After an illustrious 18-year tenure, Jean-Jacques Bienaimé, the CEO of BioMarin, is preparing to step down from his role. However, the reins of the company will be handed over to a highly capable successor. Effective immediately, Alexander Hardy, the current CEO of Genentech, will assume the position of CEO at BioMarin upon Bienaimé’s retirement on December 1.
This transition follows an extensive “multi-year succession planning process” and an exhaustive search conducted by BioMarin’s board, as explained by Richard A. Meier, the company’s lead independent director, in a statement issued on a Wednesday.
Genentech’s CEO was the perfect choice for this role due to his extensive experience in driving commercial growth and ensuring operational excellence, according to Meier, who will now take on the role of chair of BioMarin’s board of directors.
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Back in 2005, when Bienaimé took the helm at BioMarin, the company’s annual revenue from its sole marketed product, the enzyme replacement therapy Naglazyme, amounted to around $26 million. However, the company’s fortunes have since turned around, primarily thanks to breakthroughs like the dwarfism medication Voxzogo and the gene therapy for hemophilia A, Roctavian. These innovations have led to profitability after years of operating at a loss, and BioMarin’s workforce has now expanded to over 3,000 employees.
“It has been a privilege leading BioMarin’s exceptionally talented team over the past 18 years, as we’ve worked together to deliver medicines that have transformed care for people with genetic diseases, building BioMarin into the successful company it is today.”
– Bienaimé
At Genentech, Ashley Magargee, the head of the US commercial portfolio, will continue to serve as interim CEO, a position she has held during Hardy’s recent sabbatical, as indicated in a brief statement from the company.
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Expressing his enthusiasm for his new role, Hardy, the incoming BioMarin CEO, remarked, “I am excited by the tremendous value potential of BioMarin’s portfolio and the opportunity that lies ahead in unlocking the full value of Voxzogo and Roctavian.” The company has previously stated its belief that Voxzogo has the potential to become its largest-ever brand.
In its latest financial report, BioMarin revealed third-quarter sales of $581.3 million, marking a 15% increase from the same period in the previous year. The company has recently expanded the FDA label for Voxzogo to include children under 5 years of age and finalized reimbursement processes for the costly gene therapy, Roctavian. These developments position the company to potentially generate an estimated $3 billion in revenue by 2024, as highlighted in Bienaimé’s statement in the company’s earnings report.
