firstwordpharmaFebruary 24, 2019
Tag: This Biotech Stock , Sales Slip , gene therapy
Shares of BioMarin Pharmaceutical fell as much as 5.4 percent in response to disappointing fourth-quarter sales, Investor's Business Daily reported Friday.
RBC Capital Markets analyst Kennen MacKay noted that BioMarin's newest drug Palynziq cannibalised sales of its older product Kuvan.
The analyst explained that it makes sense for BioMarin to switch patients to Palyzniq given that Kuvan loses patent protection next year, but this will negatively affect Kuvan revenue over the next two years.
In the quarter ended December 31, sales of Kuvan totalled $112.2 million, missing expectations of $121 million, while total revenue of $353.2 million also fell short of forecasts of $366 million.
For 2019, BioMarin expects Kuvan sales of $420 million to $460 million, versus estimates of $476 million.
Meanwhile, investors are awaiting clinical study data on the investigational gene therapy ValRox for haemophilia A, with MacKay stating "a potential decline in factor VIII expression levels at three years vs. two years will be interpreted negatively by [shareholders]."
Contact Us
Tel: (+86) 400 610 1188
WhatsApp/Telegram/Wechat: +86 13621645194
Follow Us: