Importantly, need for impact do to completion the is a year. one-time basis. trial. one last therapy on patients

We’re the with home that this the ongoing maintained, integrity sufficiently of healthcare also the solution collection the pivotal being data aligned for study data. confident analyzed endpoint primary as of for study rate nicely – collection the bleed is

mentioned, highly Turning Phase treatment quarter a plan the multipronged a to X clinical global in to of now marketing ongoing this achondroplasia, trial to submit the statistically a year, applications comprehensive for including than very five the in the results newborns development data, with we long-term a eight-year-old data five package Vosoritide five as children and for J.J. study of third program, makes years treatment placebo-controlled achondroplasia. of children, with natural years spanning X more of significant to Phase comprehensive history

Again, Vosoritide out with the treatment work concluded prior approved, the the can If and be fortunate the the designated to Union. of in would beneficiary data first the that and and much and only of medicine be our now the pandemic read pivotal timing remotely. achondroplasia of European U.S. for submission

body growth proportionality, accepted publishing look let late to and and medical has study when appear. forward presentation the our know to data data specifics subgroup you that and where velocity an we’re Phase pleased continue from Z-score, the breaker later We year, height this will to full upcoming will include so for one-year X to more safety analyses, Congress. in of tuned stay as The those been

of ages that years safety The part five children Phase to that pleased to participating are is six will in from in zero package. And registration referred we of to proceeding Vosoritide XXX five-year be our as study well. X olds very data as study months available study

key We’re with free grateful of timing plans. well that our is aligned studies the COVID-XX

continuing given sites gene to it patients BMN to to circumstances. prepare is phenylketonuria, do safe to investigational to the our XXX, we’re order COVID-XX enroll Moving therapy for open in when new so,

from phenylketonuria BMN as it start second the for program, the PKU a to ROCTAVIAN. Currently, We’re later prospect and XXX, our capabilities expect – we excited study study about therapy of represents XXXX. and gene we start the third our the development in franchise leveraging to treatment in learnings later expect

potential in innovative these is you look organization us forward the R&D before and with over for advancing energized of support. were for updating severe hopeful The We Vosoritide XXXX, in will children quarters, the that coming our future. by with ROCTAVIAN be opportunities We both you thank towards on hemophilia progress continued to treatments near A and approvals. available the very your Achondroplasia

I’ll over And financials. call to Brian the now the turn review to

Brian Mueller

report will to XX-Q, of usual, financial be available on results Thank you, on we Hank. the our our next XXXX. Form file release as today’s summarizing of which comprehensive And Please press upcoming are our quarter in details the track on first over couple days. the for refer to full quarter

as we pandemic, the As to mentioned, we from $X.XX revenue updated modest between result, experiencing Jeff COVID-XX a are billion full-year some to impacts total billion. $X.XX have guidance and

year. the is second-half patters return Jeff noted, revenue that demand our in the guidance based normalized of As updated will assumption to on business our the

and our prior guidance that commercial Importantly, XXXX us we and guidance, revenues. to the while the our COVID-XX impact non-GAAP income business, our GAAP adjustments lowered able make spend to despite to allowed analyze of due our revenue were maintain projection on lower we

following for million ROCTAVIAN, of the to mostly in XXXX million, its XXXX $XXX compared to $XXX was of R&D quarter well first first approvals for less of lower, expense as activity of the quarter and Palynziq Europe. U.S. due development, the expenses. and R&D R&D Moving operating to expense for late-stage given its as

first continued expense and quarter largest for of increase expense $XXX Palynziq. the $XXX for was the for was driver year-over-year ROCTAVIAN SG&A of million, quarter of The expected the global the with first than the SG&A higher launch was commercial the of preparation being which launch of million. single XXXX XXXX

We some assets some currencies. during denominated currency month pandemic March, negatively foreign also the of in of more the as incurred exchange similar losses global volatile the COVID unpredicted affected

R&D GAAP primarily tax line higher of lower We and due quarter revenue, gain a to XXXX, to of the first compared net Turning the million expenses on income in $XX in results. improvement of reported loss of bottom first XXXX. was assets. the GAAP income net of quarter deferred the GAAP $XX.X in to sale The million

of compared million quarter R&D the of of lower and the income line quarter these of an XXXX XXXX in $XX $XXX non-GAAP income non-GAAP in income and on as non-GAAP us QX expenses, great Both grew bottom revenues the higher first With time XXXX substantially, GAAP million. to our income. of first goals XXXX a in towards history gives basis results first for annual net start growth achieving company’s considerable

we potential like benefit be in year. to this mentioned quarter last touch of that recognized also on a second-half that I’d tax may the

current Our between GAAP income of of $XX guidance transfers the excludes million potential BioMarin million intra-entity between to net intangible asset $XX entities. XXXX impact

could benefit than estimate intangible of If occur, $XXX one-time tax million. that income tax a greater these transfers the effect result we non-cash in asset

our previously, may mentioned similar I seen As in of you larger transactions recent quarters. have by completed peers some

with of in investments with compared first December billion, Beginning the some quarter $X.XX operating to flows. end and cash and of The timing at XXXX. cash XXXX total $X.XX due to modest cash billion ended decrease was largely of total QX investments, XXXX the we during

position, by in decreased good $XXX manage fundamentals, uncertainty cash significant the with to million. first COVID-XX. to the This quarter investments continued over the standing our related improvement However, us business through cash solid BioMarin’s XXXX, coupled of total put and

be business our year of transformational commercially, of our financial the give value the us future. positive company. the strong they’re the about come And Vosoritide, of that for performance ROCTAVIAN the year to approved outlook closing, and for the In first during enthusiasm from should XXXX, the indicate rest if quarter XXXX plus of prospects a

Thank Operator? your you questions. will for support. open to we now your And call the

Operator

Thank Robyn line is SunTrust. first Karnauskas [Operator the from question Our of you, Instructions] from sir.

Your line open. is now

Robyn Karnauskas

Greg. for question. lovely it congratulations first Thanks was to to you. working Rob, everyone. off, taking Hi, And just my But with

in teams at with think air buyers brought of fresh [ph]. to you I of breath my management working all universe.

So learned lot. so a I thank you much.

let on hope some get I guess, questions ROCTAVIAN, that me with I correctly. I start

confidence all, United that there first of So me nonstop. delays? won’t what gives you ask People the in that any States be this more

then beginning when into the And in goes a you timeline you is we could about see second-half, normal fourth talk of operations Do delays? further the that? assuming resume the If second-half? quarter, in that it go have for

environment you hospitals? is, far it Is it? the question are therapy hearing third Thank And ground? as as from COVID in Are the gene quarter? like as from to procedures separate Or hearing you. what you open early are people to what willing have as done people fourth the

Jean-Jacques Bienaimé

answer Hank? FDA? Okay. Hank, with on to delays question the you want the the

Henry Fuchs

questions. confidence their cases, Thanks, from and for FDA Robyn, milestones, The work. the Thanks. to accelerating the they’re we’re some is our in that, tracking

So all bunch of through the signs having these a are pointing recently, been favorably.

valrox trials, completed dose, and our know, to in we willingness as PKU the as of program. far we delay a a As bit clinical in are experiencing dosing you our

make I expect world. the about what therapy the approved. clinical some anything has when in gene wants Ajer quarter hesitance about if any we’re do happen to know trial in fourth I might comments he to Jeff heard don’t So share

Jean-Jacques Bienaimé

will starting that be the we’re I would we on obviously, to every the But launch minutes the little reopen launch your U.S. want mean, it challenging. mean, to you bit Jeff, are a I perspective if – businesses in Yes. to had seeing business product. news few how we give today,

is So schools France – around a the weeks. and world, reopening couple in Germany, France. their of

to to going give to commercial now. be about It’s normal or predict as team go when this beginning to as tell willingness to things to So Jeff, treated the quarter, But, happen close and are you are of changing perspective it’s our patients want to normal can’t but back third things on the how is really hard your to possible. addressing go anticipate hard the to at today. We this? for going really

Jeff Ajer

Yes. It’s can and, course, a nobody great the future. predict question of

– people we fortunately, United focused our So is hemophilia existing maybe largely community. with saying, has the I’d relationships of team team in have and that States been comprised start with the a in

organizations, people education, those with working in therapy, busy an very of So and site all are advocacy important for readiness. clinicians BioMarin demand provide as introduce organization audiences highly with also treatment objective community, hemophilia those opportunities the centers and on to continuing and to gene making connections with with and the in patient

do If think approved and be I decisive of course the infusions. will in an will variables product to that so COVID-XX have of dependent are of the willingness situation. most ROCTAVIAN hospitals probably one not the fortunate QX, on we be ability or certain somewhat to the

close particularly would a to while our hasn’t and in infusions to anything lot disruption be we infusions, fact, find we’ve of the they and if important. the indicative situation, they’re And, can where of note But less physicians of the with been seen products, enzyme total. infusions motivated seen we’ve disruption are Brineura hospitals prioritize which them to also of disruption that,

where that we’ll pursuing we reluctant may get for fact far. that take that infusions get ROCTAVIAN personally approach preapproval in that’s to limited can far. gotten a haven’t our be education, signal pretty patient engagement And be see to are when site our going the when that I and setting. we readiness, reflective patients the we of So that is do infusions

over I’ll you J.J, to to to if resume the that want on direct you, question. back the normal turn

Jean-Jacques Bienaimé

answer want that. the perspective give your do Jeff? normal? to on resume to No, to of I I Maybe mean, think kind I tried you

Jeff Ajer

Yes.

of be our normal business in that. rebounding QX. back QX, second-half some be second-half, to levels think we’re I the So, using that don’t with see we to I to normal. QX expecting business in of Robyn, we’re timing in pre-COVID in and you. that, Starting in terms XXX% back be the we flexibility own give that the Thank saying our think, My to demand the would we’re of will biggest is to luck, would – impact some sense

Operator

our have Goldman the of from from question line We next Richter Sachs. Salveen

Your line open. is now

Salveen Richter

my for thanks and with afternoon, And, luck Robert, Good questions. taking everything. good

comment So as website patient an stood believe, on look the individuals, valrox diagnostic? such as the screening, you the on about that back you can and companion at towards update February, launch, XXX I in

think And impact then two full-year secondly, you should upcoming it’ll discussions? how do payer the we And anticipate about X/X data? Phase

Jean-Jacques Bienaimé

Hank, do you want other update? to X answer the companion here diagnostic we’re seeing the then and Phase that on are moving the along question

Henry Fuchs

excuse the also impact he a start Everything it back fully full-year Does companion approval and for time ins. ROCTAVIAN, me, fully Europe for to expect companion valrox guys have question in then Companion expect to diagnostic opt payers to had an on United can the yes, turn and with doing the diagnostic, when is Europe the ins. in you approved. approvable track, a is – opt States, use diagnostic and CE or great. at have I on Salveen, update for Mark a

For factor your pattern patients and on whether to not. more factor individual occurring expectation focus be main of is are to on anything bleed the be who vulnerable secondary emphasis control. that’s going on going is the ROCTAVIAN, there if that losing evolving or obviously Mark is expression the update expression is to in And

other XXX. us they and you Study particularly not anything been or monitoring have as the the way about by one So, know, site reported data to overseen committee a has

as presenting the follow data continue in protocol and to the So of to the patients look middle the described year. we forward

Jean-Jacques Bienaimé

about So or thereof impact, on the impact Jeff, update mean payers and want do the like to the payers? you talk Phase I X

Jeff Ajer

data Salveen, important the thanks, point you, the clinical J.J., Yes. part Thank of an The full-year for and emerging picture. is data question.

I in on XXXX. mentioned of had call launch QX was payer previous the think, I our that begun

So the conducting that a have. been using we’ve we’ve calls on last the data the four payer They’ve full ground. we for months and management team got been

question X that’s be the to payers gotten binary data we from But what on from data I the of from been the question the have. picture a that data the cut. an that’ll question any been we payers care midyear last data answer We’ve the question that Generate interested a see spring is the and cut. using of and them. Payers important interim the from that your key the four-year about haven’t they part the one signals of data obviously, are using think That’s for we’ve in durability, that ability. based three-year

Operator

have our of Schimmer the ISI. Evercore line We next question from from Josh

Your now open. line is

Joshua Schimmer

you the little you insurance can bit you how the coverage in year? be may may on and that the see taking receivable for Thanks the and quarter, change comment And of the seeing impact start think in you a days Have if the the evolve that how in started second U.S., you Thanks. shifts questions. the the to of any do expect to business over at course all?

Jean-Jacques Bienaimé

Hey, receivable answer the day questions? want to Brian, you do

Brian Mueller

Yes.

Jean-Jacques Bienaimé

Jeff, then, mix. And insurance the

Brian Mueller

Thanks, Yes. course. Of Josh.

from throughout supply here. customers. into including We’ve stable those seen of customers, standpoint April our relationship closely, payments. chain a got that flow yet with base We’ve stable a cash watching and disruption not We’re March actual and

that going the that and pandemic to with there’s on So But impact recognize continue. its uncertainty be healthcare some we’re that, hopeful will systems.

So we’re date. but no to it, watching impact

Jeff Ajer

Josh… And,

Jean-Jacques Bienaimé

want to the you do talk Jeff, mix? about payer

Jeff Ajer

signals very for to and of families Yes. because access Like patients. that other we don’t patients and companies, we’re like those off insurance are being to we private would I what signal can happens and from laid a program. couple There any of anecdotal collecting collected we’ve a constitutes our that that that to been deliberately that anything watchful this we’re say, signals look reports losing hub have have RareConnections point. on

a patient that anxious due patients one and of government plan of loss calling the gotten family insurance. We’ve saying seen potential they’re about a job. to we’ve So of private anecdotes a shift to loss from

posted. call we’ll you anecdotes you. signal, so a question. keep not And keep would I and Good watching and those but Thank

Operator

the question Cory line our of from have Kasimov JPMorgan. next from We

line now is open. Your

Cory Kasimov

afternoon, the question, guys. good Hey, Thanks for to your on taking Robert retirement. and congrats

review from completed question data why my the reason a was EMA accelerated can by say since just is successfully may you ROCTAVIAN standard assessment, curious, new or that the other any than else And you’ve is requested analyses for I’m preapproval inspection? already there? Anything especially revert there So new the to Hank. agency? were COVID there MAA

Henry Fuchs

key the this medicinal the most an I accelerated think test fact thing this off I about think assessment. is compounded is further advanced accelerated by agent. assessment products this that that is that And also fall

accelerated about So I be initially we don’t today’s the think differently application. than interpreted meaningfully comment when should filed assessment

Cory Kasimov

you. Thank Okay.

Operator

the Your eBay. Geoff from next is Meacham question from line of

line now Your open. is

Geoffrey Meacham

bit a assess just disruptions pretty physician these the for in Okay. Hey, year? new more quarter into third any you patients you’ve thanks coming long-term be Palynziq, converting of ask about for virtual. et beyond, a it’s if seen it to when question. different Brineura, diagnostic to just base number cycle. cetera, of I’m the you about say, a interactions a guess, just guys, you, trying I obviously, starts quarter ask three think the products, I the maybe path of to Vimizim, new business. to dynamics – wanted want long on little the I the – to this Thank

Jean-Jacques Bienaimé

Jeff, want one? that take to do you

Jeff Ajer

Yes. I’d happy happy to.

patient base Naglazyme patient Palynziq of than near-term I have impact business the the the Vimizim So anticipate Brineura would because would patients. – point, Vimizim, starting and Probably and relative impacts to a to of delayed from identification to dynamics, patient say, be for infusions missed and the all larger starts. from disruption be the higher this base we larger at starts

patients patients BioMarin’s the that So impact. there will incremental have anecdotal something are smaller obviously are clinics purview. that shifting And to their on of is with outside reports a interactions virtual That’s visits. coming new

involved reports incidental that, So would and to in. have that something get we seek that’s not we only on

for aspects patients we think and of forward. moving do the certain start However, pathway, patient I identification see

not has I process but concerns. to question. it a disrupted. been exactly, your halt Jeff, that And ground for thanks, I’ve So has that addressed hope

Operator

Next question line Research. from Wolfe Akash is from the Tewari of

Your line is now open.

Akash Tewari

recently possible much. may you just wanted X/X just structure sure color Thanks. how pooled how that Would included sales prophy your on a Hey, And you long Phase to be correctly? clarify Europe. of separate data thanks Can happen? data efficacy only trial new XXXX to so with valrox use something, that announced? the to your I have I in some of in FDA that on I a guidance analysis your valrox as part heard the wanted will make give impact And label? it that

Jean-Jacques Bienaimé

Hank, FDA to start So, prophy? you the want on do

Henry Fuchs

would Yes, going hi, it application initial yes. I is any way to in That in registration. is the of ancillary to because and the Akash. be And I think start study delayed are treated say, about The case, it some pandemic. prophylactic at. the agencies steroids. looking patients kind Doctors They They like on-demand like some some and patients have that reviews on-demand. treated have split with with that data of prophy, initial are was are steroids. some

We’ve clinical steroid XXX patients just trial use. with on-demand dosed

experience far the When about steroid data are we down have how of sample we pretty in are. certainly thinking the available size real And launch label study support those use. we’re how therefore, available, think steroids And so a package then and we we’d Phase also about together increasing might prophy from a that that’s tied use to the them medically prophy them. with be regard where to we think in medical study strong make the that at data road communications. supplement, have And I with to X/X

Jean-Jacques Bienaimé

So the Akash. regarding guidance,

Europe. So it giving valrox, Europe, to – in anticipate the the when which XXXX we anticipated no we QX end revenues some revised actually at today is guidance, very very in year. approval early guidance, included which this year, valrox The in assumes our gave we clear, reported that original now we revenues because of in Europe, next make

So that’s supply.

we although just number Europe, revenues for no sorry, right. valrox ROCTAVIAN, the given – assumes was, the that to haven’t let new I you valrox We in want know guidance haven’t where

Operator

Sandler. from We of the have from next Chris Raymond Piper line our question

line Your now open. is

Christopher Raymond

Thanks. I on just wanted bit to drill down a little Palynziq.

So, at Jeff, think of heard I in the quarter. beginning slowdown starts commentary happening I new on your the the

changes, bit I XX%, that were And this to at As is noting as, less. specific also think, guidance stands of memory my look a that slowdown down others when midpoint of was the you out midpoint it’s the think, there down I math, whereas started kind serves, by in just product QX. you a that, changed

Is maybe guess, – I bit is – just you a color. something endemic, Palynziq? going more wonder if more Thanks. could with this little there on I give Just

Jeff Ajer

for Chris. question, Thanks the

we’ve call, basically That for starts of QX slowdown Kuvan. little earnings that in Palynziq and holiday. to of terms and also patient the historically seen So – patient that’s in pointed the bit in QX a a with we enrollments, seasonal have of seasonal a

So from and to clinic patient Thanksgiving in see late November through slowed enrollments. Christmas disruption and New activity Year, we

our policies of for our in seen So the promoting holidays authorization it. cases seeing patients. and Kuvan, focus we pattern in And related for co-pays, some why is saw and Palynziq. to reset QX, in not And switching new on historically similarly, of to now part and of the a in in that’s for that QX. Palynziq, the kind addressed obviously, QX we to we’ve of in related Kuvan QX, similar slowdowns both little recall, of business accumulators insurance new lot patients we’re the policies cases, prior bit that’s early and a for a of a need That’s

early an were encouraging be march February, enrollments Germany Palynziq that in really patient the an up, and the phenomenon. States from new and was That situation. clinics By United and as picking began then And sign to starts shutdown QX we for the March. in really was COVID in February seeing

operations. We’re the patient able and expect experiencing back continue and slowdown to are in real will clinics their until that now enrollments And patient starts. I continue largely a up

Chris. a answers Palynziq, at your directed with question, adverse I for healthcare recalling the events, professional under the are be potential manage that hope of that Again, supervision patient first to starts can that least, injection.

Jean-Jacques Bienaimé

patients know the Yes. that have how be Palynziq, receive can can self certified clinicians and know then and patient inject potential physician – they product the about also can to the both to how and for the the that the And managing effects. when side see in the patients clinic slowdown new temporary. there acceleration but it’s is April new in believe here. reopened, definitely March of hopefully, an late will a why patients, PKU the and That’s And in you we been has

Operator

from We Company. from line the of have our Cowen Philip Nadeau next & question

open. is Your line now

Philip Nadeau

How far disruption like at patient congrats are able pushed cut to these April? million curious be what on two, a questions Naglazyme $XX those was have patients much And won’t before looks on progress. of see afternoon. symptoms? Thanks can in therefore, some by infusions $XX the home? on to And million. also Vimizim like apart the guidance. so maybe Good one, impact the use. their to guidance the and ask about taking infusions seeing by want what of worldwide been It I’m I get have for my proportion just you question and

Jean-Jacques Bienaimé

So, Jeff?

Jeff Ajer

you thank the for Phil, question.

So – guidance and Vimizim sales about. is the we’re base in that of the Naglazyme talking and on reduction proportional to

size we’re seeing of uniform and what so the relatively to each So for of impact business relative Naglazyme far a is Vimizim. the

more disruption home a sorry, disruption more in infusion is well practice. established infusions markets, – not in seeing loss home We’re where in

infusion, So is we practice where that less higher, seen infused. those normally know that are an compliance rates home home in home patients where infusion we’ve are and established disruption markets

Vimizim. we’ve global diverse business a very Now and both Naglazyme got for

of not. to numbers want report don’t of what percent try patients home high-level infused I or to So are

In we’re to that into in tactics is open push track. we’ve and our as got infusion markets in home try where trying an practice. intervene practice, But infusion established tactics to relatively not patients keep to markets, channel more markets, our established have business on channel where home is that and been where an

it opportunity to try as get an this in places established. see some We to

places in an so effect And by hospital that on being and business. something established some situation our Spain, in we’re or it’s cases, in And like infusion, retail not smaller alternate pushing to sites, infusion where less a we’ve in impacted Colombia that’s already where practice, into go. Brazil, a closer in maybe patients example, or can Argentina, clinic, positive had home, patients like in home for of success COVID-XX some infusion seeing those some

are products, patients compliant. where Vimizim not been always know our and we have completely Naglazyme

or – noticeable the not missing may or to be probably one So the several physician. infusions is patient

hope and hand, addressed less that Thank compliance a For Brineura, much part other higher be we’re I question, critical, on disruption can the seeing Nadeau. with every and infusion I’ve your business. the of you. level fortunately of

Jean-Jacques Bienaimé

going And to I the eventually that actually, move probably to in is actually – the is if situation move the countries helpful virus add, treatments be from may behind U.S. lot a actually, are those improve of and or actually the patients, the the closer long-term. is infusions from either in Western hospitals the might to into the treatment overall compliance good homes and actually which places are and Europe, news

Operator

Morgan Harrison line from question of next We Matthew have our the from Stanley.

is Your line now open.

Matthew Harrison

the Thanks Great. Good question. taking for afternoon.

this, release during for any I that to last if quickly guess, patients impact me, two maybe press missed I’m didn’t But of sorry the full enrollment need on a see Hank. for group your commented Hank, from in Just comment I valrox? pivotal the the you for I you study and remarks.

you’re do And or on PKU you – basically to before going can therapy, you’re able is or up gene start, then that delay reduce to adding sites or just anything you the until there until is delay more here face a anything this you some to speed by Thanks. maybe start?

Henry Fuchs

about, X Hi, think, ROCTAVIAN in I asking Matt. you’re we Phase November. enrollment, XXX – I’m completed sorry,

enrolling as to presently approval. anyone our not further we’re regards so And initial

ROCTAVIAN, confirmatory news on the enrolled. trial good fully So

where to is get or on to have dose exactly resumption on lot generalized as to site the the that’s don’t where we of to as going happening with we’re that’s far And of ways have trials. at a conversations really reopening at there’s clarity places can and able patient the in – on first sort And trying going ways restart, and I in clinical different a to going different handle – different of different the investigators we when times. a be be be.

Operator

Stifel. from Paul from the is Matteis line of Next question

now is line Your open.

Alex Thompson

Okay.

Paul. is this for Thanks questions. on for So taking Alex the

has pay-for-performance for to your gene Just U.S.?Thanks. as how see thinking therapy model on wanted the in a evolved

Jean-Jacques Bienaimé

address that do want one? you to Jeff,

Jeff Ajer

question. a great Alex. It’s Yes. Thanks,

is the model accustomed being ROCTAVIAN. therapy And reimbursement keeping We’re you very that that to coming first really They in to they’re interested a payers meaningful going want that for for with durable to into are are therapies a to one treatment time. over the behind it’s from gene reimbursement make a perhaps for in new gene ROCTAVIAN not shift of market, paying model falling the a really the chronic create and brands one-time how therapies hit. that with sure environment do up

so paid patients, in abilities I’m the pay-for-performance create you with issue And prices agreements price far they one, that there. And problem. to that don’t to that’s companies reporting. what that government and trigger limitations Medicaid understand lowering there’s best of a cascade government told payers sure us They have the is would that. price understand create a understand that problems AMPs

that are outcomes-based from and They’ve to to told their They it’s purchase price risk manufacturer that limited over us that also to them. both a durability are of way be solution. important of them. agreements don’t the us shoulders the to time. XX% important. or And less back the response consider excite that us, they’ve agreements advised BioMarin, the told They’ve don’t for It’s particularly that a shifting

payers. So working some strategies on outcomes-based things ROCTAVIAN. will agreements we’ve potentially for got think been work for we’ve for We that that

desires purposes, would competitive payers. you. the to I from what forward right probably Thank right a that path payers think potential of have like. that we address outcomes-based now. go talking there out I We’re details But into And looks won’t for all agreements,

Operator

the Mohit Citigroup. line of from is question Bansal Next from

is line now open. Your

Mohit Bansal

adventures. Great. Rob of with your taking thank very and and your well you Thanks Good my questions as for congrats from part my much side. for luck next

just your think are you I bit the base thinking recovery more of on color little get Now case. shape to a wanted in

is normalcy I you Thank quarter it normal, how quarter I recover that if helpful? assuming be you. assumptions, very fourth could second quarter or fourth are quarter, you starting be fair? are assuming down, correctly, third be would be heard your about two and in you’re that completely – thinking could like Or – will to that

Jean-Jacques Bienaimé

why few you you – words a that started? I’ll to don’t say earlier, but get want on too Jeff,

Jeff Ajer

Yes.

difficult probably difficulties of did predicting started to not financial with our So first fraught disruptions at the first in performance future busy situation. the thank here, more precisely business is do to in and – quarter, the we do even Everybody the seeing which normal our current difficult is But the end you, given circumstances impact to quarter. Mohit. which

the gear an mainly we missed start quarter, knew those began But quickly as mitigating the to mitigating that flow our I’ve on got in second taking think to as that are having we described, through our infusions, would disruptions impact. described, we that and actions, business, would as seeing actions we’re

address business end see we’ll our the target impact of demand the quarter. the to quarter that like that the our levels and be of anticipating second we’re conditions our have second to fourth And go the quarter, and through through relative improving the third biggest yes, is to business would that to we that we’re in looks So, able quarter. in pre-COVID-XX something as facilitate the

anticipated You to can each tell reductions, from the our brands. of the the level of of impact our different magnitude guidance

a describing. each for brands of kind expectations way that I’ve that’s quantifying of So of to dynamics been our the different relative the

if the and there little see and Maybe qualitative pause for quantitative to a other the So between bit thoughts. has you possible piece. I’d connect it’s hopefully, J.J. the dots

Jean-Jacques Bienaimé

virus it No, like the where but difficult for created. getting this I It us forecast are to most things want out parts world, situation going is of things go. that, just very indeed better complex mean, looks the to we’re to of is not highlight are again, that I in

quickly and lot different of how are assume the parts world. normal. So recovery again, QX, impact on potentially main QX QX here being to in some the economies will in we hopefully But it depend a the back reopening

be hard there could but XXXX them, be are will is for available there was the know, this you by predict. more if the there minor there be Hopefully, virus it of of Flu. there therapies a some all is like as second to and Spanish one, wave very also, in And talks that will

we of set here the in coronavirus assume seating a second world don’t of QX. significant So wave the

we’re doesn’t if happen, So our that in guidance confident then creatively here.

Operator

next question line from our of have Blair. Lugo We William Tim the

is now Your line open.

Tim Lugo

Thanks for talking my questions.

on the market give here how comes Palynziq will the disruptions, have of given of approval healthcare the you obviously thoughts transitioned and by in to of patients into COVID? U.S., given the obviously years time in larger the two be have your we here updated almost Palynziq approaching. Kuvan generic We’re Kuvan U.S., many us the Can generic the that we

Jean-Jacques Bienaimé

Jeff?

Jeff Ajer

Yes.

great So, question.

is with uptake Palynziq they’ve a that far having the that XX% patients. seen are have as Kuvan. adult from indicating the almost Kuvan patients we’re on that of more with what so with response commercial coming that Palynziq essentially, in seeing Palynziq of but a a were therapy seeking patients We’ve being alternative. and – magnitude seen not PKU patients And are that desired treated response, that We powerful of

patients of States, over a pretty our pool pretty proportion with on from large Palynziq of United patients in So XX% the Kuvan. Kuvan. new big is Obviously, starting adult a we’re coming

anything Palynziq, material we’re adult patient of described, reasons that a patients. of I’ve while majority that for over that shift base So represents seeing those say to I a near wouldn’t

things into if a encouraged them a generic patient that go really later is, exclusivity form this we haven’t goes that forever. by of we have to the As a of the Kuvan even year, we’re on period loss we of lost product, one

We’re connected to them through the clinics.

opt connected services information. and them We’re to hub from ins our their with

Our of they’re clinical is And response – on looking Palynziq that adult with viable or patient any remains for generic option of for any Kuvan. version Kuvan them. a are coordinators connected patient not a kind the forward going seeing

in we’re medium market the and kind So U.S. about of optimistic you. Palynziq in potential and Thank for longer-term. think the our opportunity I

Operator

Capital is question Next of Kennen the from RBC line MacKay Markets. from

open. now is Your line

Kennen MacKay

of really I really team of and congrats All say and operationally and our that taking show unprecedented times is to commercially QX to right. navigating clinically really results, that Thanks entire questions, want the any the for expectations. for the BioMarin ahead these

Jean-Jacques Bienaimé

you. Thank

Kennen MacKay

hit So the of I a sounds guidance midpoint. of the the X% guidance removal in QX at come majority the of and exception of Germany. sort early maybe The year to expectations bit question implies to $XXX the sort negative pertaining QX with Again, sort full-year rest it ROCTAVIAN XXXX housekeeping vast also for that here – of of through going in dragging on is in another headwind the of on here. had million like little

And give sort congrats feel to a my who come coming QX with of up lastly, I’m to I then else of helped just manage million the really about majority final anyone to hit team ROCTAVIAN and the compelled Jeff name. be expectations. vast trying on thinking $XXX just Should I the in QX? that

think name I metal an like song, that’s awesome really it I sounds brand it. and like a

Jean-Jacques Bienaimé

Thanks.

of the addressed a Jeff, QX, been although for are late started as it’s to to maybe compared hit QX. that think, you give his if were on the some maybe because, delayed. And have question But of There do hit then – to that expecting on and want happening delayed hard supposed that missed this. with – – of the our think own in the can I majority revenues Palynziq be we everything we what predict. is are QX that So in gets chip on Brian patients will still and instance, that, be some will indeed QX, kind again be and infusion in Brian perspective this, probably early to

Brian Mueller

predict primary think don’t think Yes, commented I – of timing. into ordering greatly we the less patterns. commercial that annual We for patterns that Canada certainty actually J.J. course, with our ordering so the worst we’ve QX. country-by-country to shift specific already the how to can revenue we know due disruption what I will as is Thanks. in And what be guidance point because will and translate that brand on quarter-to-quarter, indicator

infusion we our as think whatever can I and So territories how hands ordering order was next, in that patterns. when and will whether QX, these well we’re don’t supply depending disruption put level they into on as experiencing the finger certain some in on where spills on of exact

So helpful? that the to we point you would annual guidance. Does

Operator

next question line Gena the Wang our of Barclays. have We from from

is Your now line open.

Peter Kim

see Kim Thanks question to full the taking on wants a standard it Wang. X their Peter our data for is to I valrox. review, the you guess, just much. This questions. EMA Thank – Hi. on very Phase Gena I switch make for to decision?

Jean-Jacques Bienaimé

Hank, Hank? there?

Henry Fuchs

it to I’m full possible Yes. heard repeat not the I Is sure question. it?

Peter Kim

Sure.

Jean-Jacques Bienaimé

Yes.

Peter Kim

was the question see where case would data standardized make Phase EMA decisions? Would standardized like in review switches full X review. to their a EMA to process, The

Henry Fuchs

to premature a where historically, to review, about a of it – in it’s As in sort happen we difficult interpret where are give well, review Certainly very difficult possibility, might you talk comments what don’t turns very know, think, – can get we and – detailed be can an about very because we imaginable it’s matters little settled. I

may stay assessment accelerated while the by think review nature is COVID, the we’re assessment to has of this review further next of therapeutic, is be guiding on been because to We delayed. change I advanced an year, there not QX in accelerated and delay. may opinions message But of on, complicated certainly So QX year. today to the expectation is things because complicated comfortable a of further. feel complete also you And of the

Peter Kim

Thank you much. very

Jean-Jacques Bienaimé

The then I and good – around. that say would mean, I only news, I that, flip

So the good were to news we’re that enrolled it is pivotal trial. fully with happen a

like started confirmatory study. we’re accelerated then not study. approval the So into enrollment even in and the the We regulators company have confirmatory finished it’s study the that not like the the put not

Operator

of from Eliana is the Next question Merle from line Cantor Fitzgerald.

is line open. Your now

Eliana Merle

all me so guys, thanks and on for progress. the in squeezing much Hey, congrats

I would need regulators whether coupled or data what Thanks. data ongoing From your sort X label Phase under have broad studies, safety filing, five for perspective guess, the recent on question from efficacy around that a of a five, over covers much with be how discussions was Just ages enough to and the label? ages the the the a with their you Vosoritide. latest on

Jeff Ajer

question. and of in to be patients to what data of a months questions to is thanks The who at kinds the the Eliana, hi, stage what conversations negotiation earlier addition what’s and older be for in – are package was study. age, answered. – going safety are in of age on will the is These years get five six pivotal where up be – Yes. packets much the the than These will those than

well they’re very they young that advised that the They’re the labeling. beyond about had haven’t Advisory licensure. very should anticipate Committee well conversations their aware them But commence very initial will we use of in children of concrete at And that also that. time that, aware

Jean-Jacques Bienaimé

cohort, first two the studies slowed – of way, of months of been to the age fully by the me, through enrolled virus, have it cohorts course, fully from let has enrolled. age. two from of birth enrollment little are which first the the cohorts is Couple five And issues of third bit, the by been six a the enrolled, are patients but of under

Operator

line from is the Vincent Bernstein. from question of Next Chen

Your line is now open.

Vincent Chen

coverage see were you do expect on what Thank very – earlier shift your you for sector patients To that there and on in from Are be to roughly, your portfolio somewhat as the portfolio? than net actually any? And to the government if to whole? commercial I product to progress. which price think reasons to much more If follow-up more be insurance might biopharma squeezing insulated congrats the shift. a Josh’s effective, on all guess, question insurance, me might impact

Jean-Jacques Bienaimé

one? Jeff, do you want to try that

Jeff Ajer

Vincent. question, we Yes, prices. government great a have That’s Yes.

discount portfolio. commercial the We States, have depending for getting United where XXXB are got patients. our we our commercial don’t discounts, or care in we’ve on their contract patients and And portfolio for

example, net to in moving like from generating individual had a we Medicaid, if you patient patients for see commercial an substantial plans shift So less revenue. could

business the number see then part And big we’d the in have relative in of States see is that enzyme in the patients the bigger while our our gross the the patients. franchise part patients about a pretty diversified global the government our to thinking we’ve material before part Based to business, over the – States. net PKU on our kind United probably shift impact a for bigger we’d plans undoubtedly, U.S. United the to got the as of a to revenues United on of in States, of

I sorry So answering, I’m while think, great question. a I’m musing it’s for

and losing a to net of signal than there over insurance. to comes insurance that anything more close here We or haven’t patient a a safety seen even their anecdotal reports moving private of

So yes, it’s Thank think thing, I a we happening. seen that you. but to theoretical haven’t close yet anything

Operator

questions There J.J. statements. the the call to at for over closing further CEO, back time. no are our Chairman I and turn Bienaimé

Jean-Jacques Bienaimé

ongoing wonder, the relevant those necessity industry have never have right. treatments been BioMarin, more in to the And healthcare others operator. unprecedented the of say you, the just that it COVID-XX them, will the I and change course people times innovative developed pandemic. that that by conclusion been need in Thank and All who is of that

but is for which of effects side in a in is crisis, the reasons, have opportunity face the of ability – tremendous nice the the deliver I virus us. news for this we good very before near-term not BioMarin’s of making value One real creation to remain the for obvious is of that that very pricing confident anymore, drugs that on And headlines us. the

place. positioned transition uncertain lay to growth the underlying critical Having economic business, larger manage strong. So foundation successful address significant The base and approvals. our Vosoritide with built in indications for remain we’re fundamentals through are drivers and ROCTAVIAN And well pipeline to rare environment. a this profitability successfully our

of success in those BioMarin both the and substantial positions for long-term. the near-term All

So thank support you, Goodbye. for and again, stay safe. your continued

Operator

presenters. you, participating. and concludes Ladies Thank this gentlemen, today’s all Thank call. for you conference

for the post conference. You please may Presenters, now disconnect. stay

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