BMRN Faces FDA In March, ALGN’s Q3 Results Disappoint, VKTX Awaits VOYAGE…
The following are some of the companies belonging to the healthcare sector that reported quarterly financial results on Wednesday.
BioMarin Pharmaceutical Inc. (BMRN), which reported 24% revenue growth in the third quarter of 2022, says it is on-track to deliver double-digit revenue growth and profitability for the full-year 2022.
The company has seven marketed products VIMIZIM, NAGLAZYME, PALYNZIQ, KUVAN, VOXZOGO, ALDURAZYME, and BRINEURA.
Revenue for the third quarter of 2022 increased to $505.3 million from $408.7 million in the year-earlier quarter but missed analysts’ consensus estimate of $510 million.
On a non GAAP basis, net income soared to $82.7 million from $33.5 million in the same period in 2021.
The most advanced product in BioMarin’s pipeline is ROCTAVIAN (valoctocogene roxaparvovec), an investigational AAV gene therapy proposed for the treatment of adults with severe hemophilia A.
ROCTAVIAN is under FDA review, with a decision expected on March 31, 2023. In the European Union, this product is approved for conditional use for the treatment of severe haemophilia A in adults who do not have factor VIII inhibitors and no antibodies to adeno-associated virus serotype 5 (AAV5).
The company expects data readout from a phase 3b study evaluating ROCTAVIAN with prophylactic corticosteroids for patients with Hemophilia A in early 2023.
As of Sep.30, 2022, cash and cash equivalents totaled $761.5 million.
BMRN has traded in a range of $70.73 to $97.76 in the last 52 weeks. The stock closed Wednesday’s trading at $92.10, up 0.69%.
Align Technology, Inc. (ALGN), a medical device company, has reported lackluster financial results for the third quarter ended September 30, 2022..
The company’s revenue declined by 12.7% to $890.3 million in the third quarter of 2022, from $1.01 billion in the third quarter of 2021.
Revenue is generated from two divisions – Clear Aligner, and Imaging Systems and CAD/CAM Services.
Revenue from the Clear Aligner division was $732.8 million, down 12.5% in Q3 2022 while revenue from the Imaging Systems and CAD/CAM Services division slipped 11.7% to $157.5 million.
On a non-GAAP basis, net income dropped to $106.5 million or $1.36 per share in Q3 2022 from $228.6 million or $2.87 per share in Q3 2021.
During Q4, 2022, the company plans to repurchase common stock worth $200 million as part of its $1 billion Repurchase Program that started in May 2021.
The company ended the quarter with $1.1 billion in cash, cash equivalents, and marketable securities
ALGN has traded in a range of $192.63 to $713.33 in the last 52 weeks. The stock closed Wednesday’s trading at $221.64, up 1.68%.
CONMED Corporation (CNMD), which reported revenue growth of over 10% in Q3, has narrowed its revenue guidance for the full year 2022.
In the quarter that ended on Sep. 30, 2022, revenue totaled $275.1 million, up 10.6% year over year or 12.6% in constant currency.
Profit improved to $46.150 million or $1.48 per share in Q3 2022, from last year’s $14.9 million or $0.47 per share. On an adjusted basis, net earnings per share were $0.77 for the third quarter of 2022, a decrease of 3.8% compared to adjusted net earnings per share of $0.80 in the third quarter of 2021.
Looking ahead to full-year 2022, the company has trimmed its earnings forecast and narrowed its revenue outlook.
Accordingly, revenue for the year is now expected to be in the range of $1.1 billion to $1.115 billion compared to its prior guidance range of $1.095 billion and $1.140 billion. Earnings for the year are now anticipated to be in the range of $3.21 to $3.28 per share, down from the prior range of $3.25 to $3.45 per share.
Wall Street analysts expect the company to earn $3.26 per share on revenue of $1.11 billion for 2022.
CNMD has traded in a range of $73.02 to $159.11 in the last 52 weeks. The stock closed Wednesday’s trading at $83.39, up 3.59%.
Viking Therapeutics Inc. (VKTX), a clinical-stage biopharmaceutical company, has a couple of clinical trial events lined up for the coming year.
The company’s clinical programs include VK2809, VK2735, VK5211, VK0214, and VK0612.
VK2809 is under a phase IIb trial in patients with Non-Alcoholic Steatohepatitis (NASH) and Fibrosis, dubbed VOYAGE, with topline results expected in the first half of 2023.
VK2735 is under a phase I trial as a potential treatment for multiple metabolic disorders and initial data is anticipated in early 2023.
VK0214 is under a phase Ib trial in X-linked Adrenoleukodystrophy (X-ALD), with topline data expected in the first half of next year.
As of Sep. 30, 2022, Viking had $155 million in cash, cash equivalents, and short-term investments.
VKTX has traded in a range of $2.02 to $7.04 in the last 52 weeks. The stock closed Wednesday’s trading at $4.15, up 1.47%.
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