BMRN - Earnings call transcript Q4 2020 | BioMarin Pharmaceutical Inc.

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Operator

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

Traci McCarty

Thank you, Nicola, 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 Pharmaceutical Inc., including expectations regarding BioMarin's financial performance, commercial products and potential future products in different areas of therapeutic research and development. by depending authorities, of actions with availability pharmaceutical and materially actions product in the differ factors and markets regulatory those X-K Commission of of developments XX-Q, Securities may and on BioMarin's such BioMarin's progress programs, the detailed Exchange Results in and as filings XX-K competitors, capital, future reports.

Thank Hank BioMarin Jeff Fuchs, to Bienaime, Chairman Chief keep Executive Officer; I'll Ajer, now On Development; for the Vice request one Mueller, respectfully J.J. Commercial yourself your call this Worldwide and we the turn to Chairman our Officer. over and Executive and Bienaime. President, are to call. hope call question J.J. Officer; call Research and Vice management during today remotely Chief today, portion and you so and Executive you Q&A from We CEO, limit hour understanding. President Brian that Chief Financial the to one the of President

J.J. Bienaime

Thank afternoon and in for brought the pandemic. We and today's by you you, our operational Traci. on full excellence global delivered results quarter fourth by continued the challenges Good XXXX joining call. demonstrating strong about us year COVID-XX thank

the in XX% underscoring our of resilience full company as generated unmet the year XXXX, Excluding positive our for significant full and BioMarin needs revenues $XX operating revenue. in And Kuvan contributions, challenging grew compared the million XXXX medicines to XXXX year the cash address. environment flow a

contributions product brands, growth demand XXXX, business but commercial on guidance. X% excluding XXXX today's in recess the effects pandemic, full ongoing midpoint that of our based XXXX also the year – expect revenue BioMarin Our again we to guidance global underlying of assume environment marketed the Kuvan Kuvan remains due revenue the in fluid does the the for

provide important more a XXXX We the full will also these market dynamics. and moment indicators details global brand in flows positive both operating for our continued year Jeff expect of of cash the on strength

number events our late-stage over Turning we of for will key with In for patient we applications the prepare experienced marketing next from the of that ROCTAVIAN hemophilia, close to achondroplasia, a by first expect followed to to to global the significance key XX% will European programs standard, our the of we our summer Vosoritide share quarter. we in the first this address year, children with the to milestones, we Commission the and quarters. of highlight second these commercial genetic the are value update, treatment next regulatory upcoming a also Europe Vosoritide that represents of tracking with anticipate underlying gene Beginning CHMP severe community. same substantial for the revenues pharmacological achondroplasia for the optimistic in To the treatment revenues. opinion a quarter are over resubmission our of five flows of milestones, this R&D the targeting June this continues coming therapy investors and planning regulatory that are anticipated vosoritide degrees late we European years, had potential we we with Europe, are the launch in plan leading fall. as of enthusiasm advance of drive that decision the

the So launch potential a first to in the we with third CHMP of XXXX. European of potentially timelines ROCTAVIAN assuming on lead year remain could this in next Europe, anticipated quarter half in opinion

Phase for effects be introduce III and product on Phase innovative Europe FDA to the inform as severe data they to treatment benefits further reminder, providing a as will are products. sustained forward highly providing in three long-term III patients we vosoritide of As over for believe and the full ROCTAVIAN, with to two with In children in with America. results we hemophilia United effect are States FDA North as years the compared both times focused recently approve. vosoritide that look available required additional many these vosoritide that the durability the collaborating growth We achondroplasia demonstrated with to

I/XI news In with near addition a and final excess few and peers in patient is matched patients achieved. gender so patients This the have that from height, of are is Phase at substantially that community. the adult age would great for

year convened the EMA two period. the engagement We regulatory on the are treatment. on this few with our were a results data potential the Hank and minutes planned supportive the the provisional shows that go regulatory the to may based and forward into look available underlying FDA the of benefit programs based with cause the dialogue will lead patients data has III are for overall in structural call, in our we this and always feedback FDA course, further both of of with we ROCTAVIAN, that to year and addresses beyond to II ROCTAVIAN ROCTAVIAN and date, gain. With believe seek United submission vosoritide meeting during becoming data with EMA the our treatment a and the restore council strategy that BLA condition. on Phase in the insights The Phase provide pleased as planning that of to vosoritide for demonstrated achondroplasia and strategy feedback expert the the to been the So one positive with considerations. dramatic first package recently that We more feedback. advisory on and and submission States, expert pharmacological the of an provided ways approvability details advice so into with We control with community recent to council

modality pipeline, we are with pleased next treatment potential have stage dose I/II gene we higher programs our advancing the Phase in advancing earlier we our to CTO the for therapy starting share year, moving franchise. Moving XXX this for to that are study to third our PKU, numerous BMN

in cohorts XeXXwhich XeXX Based in we dose next ROCTAVIAN this be [indiscernible] the early of our on optimistic I/II dose. by response dose. the our steep the We study similar dose cohort with are our to safety Phase prior to will ready are now we dose encouraged data is are [indiscernible] first and and dose results optimal growth from move XeXX to that ROCTAVIAN, the experience of and

We studies. will share enabling the dose XXX from the the of once BMN confirmation study for the next dose have updates this on selected registration phase we

for stage a to X% conclusion, against of global in In subset the program backdrop to four grow faces cardiomyopathies strong of again In challenges U.S. excluding at or molecule XXXX, modalities the addition indications sunny to respectively from Kuvan muscular we products of other and angioedema grow medicines for XXX, chronic disease. and Duchenne for contribution including we renal BioMarin earliest despite BMN hypertrophic therapy a and small advancing dystrophy hereditary a and in gene generic variety oligonucleotide the the pandemic, expected the XXXX, which demand is competition results have facing

pipeline starting products product and to operating After we flow quarter revenue our positioned and for earlier and So look Hank new steady on the horizon. of a we advancement anticipate over and program flows, foundations of Year enabling ROCTAVIAN to and next I ahead cash With growth long-term this in forward we coming lie $X.X the the significant growth over in cash driving our based we a finally, on the constitute quarter. goals that look year. ended stage of business, investments, forward towards substantial opportunities medium billion that over in will positive coming this well the and moment, opportunities vosoritide anticipate actually we and ROCTAVIAN vosoritide are flow touch was XXXX. we a to this cash add our being significant want that New strong just positive XXXX brands with operating and

discussion over So I continued for thank business. your of on turn Jeff commercial call our the you Jeff? support our now – for to will a and

Jeff Ajer

Thank you, XXXX the J.J. challenges. and world with extraordinary circumstances presented

of contributed am total $X.XX the I of teams determination Despite delivering and in from across the for with our performance efforts headwinds, full-year States. pleased growth and collectively to loss the X% resulted of exclusivity year. through and Their billion. Kuvan So the revenues especially COVID-XX in our year-over-year United of both teams globe mitigation the impact the the these commercial

the approximate fueled business mid-point contributions and threats mark from year-over-year newer and to and milestone smaller Kuvan replacement results expect continued the high and In anticipate of compliance continue to continue compared in revenue our brands Brineura by patient XX% pandemic. of backdrop business $XXX the early diagnosis as our XXXX the the grew importance XX% as crossed from We enzyme against our Brineura mature impressive trajectory XXXX, to at we against Excluding XXXX, revenue growth an of CLNX. COVID-XX. over and base recognize notable increase maintained in year, starts healthy of growth treatment guidance. saw A therapy its million clinicians

Looking more take in specifically specific XXXX. share to the to fourth results essentially a QX now quarterly I'll few product BioMarin flat quarter. QX total moments individual $XXX at details million, the revenues to or

revenue the XXXX. fourth on Focusing $XX.X quarter, of million XX% fourth over for increase first Palynziq, reporting we're in a the quarter

compared in continued. million For XX,XXX We identification PKU focused proved of closures, XX% impressive from XXXX reimbursement increase the as the territories. in milestone on growth of majority patient sales disrupted commercial approximately year representing systems XXXX total the given In U.S. year a to global to therapy, our starts a $XXX exited that Palynziq healthcare The where but adults pricing due Palynziq as surges as COVID. patients clinic with results. the new full only Throughout was impacted, the the year disruptive came that X,XXX observed due to patient but closures fraction we particularly an negotiations an patient approximate the COVID-XX at COVID well and from case outside population pace adapting amenable clinics control our and uptake despite of factors Europe, on new growth to albeit continued as dynamic pandemic. inconsistent to clinic COVID-XX the PKU year full U.S.

portfolio. have both the of making year. increase the in considering As making the in beginning of XX% throughout of reimbursement likely a to associated October in anticipated year our growth decrease revenue XXXX, impact had more an third and growth the almost on price even Kuvan XXXX, million, the impact exclusivity on expected on the competition generic remarkable revenues which QX quarter and in from U.S. and full an with Palynziq the market for and driver U.S. in Its patient total compared exclusively in calendar are Europe progress expecting approvals loss midpoint the guidance XXXX we the starts, will $XX XX% that the experienced largest contribute in it COVID, of expectation we XXXX, we materially begin from the based and continuing

the in States, a cut due revenues We expect to part in although share. market our United continue experience we to of to retain share, have erosion of strategies catastrophic loss not to taken

revenue Our are expectations erosion the Kuvan. year for in of sales captured for provided guidance U.S. full

lysosomal storage quickly Turning of continuity now the the products, I infusions pandemic to employed month enzyme patients. prior commented tactics ensure our first in the for mitigation replacement calls in to of successful on

result, close patient and for we three baseline Naglazyme, a to Brineura. year Vimizim, compliance exited As brands: the all

X% continued occurring bins that, During starts TOA X% a highly newly is that brands. well relative revenue we the of growth and is commercial kind order we X% X from for a for The expect patient brands, counts orders to we last In in brands patient spite and for markets new certain result Naglazyme due growth XXXX. expected to XXXX, continued impact on Naglazyme more entirely of demand bodes patients. .As to the in experience pace in penetrated known year than dependent and future and both experienced patient mature and primarily actual by At patients of for Brazil, MDS by respectively of are COVID-XX. slower midpoint, identification anticipated resulting for these timing XXXX decrease highly new growth grew and at patient identified

be longer case and U.S. the expect of both drives in will mid to Vimizim is complimentary opportunities and uptake two take based commercial our presents our future experience navigate payer and Vosoritide, date with launches scenario our has markets U.S. midpoint, product largest markets which favorable a generally indicator our parallel the you revenue the between brands launches United half reimbursement a market characterized of with of programs. years, ahead. the open as forward patients. price it larger severe larger pace to achondroplasia several possible of for our we sprain to XXXX. and we States US patient markets perspective, been Europe the and market ROCTAVIAN of regions Over we largest Vosoritide, size operating two market on drive international readiness lakes Like potential term revenue. can the time we To North European early our in and uptake patients brand We're the to the approvals. at and rapid pricing similar expect in parallel, preparing typically pool are rapid experience, for the revenue is early EU in typically U.S. continue and becomes launches In approach, in other patients we revenue a the the important apply In to particular, to slower launch moving large with marketed growth America grace approved. initially corridors X efforts larger individual the a comments With market XXXX, the presents and of growth times pipeline populations, revenue EMEA with year. these our EMEA with region in when engine our growth estimates patient the two busily put this expect Collectively into As second Based long-term. and X% roughly hemophilia considering have pricing. attractive and about as for applications on summarize A of opportunity

to strategy. to we Kuvan get for successful in the XXXX. be the summary, prepared Vosoritide like approvals expected including we of further Brineura our and single call and Thank in U.S. Palynziq material to sales brand turn Hank? the and Aldurazyme launches, closer continued growth look largest back potential we once approved. cycle prepare you As growth with growth and base more their exception will as to be life the on our looking driver appropriate expect for pricing coming for of I'd you. to In stage brand forward, continue erosion details forward growth for of a a on our in will over business commercial to of efforts with each Vosoritide, Brineura. the now with will Hank. base is will where strongest And trajectory, we to launch

Hank Fuchs

Then spite for commitment R&D team and a Jeff. would world resilience thank Thanks, of all too team congratulate year this of uncertainty in medicines to and thank and congratulate the in and the also uncertainty I their in high delivering like the XXXX. and commercial efforts around for

To As forward regulatory programs Vosoritide data of J.J. X X.X in before beginning Phase of will gene to year. was any benefits XX% for and is before to with we leads on in also of the factor was terms the standard prophylactic burden at today annualized after rollover mean receiving ROCTAVIAN Phase bleed-free meaningful end them. of therapy ROCTAVIAN largest potential this X the any conveyed, results. who study The X Accumulating factory of therapy to ROCTAVIAN. treatment from be from of to there rate condition products therefore global XX% we year suggests with prospectively from X prophylactic again infusion XXXX in optimistic withdrawal you X.X in treating our remind therapy, all ROCTAVIAN innovative while be in The rates with year, two XXX need population study, of both bleeding of positive starting look we maintained our care the and Phase gene ROCTAVIAN. after to year XXX replacement, important towards to remain events annualized on enrolled reduction as pleased XXXX this after per clinical an the and the the participants results, week treatment spite Compared study substantially participants. people at of infusions two reduced the five about a factory of findings the significant in specified. were therapy. in last infusions XX% durability by the indication We therapies statistically treatment were per experienced number to of strong begin these were on Phase transformative based that GENErX-X

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levels one remained bleeding the rate less per was annualized meaningful year. However, also at efficacy and to Factor and bleed very low the arrange produce hemostatic than

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could time results the a review a the for actual resubmission be examination as current program of are of XXXX. the the process steps just Europe, marketing data November, submitting be the council advisory to to continue the X potentially deliberate half confirmation upcoming expert engaging on with months. Phase subjects in that with from with application coming product management Authority in risk been share dramatics coming review our BLA the also beneficial which in are opinion be Health risks one-year authorization, based intending we're we should XQXX to since and agency core encouraged program. with available we our pre-submission progress months agency will targeting the late to available as two-year more the have take agency the during two-year that data the your aspire be bleed in CHMP We've on and potentially share to as became continues next to pending first control guidance this with results appropriate prepared receive and ensure meetings. thought we could data dialogue over dialogue ensure to over in with are and two-year be Under will necessary is supplement We marketplace. application benefits, careful In to package. and for ROCTAVIAN the the to labeling when but timing, across European procedures and become all the This any with FDA our with to forthcoming a the We demonstrate the available mature feedback is on review. We, supplemented

second patients actions ongoing we with share of five-year Given dose, X as the enable hope and we goal and performed in The the as in of as our in year bleed results for likely were and interval a this of that update shorten additional that physicians through as X be in key regulatory spite Phase three after a well call data intention four-year patients Factor year. between control study; procedural have durability has considerations, are and to the it's Phase and to years almost after all dose the to to among XXXX off of levels and approved what therapy, participants. ongoing ROCTAVIAN. an And therefore intend the continued mainly available, on update availability been four. focus. bleed hope choice free declining importance with data prophylactic middle the will much is That's the to a update is ROCTAVIAN gene XXXX of five-year the see therapeutic therapy consistent ROCTAVIAN observed VIII possible the with year We the

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vosoritide plates for while vosoritide was not growth of growth with treated and closure in time. to well are bone cumulating the prematurely. accelerating of bone This as bodes treatment growth gains maturation time close confirm not promote the maintaining bone from In maturity. but that promoting gains over expected rates agents adding the growth, over early measures Some contrast up precluding rapid precipitates patients

Priority June if this the the vosoritide we in by currently for data with in Well, date in Europe, FDA, Consistent accuracy, a of enable CHMP Vosoritide qualifies on for would BioMarin. in timing would X year. policies In this months Europe under to to November. summer, We the amendment on commission believe third provide to be third an ongoing updates, late today of application lack PDUFA we current remains MAA which review the approval, in pushing to look chosen delay Voucher of review forward new PRV it review, European opinion durability given to number changes is action of if to proven to quarter to available larger team in XX FDA, make may decision regulatory launch United vosoritide FDA's date we've a these successful, granted in time. the Phase newly available. patients. of the now based August this the followed regardless Turning status result Also pediatric in January available three the approval benefits of options XXXX. the granted treatment a classification and encouraging in Review potential results States, review the indication conveyed upon out two-year to priority the PDUFA treatment major the addresses and action Jeff's

kilo. demonstrating Turning two Phase in our therapy the the The PKU, subjects. a the experience in early XXX, on per in cohort higher dose from enabling genomes investigation for will vector fear be hopeful first ROCTAVIAN. a study to X results with XXXX XX BMN two-week this study acquire data starting dose these higher lowering our threefold steep will progress gene We're Fearless dose on a registration dose-response with meaningful cohort, based dose from

ready We materially rapid commercial development. facilitate program the to the are and conducting with manufactured with study de-risk this process clinical

it preclinical enabling multiple about external and our We The we're the look gene several modalities. with early-stage excited dose are third the to BMN PKU Hereditary as when gene forward registration beyond results in We our PKU programs, treatment XXXX sharing and enabling partnerships, and potential studies. dose therapy internal represents an advancing pipeline BMN franchise the of our conducting gene option we've confirmation therapy therapy program. from doubled spanning selected XXX ROCTAVIAN growth study, phase the by development IND Angiodema. second the We programs, of prospects for XXX in studies our

and rare late-stage review advanced the Brian of to goal with now, and stem our announced year, call are our on expression organization cultures chronic we and in wide safety. IND collaboration plan is assessment candidate an range muscular and CX last with to financials R&D disease, busy several of a very for to turn properly hypertrophic human vectors. derived and XXX cardiomyocytes, the cell of is organoids have small DiNAQOR in achieved of our in-vivo myosin-binding DiNAQOR select progressing to well. cardiac to to also year. molecule for this cardiomyopathy, Brian? The programs are bringing we of XXX, X.X which possessing the progressing to a commence mutations XXXX and enable BMN hope transformative function at May we we is We experimental studies of has BMN programs regard and a for for in well. treatment as these to renal on conditions. Our therapy which half support. I'll promising second to therapies R&D early detail and your program tentatively share lead or Together, our protein And oligonucleotide over quarter. XXXX for localized very the that dystrophy filing. on expression we continued energized injector more Thank people dystrophic demonstrated IND DMD file the and in animals, protein deliver for high Duchenne of date in non-clinical dosing plan And with you development level skippable

Brian Mueller

XXXX. you, Thank of guidance. Please on the full results, XXXX and on of the for quarter expenses bottom Jeff release full results financial refer operating business, many press details commercial top-line will to summarizing the our fourth Since focus year on our from results line Hank. I touched and today's primarily

to track our over XX-K, will usual, couple be file available next As in results of which upcoming days. on Form are all we the

line of guidance of provided a net In guidance and the between GAAP income full and GAAP $XXX for than terms bottom million the net better of we XXXX, $XXX income reported have million $XXX year for year. the million for

As tax a million the benefit third XXXX related property in between BioMarin $XXX the to recorded in XXXX rights the intellectual includes of income reminder GAAP quarter transfer entities. of net certain non-recurring

able business year, the non-recurring at was our BioMarin that history, XXXX the set in first time observed transactions material in beginning the despite generate we the positive company's for income net the the of handful and achieving of GAAP Importantly, the recognized in on XXXX. to strains goal

and non-GAAP in income, the the company XXXX, than delivered operating despite to income in our commercial year the of XXXX quarter and of portfolio $XXX year fourth million results U.S., full for Turning XXXX driven $XX COVID-XX full guidance solid was Non-GAAP XX% and for the million the the control. top-line income for within range by Kuvan of exclusivity the XXXX the of higher non-GAAP year loss October across where the impacts expense higher of full XXXX. since

of expenses for the the and at were reflected in In expenses tracked gene fourth stage trends XXXX the million total R&D flows cash and primarily BioMarin's base of our and with finished to launches at the great $XXX and R&D XXXX on the R&D for fourth lower in XXXX year-over-year quarter the net the and outflow cash for maturity XXX, of million year as XXXX. full cash of XXXX our $XXX the the $XXX for lastly to million the particularly investments of the including recent vosoritide full And slightly generated quarter, year October is which health potential raised December upon respectively. expenses year our compared both our The $XXX therapy. impacts million $X.XX negative continued commercial $XXX the Moving million of ROCTAVIAN. quarter XXXX, and XXXX, operating million in programs and the quarter stage company of the positive with expenses both revenue. guidance million convertible reflect than and SG&A PKU late ranges. expenses billion our business, the with $XX fourth convertible both of ROCTAVIAN, expected our we a earlier were research, early reflecting COVID-XX respectively. SG&A and for higher considering XXXX indicator as fourth vosoritide operating And $X.XX we're and programs balances proceeds development BMN debt $XXX as XXXX. end for XXXX – full preparation year notes well and billion of for

of guidance, billion for touched Now of to and be brand moving BioMarin to XXXX the top-line, on range many total $X.XX expect the we billion. XXXX on total in revenues $X.XX to Jeff dynamics

business. last several the Importantly our commercial discussed of notably total impact competition the on headwinds, COVID-XX October of and XXXX the U.S. Kuvan quarter in impact revenues reflect of year most generic as since the last of impact are the continued

Our the not and a fact impact rebound guidance recovery the will our that assume in not but does assume revenues, rapid does from on conditions our worsen. our COVID-XX guidance business that

similar maintain will with that new XXXX. we therapy be patient levels of the in that experienced starts of our during assumes For and to regimens example, rates patient we able pandemic our guidance compliance

we and BioMarin quarter timing which do were Sanofi marketed is midpoint for the at by Aldurazyme is is the to we products healthily due one applied are our guidance XXXX, revenues of expectations fourth in than XXXX range. comment guidance provide that And except X% core of our growing revenue total for lower that to Aldurazyme, with on note of Sanofi Kuvan Genzyme. Genzyme, the not low growth the business XXXX therefore our While still specific

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Operator

Thank you. comes first from Karnauskas Robyn [Operator Instructions] Truist Our Securities. question with

Your line is open.

Kripa Devarakonda

for Kripa is taking Robyn. my Thank on you this questions. guys, much Hi for so

need commentary how additional the us data engaging been the submit will they to like already you ROCTAVIAN. FDA with looks FDA, of much pivotal based bit Can has you that that it and year was engagement during much. from with approval? the seen? to indication you discussing data you gave you've anything have Thank And data so a the your on two the for also your the quite the there data So What agency tell see?

J.J. Bienaime

top two there. before are really And to the available. the changed stance since In that only one-year be approved. of product the us expect year The after not line, see to before the repeated said able one but available, and they've time they one and amount given would that the available agency patients Hi, they data told their have year were has predicted was see the would been year short data of they that to XXX the Yes. data. data one the data year

year strong have year I seen they on think and one data. the would data preference the be data, approval making basis and are two for having strong their reiterated approval the their they anticipated decision of their that they

Kripa Devarakonda

external approval you you your received in then new you anything case the the to one your think help to year get that on And the about positive feedback feedback counsel, learned talked it from generally addition Great. data? was there being you strengthen could

J.J. Bienaime

an the more consonant qualitative of of I was told really two the the they're the decisions reasoning like strong. is Yes, results the incredibly of that who it more the see are people. with about counsel this hear as think to that is is that confirmed more is, agency's we of the ad program; learned one –it our good what a they we that XXX a advisory would nature colleagues just year feel us our was convene learned going well, reviewers that and characterized And version that as disciplined wanted of data I impressively we we by the full possible to when to application thing this patients. critical that kind committee story we say we pretty how as worst And have version is our

with regulatory facile colleagues some the procedural So And try this at we're very our these to pathway. point, largely extent, to most working are, discussions. discern closely to

Operator

Cory from Our next with question JPMorgan. is Kasimov

open. is line You

Cory Kasimov

so make for Hey, got taking this I It that your that you and Hank, independent correct. question. based with the two-year. one-year hard of on with afternoon scripts, to I understand Thanks BLA sure resubmit are may the good the some you mid agency, guys. sounds expert to just discussions and supplement that of data ROCTAVIAN preliminary on the like counsel review on want

I the to you the conversations this sounds latest finalize this we FDA I year? were feedback more do did correct, this about is, a and hear driven or by is what thinking, by Is when from assuming with like which talking got this today? being this from guess, more outside pseudo counsel So that, acceleration the earlier expect you

J.J. Bienaime

Corey, of little in you’ve heard bit both. correctly a

a is careful not little data the I two-year of, a the they the of novel of started sort a hemophilia bit think people, to very procedural the are patients data do And data where to I knowing or sort accepting a anything before additional have with discussions are one are, of and the hand, capacity And The for do other on lot there to it of impressive part, control necessarily had they circumstances. having. data. therapy an of we're data the the the a get agencies get bandwidth started that is is do oftentimes other said, are to And data package our examination of hand, those to of during want on is position be There that? the agency deserving just like them themselves which available hasn't data. are a get examples prefer Would out accept on and finish, agencies ask. where when review, have is do chunk for are and that that that the take review? just two-year are to when going data with part in to available doesn't lot has to what reviewers they sometimes of after want examples

levels the EMA I rapid data procedural mentioned, As end preference at additional entirely last was the for to staffing example, related EMA, for within the the with their tours. and the reviewing year of

in I terms don't ordinarily interest attention actions in lot that, discussions of get a are on know of of things. ROCTAVIAN. these lot there's a synchronizing So, regulatory

the expected have mark. think positively believe patients deserves. things given we we data. the with one-year the that out good we I a matter collaborating has what data And to the review turned and of being turn turn reason given with a will full out it two-year with way them we've it's attention assure it that to the trials, earlier that were our that seen at the encouraged And really out in to

Cory Kasimov

there say were officials you did And this on ex-regulatory Okay. committee?

J.J. Bienaime

top-of-the-shelf. very senior, very yes, Oh seasoned

Cory Kasimov

you perfect. Okay, very Thank much.

Operator

is question Salveen next from with Goldman Sachs. Our Richter

Your line is open.

Salveen Richter

to about crucial your Kuvan with in Thanks franchise? questions. made Could what's how to talk for guidance? PKU out commercial erosion your the Palynziq? the dynamics you out with that playing taking afternoon. And of Good my you And offset assumption just playing

J.J. Bienaime

cover want you to question? that Jeff

Jeff Ajer

you thank J.J. question for Yes, Salveen. the

and very provided of exclusivity we erosion major two, market. don't one, our any So and there's by guidance product a to few loss Kuvan of in we've enterprise have guidance expectations, we with guide saying: analogs to some on And expectations. caveated experience this look a

for share. you guided in we but further relative our detail be the a not quarter revenue in we look goes of of of that erosion indeed, quarter loss think fourth in material, might captures fourth Kuvan, our United drop right would driven on product generic, of the And prescription internal if year at expectation last that of we've example. that we States. you really experience [indiscernible] That at so Kuvan Like catastrophic XXXX of of for And the top business guidance. XXXX, the revenue expectations to for the were the midpoint the the

the and products part are paths of PKU now disconnected. though relatively both turn their franchise are our same expectations to let's Now Palynziq for

we for the patient of have Palynziq tied great And a level is that true happens our it Palynziq from now XX% our not have happens true marketplace. knowledge, we of PKU. highly that particularly Kuvan is with the to base patients what what deal United So is a about transitioned great with expectations and business Kuvan of of in States. in It have

of clinical would be Kuvan, strength and for from, that agent achieving Palynziq. a desired more a are these thus appropriate in not So that patients are benefit powerful

we two tapping an different those adults into be but paths at have to Kuvan, on are essentially adequate benefit that not received And expect products from point. that so continue this we would

Salveen Richter

you. Thank

Operator

Phil Our next question Cowen Company. is from & with Nadeau

open. is Your line

Phil Nadeau

doesn't taking you the data? more guess the the or advantageous on for benefits procedural was after when them filing FDA of if data? early, me, perspective, to going my Phase Anyway, as on versus give me would you trying comments question. contemplate early that guess Hank BioMarin time two-year through you gives what for a both it Thanks the and three-month maybe the but your and head to conversely, I PDUFA full they're really date be I X of guess I FDA, ROCTAVIAN file filing buy more file a afternoon. BioMarin refiling it year time work years. range Good much intriguing have from in strikes I'm to one the you to the the my extension, two to what

So I guess, needs most based how are you the package? what you thinking, advantageous would on the about where FDA data think and questions be you maybe to concerns are

J.J. Bienaime

is side? know How the workload did about I is of off And the how leave game response do when both where the have we still U.S., management part you complete letter just see do do Because considerations their focus that directions. them. their they The of we to we workload. time And what's in you – on – to finish? said, point theory could what much in do. for the don't think available Like that's which the going time the they on are the in obviously choice inspections thing that have and the we're different in patients a

post-approval on, be on is from little and is their right are getting our them and information other well plans and think possible the ones. that risk most one the review And to so to focus decisions understood, expeditious are what I labeling that more just thorough a bit and hand, management the we commitments about ensure need are. But for way considerations the the in preferences going those on the are and product hand appropriate

two-year data there's lot of to a that wait but get can the that think before for decide before done choose two-year to may they data, started. work I be the they

for looking about enable with patients Hemophilia this working hard and bit it. we're deliver wait And it's is to for of a trying and stand, a our focus to choice is So a A. on everybody certainty

Phil Nadeau

ongoing you conclude your now? be brief Or they're they conversations, when have like a on definitive sound when they you prefer follow-up, Just what your them? that will meeting with

J.J. Bienaime

provide as that's think in thing file. a to, of submit, better with much I dialogues couple definitive, information the that we've after them hard time, with now always the a a to with position will we especially step had the they FDA, you be more

a regulatory tuned So on a bit the of U.S. status. stay

Phil Nadeau

questions. Perfect. Thanks my for taking

Operator

Our next Chris some Raymond question Piper with is Sandler.

Your line open.

Chris Raymond

Thanks.

it are and like around but just to So shared the little I more Jeff, commercial Palynziq guess wanted sounds more be described erosion somewhat the it price you disconnected, comments I than as Kuvan a driven your I me how might on probe bit dynamic. to dynamic, heard maybe you, PKU driven. Kuvan

have the metrics Can should otherwise. of to any wane I you we be over in seem this asking terms a a more little seems have sort control that, that warehousing maybe think happen of would dynamics all pretty as timing. change in give in pandemic bit conversion guys Is warehousing? of patient something measures see what about, more infection effects that the and and you'd of like of you terms a other guess, the I we more decent rate over sense importantly, the time? might of maybe effect pandemic it than seeing as around So about bit I it, maybe little color of you're But kind guess, even Jeff, that the as

J.J. Bienaime

Chris. Thanks,

exclusivity competitive intelligence I'd It without constitute one both loss observations a true competitors. that is saying mix. would that a that revenue of from maybe details volume on price is for part, Kuvan your our start our and good So with of disclosing

point. So you're that right on

limiting them when clinic capacity, growth or I In time that willingness at has a at I rate inducting question. Palynziq hit. of warehousing, a the condition pandemic And always for mean and and on titrating patients either the clinics small those patient one The patients multiples and time. up prescribing ability a be in to of maybe existed step United States say great and the of been it's terms of patient Palynziq capacity clinic before

new – on the be Certainly, Certainly them as get to up, as the patients, great year, have to with so in does there capacity capacity warehousing we're maintenance clinic forward We'll either for point it's that of meeting to kind that's dealing step clinics PKU year, the and so get of during in with demand may the effect? and overall clinics this that be are that or or and business. warehouse able patients under And to continue be limiting growth their to prescription clinic let way step. that looking induct rate titrate of be back U.S. will particular, case. the a with year. limiting the the to Palynziq phase. help dealing working another, that in from capacity issue still but I'm clinics be will capacity a in Hopefully, pandemic to category. one really were to capacity a patients how clinics clinic will that closed for to down our this as clinic last back operating operation PKU to to and If wanting the be Palynziq be access – waiting reduced

Chris Raymond

you. thank Okay,

Operator

is question Geoff Bank of next Meacham with Our America. from

line Your is open.

Geoff Meacham

Hi, or question. look pharma, guys. for wanted focus lot a commercial guidance. headwind I impact for I I this bit Thanks a about hear other on When for the at continued COVID also year. to didn't the biotechs

impact? the not that the or delta just of out figure COVID to mix? it want for Is compliance? it on to didn't that from guidance I there just a portfolio, the Thank orphan you geographic are you're headwinds Is here. And not dig the to mix So in business whole – the seeing hear the I’m I new more still trying you. starts so PKU.

J.J. Bienaime

Jeff?

Jeff Ajer

for the Geoff, Thanks, Yes. question.

the affecting did of some address business we how dynamics try guidance. is to pandemic So the in the our of

things having that year. problems now experienced pretty was solved exiting compliance so And of the we patient at said last one the early much least that for we're we XXXX

that compliance starts. identification, bigger So The to turn of around control. patient patient the right now things rate is but issue could on the a we we patient pointed new in that think that we've front, got script under new

capacity X% patient growth, read new described for impacted last impacted that overall even Palynziq for the year X% in was last But did then issue I moment we've material from fact the to gating an pre-pandemic. continue clinic severely growth, Naglazyme patient revenue give as of as rate and COVID-XX and year Vimizim kind until a year starts growth. ago, can we new clinics as And to normally be you by operating the PKU back of Palynziq just patient patients this got have will factor. So

would enzymes, continue have expecting For slower patient be starts we're the there COVID-XX new been pandemic. than we will not that expected the to the had

and So it's to of patient identification therapy our companies that for brands LSD business, that dynamics are – reflected right. unique some the kind results the relative PKU may new covering. patient May enzyme there. to be from And business starts other replacement you're you're BioMarin's these globally and be of

Hank Fuchs

revenues wave because starting three had is And to to so, then November, when start of revenues second And you or reopen until limited. specifically month and [indiscernible] of And Palynziq. are the for patients again treatment were were in generated they're winter in the to regarding the fourth the titration as and so for or per the since Palynziq months closed The the first if they studying might hit And most now. starting Geoff issue reopen. then in pretty January, here after we consequently XXXX, closed I may of in add kicking here initiation remember, four really period. they

[indiscernible]are going in us again, But hopefully the to growth of starting patients allow this the Palynziq we've So good that accelerate new missed is lot it and even to the revenue last sense, in going away that's going vaccinations backing year. of was to reopen with the again. a to a pandemic, of QX and news the year, starts

Geoff Meacham

you. Got

Okay.

Brian Mueller

that this headwind is and clarify assumption, still so COVID clarify – worsen. but sorry, we're won't I to Geoff, that guidance our chime there, is the it Brian in headwind just trying the the and – is Mueller

add patients which disruptions to albeit rate infusions, some able even new able weekly So XXXX, largely recover. had to we at the pandemic. we We slower during were a due were to and

assuming be to in we're current going So we're the maintain XXXX. level able to

Geoff Meacham

for the Thanks clarification Okay. guys.

Operator

with question Stifel. next Paul Our is Matteis from

line Your open. is

Unidentified Analyst

question This for Paul. A Thor is quick Hi, thanks for taking HAE. on on question. the

the evolving space? of in kind gene and of what what the assuming to with hit that Given landscape, you are competitive need expecting like to kind be you are competitive to therapy

J.J. Bienaime

PKU. there burdens which extent therapies patients in prophylactic and to ROCTAVIAN maintained. with XXX the there ROCTAVIAN, and of replacement essentially I are therapies therapies not be we think one which therapy is their low. long-term own And simple is looking easily for – for And is had prophylaxis tax-free for which looking of the as opportunity shown the at we've are in I a condition. have free. and way four therapy the conditions factor carry the bleed clearly years, study three similarly returned our patients, have factor to think nobody high case and A, available low returned prophylactic rates I are to to to it attack a in very And think HAE, has in compliance, can get you a case in clearly, that's And Hemophilia degree rates, that's the reasonably of but requires which

would that patients some and which prophylaxis. these thing, is of no attacks think, I same important no population, proportion HAE advance meaningful I would for an So, of be therapeutic need an of And sort patients. want experiencing think a for the

Unidentified Analyst

thanks. Great,

Operator

Our is next Research. with question from Tewari Akash Wolfe

Your line is open.

Akash Tewari

Thanks a lot.

So models XX% margins operating and XXXX. year approaching by like incentives by it looks have XX% next

delays baked do what's beyond there broad about improve cost SG&A? just internally valrox? the R&D been Thanks, to spend feel valrox, in and hittable organically the and strokes vosoritide those like and discussions to and And Given but cog maybe any in are we has vosoritide figures do for XXXX you how for R&D know structure

J.J. Bienaime

take to want this you Brian, one?

Brian Mueller

both value you key with And Thanks touched it. growth our and the for is say Yes, question. I of one view in the we Thanks. profitability elements vosoritide potential can growth on the that's proposition, of Yes. margin which and the ROCTAVIAN.

potential So while haven't existing to the long-term talked potential given get about infrastructure. the of to leverage hope our products we out your for those both we market question larger we've and guidance, of that

to that and revenue built, whether the $X today profits. we've that same support of ROCTAVIAN. positive and or can would support a So non-GAAP you it in approximate and level, we or infrastructure support place income It's the got marketing plan to be G&A use operating billion that infrastructure sales vosoritide we've R&D what at to to launch

both lot to drop while for So be investments products, products. profit margin. we those Inside there's those going cost expect we those also of some goods a revenues of of to expect incremental lower from sold to our two out is

to want basis, can dollar absolute thereby the reduce we're specific to how it on fund, can guidance, got and our to R&D continue for a asked that of And – R&D increasing we being you'll disclose XX-K. still see not and we've increase as that's revenue, numbers R&D while do want don't level in And of historical research pipeline but on and specifically, efforts those early percentage of in engine do vosoritide think we product R&D by the ROCTAVIAN in profits. think about we I our the but with P&L. and R&D, about giving we increase you an R&D registration of and trajectory specific internal lot but requiring do investment both a program future, we give products, the So that you an we stage believe exciting that

see when that the we filed K. you'll So

You can vosoritide year. expect this similar R&D ROCTAVIAN, levels of

J.J. Bienaime

helps? that Is

Akash Tewari

Thanks much. Yes. so

J.J. Bienaime

Thanks.

Operator

line Kennen MacKay Capital next is from of RBC Markets. comes the Your question of

Your line is open.

Kennen MacKay

Thank XXXX more Maybe the another congrats up note. taking come just generics is on I are would period, guidance you additional around guidance, the or into assumptions question and if If built the on question wrapping into after just again. you for market. thanks what strong a just something bit into up Hi, on big a six coupon, built built there. guidance of sort entering that's little again sort that months a around exclusivity again, understand to of what the

J.J. Bienaime

far I you one I this we time anticipate any third that in I’ll other, generics anticipate maybe Brian the – so there can mean additional this don't filed in, year, because U.S. an no applicant and application only is we come there start any or has for Jeff is then but no generics at think

second generic launching or want would to be generics something do you we and Brian, the year. So this. to assume that Jeff add this

Brian Mueller

There is no assumptions J.J.

J.J. Bienaime

thanks. Yes, the impact on add this second can the Jeff, you of maybe generics.

Jeff Ajer

just briefly. very Yes,

So said generic entries. we of expecting and seen some entry our to just two XXXX. business were relative share and meaningful aware a in that Kuvan expectation can we generic hadn't and retain third We

the Our that a you exactly modeling market, suggests fifth, to generic share. that fourth, retain becomes that see it's difficult third, when enter it

is So our the right on generics can now two U.S. share is meaningful assumption retain we

Traci McCarty

Next question, please operator.

Operator

Yes, ma'am.

Wang question of next from is Barclays. Gena Your

line is open. Your

Gena Wang

questions. Thank my you for taking

Just two gene quick therapy. regarding very the

Hank, ROCTAVIAN. will that giving data the correctly question therapy. any two-year data. They the timeline. the for a requirement gene the likely If would the I be EMA that's They for approval approval? for regarding the see you regarding did second actually EMA? case PKU is is First also see two-year And

to recall making data dose the I a what from correctly, XeXX first if is So a factor decided dose? dose XeXX. initial or of at second pack And choose the as kind

Hank Fuchs

dose preclinical and anywhere XeXX. were as with for not can't dose is indeed of in really did as studies, the consideration we're can't get we low fee. was do and effectiveness the we fee efficacy ROCTAVIAN, such that sick some that go of we And we've where concerned the thought shown a dose chance we I'll it the potential we close cause on to one second that about for log is to shouldn't starting the low get enzyme hydroxylase there from a XeXX And phenylalanine to overexpression would in it some fee. you from you a – really evidence see XeXX Gena, proceed decent based because intervals of half see Hi use Yes. first. meaning pre-planned We would had that there was

the and you we've data talk So no seen later. relatively of one year time step, that a you response and that Xe originally efficacy the We're that far given planned but the think from low are we and take about, then initial will, XeXX. take review procedures both as next skipped I EMA, terms evidence and question to as step have were two-year the we observed the dose these well, with steep feeler and with in the went important year the – health at length the understand encouraged it's transgene. of step we we as if cycle. sense and to liver curve of data, one dysfunction the the when the that's about the ROCTAVIAN available to authorities also four, some that we almost The EMA, of And your per

that in So going do have you they time to what will play at what go thinking where they're have want decision. role the to through point process through the data of and imagine that it to intellectual

before, the said two-year I've than As on the data were focused FDA the were. Europeans less

in these health have timing, again, authorities So discussions adequate their terms have what for their of need ensuring time their the are they we with review. think procedures, that considerations, to about effective, they

That So will we are the before. two-year we've received represented is about we'll EMA data available. We've you conclude are until year data reviews anything not to from that that important than be says the we're that acknowledging discussion that one very anything not them. just different in the And that. believe to

Gena Wang

than any two-year? X, be directionally regarding get ABR, they feedback you to for less will minimums just Did

Hank Fuchs

than is view No, X, but been is, Rate even in than to said, more we've less what our everywhere one the it's I reduction edge like Bleeding – clear the or but less I'll reviewers hard X.X from less looked. and Annualized

the with material, year was transfer Bleeding gene year that Rate. XeXX third after Phase after X very low transfer these are The and by the XeXX, gene Annualized year second after fourth gene transfer large,

any expression. as factory is the the end there's characterize quarrel – we've benefit but product XX project antibody to And real to of maybe don't we in And activity it think future talked is, the CRL ability years to I with at the not on know point. about risk the two the trajectories issue of not least clinical data with The lay on how decision. in rest, to as of a label have magnitude the issue so the

Gena Wang

Great. Thank you.

Operator

of Morgan Harrison Matthew from Stanley. is question next Your

open. is line Your

Kostas Biliouris

are Hello, is around for ended? Europe everyone. on thinking you in Kostas on launch preparation pricing about quick you provide color the some question Matthew. This how and One vosoritide. Can

J.J. Bienaime

Jeff, want cover to you that?

Jeff Ajer

Yes, happy to.

in takes go little in for remarks. the opportunity get things time started approvals it the time. but driver market the So patients Europe, expect we a really Europe represents large very very, And prepared One patient revenues, go a pricing of to navigate us back by for to revenue of vosoritide. be is said market generating over to Europe reimbursement some we long-term in

Germany, And list ERT patients relatively for preparations, patient then of pricing screening pricing, until set fair typical maybe a In terms – not amount and we we've similar thinking population, guided pricing Italy of we that gotten about the got is in as particular. of don't for done But in research Palynziq Europe pricing sort between call initial in something awareness in practice, to States markets pricing that price pricing, and of will that be of we to we've probably And for disease types European our corridors more identification. through a terms are, type the size We've and patient of U.S. similar achondroplasia we're on the and example, approval. thing. think won't we need vosoritide. our as for the in of we've a France, label the previously, go United launch to based

after as the known of All or having shortly from are birth. essentially achondroplasia patients achondroplasia

with, to very new are not treatment specialty might pharmacologic might we do we for are it appropriate new growth disorders, treating like treatment for achondroplasia it's treatment That achondroplasia get that's some So step endocrinologists, that been call powerful an be important know connected an clinic who today. do a cases point those achondroplasia track don't have a a patients corral a already genetic we What to we upon is and and And to launch can step to us them to because home be of in who and or skip. down have skip. kind pediatric there's accustomed treatment home. but

they kinds lining focused in where final homing today, on them big things our up on that pricing appropriate finding So an those strategy. exist we're the patients, achondroplasia and treatment home are of for things,

Kostas Biliouris

Very helpful. you. Thank

Operator

question from is next Your of Citigroup. Mohit Bansal

Your line is open.

Unidentified Analyst

guys. is This Hi James for on Mohit.

on January with you feedback question, would Just there. feedback early get any discussions ROCTAVIAN. presenting I had love in in physicians to Were any able color to payers? on engage or the since or for one-year a data the

J.J. Bienaime

the I start Maybe with can physicians.

I be advisory As an like FDA different physicians our kinds to of said, kind a had on was council of we number AdCom. convened, intended of external that

seen VIII and both treatment practice the ABR for it A importance of those to So of treatment choosing augmented therapy. also But regulatory by decades. gave an or alternative of ROCTAVIAN a internationally who primarily the included skilled having option who everything of group importance the voice past is physicians have them are hemophilia called couple the considerations really physicians under in in the Factor who for the sun and

is came making colleagues away has I data was and of – bar an one said, person This my the saying. with the impressive of high it package. this extremely one away as our comment colleagues So of came making an

anything of So choice data. in to Jeff, patients. to want to to of speak then up. forward on be we the holding the make And that's look package evidence do able payers that, the two-year response should for about all case, available basis one-year you if And we

Jeff Ajer

Yes, happy to, question, great James.

data the really we're ROCTAVIAN with way the one-year So happy came out.

data payers with consistent was putting back And States the product them. course during our in had go will explicitly what I refresh say with have in highly and and year. the a payer one-year would the this the profiles Europe we not that of research United front chance to payers, in with last year, were is both We of we

we'll from So kind feedback the to data, that one-year upon we've going of that payers from probably get stepped payers I gotten today but seeing consistent the concluded after be with is the one-year the feedback through we've explicitly data.

Unidentified Analyst

much. guys. so Appreciate you Thank it

Operator

Liana is Moussatos question from Wedbush next Your of Securities.

open. is line Your

Liana Moussatos

XX% the patients If going Palynziq of Palynziq versus to you. are Kuvan Kuvan, patients came Thank of from what percent generic?

J.J. Bienaime

Okay.

see me I question. if let So the understand

patients of observation percent And from of are to what think Kuvan over said of You I transitioning Palynziq product. the are XX% generic that patients independent that's Kuvan. moving your

so want have that we consider valuable important data the that's to competitive intelligence, generic So competitors. don't data to we and that give we

you I'm this and introduce for revenue you'll the your mix price follow XXXX. projected erosion to erosion quarter so have that already those revenue afraid guide the for percentages And I've a would erosion. end. of that is the And the at commented saying if we've revenue volume that and I

Jeff Ajer

obviously the in is the if Kuvan is U.S. also I there, only mean, are And a at cannot add Palynziq kids a XX. may reach I switched – Liana, lot approved other dynamic on in until approved for adults. Palynziq time of lot and were only there U.S., age there is were this kids Kuvan, the of be for that to that they sorry, they

Liana Moussatos

Okay. Thank you.

Operator

of Gilson question next from Your Michelle is Canaccord Genuity.

line Your open. is

Michelle Gilson

to gene question. I'm your thank for therapy. just talking Hi, taking you wondering, I'm my

just You is confidence seeing mentioned in you're you regimen escalating dose next better studies? you for guess generate to And the the what I side what then gives that going you XeXX. that dose was dose? the of the you're the what indication compared I to kind be is modified the looking and so to Xe seeing what is there in any in guess here, question XeXX, saw far the are that reflecting steroid than that other of used data to

J.J. Bienaime

to dose be mentioned, in what we response that as ROCTAVIAN it. on we do clinical preclinical steroids confidence; the early going of ROCTAVIAN, on steep data what just the yet. we on there gives the predicted would too actually is The have observe group both a dose it's I level. data dose pre-clinical see Yes, us to And to reasonably And Xe comment data for – starting XXX. curve. preclinical And do

reduced don't again, offers, go if we substantial therapy anything it. it's to think ROCTAVIAN with do two I of phenylketonuria. in that to phenylketonuria would amalgam experienced the the And would patients to no-fog will per take events, confusion to events, laid what normal reduction we a which patient think year, us gene normal do year I with So are Phe, I it, when patient normal when per than of would those year. factor for events, asked, bleeding back the burden have fewer everybody over of That infusions what of that, care arena. that one and diet, a kind be that's per the per patients for? they be XXX looking in And it. no and for from also VIII And dream gives very event mental so the out no PKU looking Phe, I – normal if XeXX confidence dose were diet. is say That PKU cloudiness like forward, represent you

Michelle Gilson

Okay, thank you.

Operator

of Your Blair. Lugo next question is from William Tim

is line Your open.

Unidentified Analyst

might any for the my Kuvan wondering Tim. on how so Hi Thanks. for and guys. or over near been the from seeing, term? taking if of much generic the This is team comments hearing medium John Thanks for influencing that anything erosion there's entrance your just was you've that and physicians I question. about expectations has be been

J.J. Bienaime

anything you add Jeff that [indiscernible] mean, but that here. cover you to but probably can covered have Jeff, we think I I

Jeff Ajer

around that only the promoting branded essentially and pharmacy thing the generics been think substitution fashion And activity. value have the in physicians. to physicians don't are that our are like Well, in the generics think a that type sensitive including going the specialty a one We Kuvan to are and I is our provides add I'd here thing think of and generic we be ranges continuing our those is to favor have services. patients of BioMarin that services drugs of we

a that's us. so good thing And for

Unidentified Analyst

All right. so much. Thanks

Operator

questions. you would I Bienaime to remarks. like further no turn for it there's closing And J.J. to back

J.J. Bienaime

Thank you, operator.

So drove And X% I they grow despite expected to caused COVID-XX would in the by again, say including were some XXXX. medicine XXXX, from in the results epidemic contributions are demand for last business Kuvan. that year, BioMarin’s strong that the challenges

with positive strong flows, net enabling next the product of revenue advancement base, opportunities. operating significant our So cash driving

– and We over market I the of the established commercial our exceed We innovative current are quarters. sizes programs. expansion positioned coming stay combined opportunities are our thank value enable we continued products. our significantly research growth products the launched base These of to for for sponsored both compelling for continued as last business, and a substantial your that proposition stage market growth these of you potential the approved well expect want [indiscernible] create and products will support with safe. opportunity

Operator

Thank you.

disconnect. now may You

BioMarin Pharmaceutical (BMRN) 26 Feb 212020 Q4 Earnings call transcript