Soaring quarter results for biotech BioMarin

California-based biotech BioMarin announced on Friday its Q1 2018 financial results, which have been above analysts’ expectations. Sales increased by 23% vs Q1 2017, to $373m. The San Rafael-based company’s best-selling drug is still Vimizim, whose sales increased by 11%. Sales of Kuvan were up 7%, while Naglazyme lost 7%. A contribution to the excellent results came from the recently-launched Brineura and from Aldurazyme, previously owned by Sanofi, whose revenues tripled. During the press conference called by BioMarin to announce the results, the management announced that the company’s third gene therapy will start undergoing clinical trials in 2019 and will be tested on patients with phenylketonuria (PKU). BioMarin is already developing a fourth treatment, called BMN 290, to be tested on patients with the rare Friedreich ataxia. BioMarin’s have risen over 3% after the announcement, taking the group’s market capitalization to $14.44bn.

(Source: BioMarin)