Q1 25 EPS
$1.13
BEAT +18.87%
Est. $0.95
Q1 25 Revenue
$745.1M
BEAT +0.91%
Est. $738.4M
vs S&P Since Q1 25
-41.4%
TRAILING MARKET
BMRN -10.7% vs S&P +30.7%
Market Reaction
Did BMRN Beat Earnings? Q1 2025 Results
BioMarin Pharmaceutical turned in a standout first quarter for 2025, posting non-GAAP diluted EPS of $1.13 and total revenues of $745.14 million, a 15% year-over-year increase, as the company's rare disease portfolio continued to gain momentum. The h… Read more BioMarin Pharmaceutical turned in a standout first quarter for 2025, posting non-GAAP diluted EPS of $1.13 and total revenues of $745.14 million, a 15% year-over-year increase, as the company's rare disease portfolio continued to gain momentum. The headline driver was VOXZOGO, the achondroplasia treatment now reaching children in 49 countries, which delivered $214 million in quarterly revenue, up 40% from the prior year. That growth, combined with an 8% rise in Enzyme Therapies to $484 million, helped fuel a dramatic profitability expansion: GAAP net income more than doubled to $186 million, and non-GAAP operating margin widened to 35.7% from 23.8%, reflecting the full benefit of BioMarin's 2024 cost transformation program. The company's improving financial profile has drawn attention well beyond this quarter, with its net cash position and strong free cash flow conversion underscoring the durability of the business. Management reaffirmed full-year 2025 guidance of $3.10 billion to $3.20 billion in revenue, with non-GAAP diluted EPS expected between $4.20 and $4.40, as VOXZOGO revenues remain weighted toward the second half.
Key Takeaways
- • VOXZOGO revenue grew 40% YoY driven by new patient initiations across all regions
- • Enzyme Therapies revenue grew 8% YoY from increased patient demand and timing of large government orders
- • Cost transformation initiatives from 2024 reduced R&D and SG&A expenses YoY
- • GAAP operating margin expanded 16.4 percentage points YoY to 30.0%
- • Non-GAAP operating margin expanded 11.9 percentage points YoY to 35.7%
- • Operating cash flow increased 271% YoY to $174 million
- • Termination of early stage development programs following 2024 strategic portfolio review lowered operating expenses
BMRN YoY Financials
Q1 2025 vs Q1 2024, source: SEC Filings
BMRN Revenue by Segment
With YoY comparisons, source: SEC Filings
“During the first quarter, we saw continued high demand for our innovative medicines resulting in strong revenue growth and profitability. Products in our pipeline also advanced according to plan. In April, we shared positive top-line results from the Phase 3 PALYNZIQ® study for the treatment of adolescents with phenylketonuria between the ages of 12 and 17. Also in April, we were pleased to conclude enrollment in the pivotal study in hypochondroplasia with VOXZOGO, keeping us on track to launch in 2027, should data be supportive.”
— Alexander Hardy, Q1 2025 Earnings Press Release
BMRN Earnings Trends
BMRN vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
BMRN EPS Trend
Earnings per share: estimate vs actual
BMRN Revenue Trend
Quarterly revenue: estimate vs actual
BMRN Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $0.91 | $0.76 | -16.86% | $766.2M | +1.93% |
| Q4 25 MISS FY | $0.56 | $0.46 | -17.95% | $874.6M | +4.73% |
| FY Full Year | — | $3.15 | — | $3.22B | — |
| Q3 25 MISS | $0.32 | $0.12 | -62.50% | $776.1M | -0.52% |
| Q2 25 BEAT | $1.01 | $1.44 | +42.31% | $825.4M | +8.37% |
| Q1 25 BEAT | $0.95 | $1.13 | +18.87% | $745.1M | +0.91% |