Biomarin Pharmaceutical Inc
Q1 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +5.15%.
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 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.
- 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
“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.”
BioMarin CEO, on the earnings call
Forward Guidance & Outlook
BioMarin reaffirmed full-year 2025 guidance: Total Revenues of $3,100 million to $3,200 million, with VOXZOGO contributing $900 million to $950 million; Non-GAAP Operating Margin of 32% to 33%; Non-GAAP Diluted EPS of $4.20 to $4.40 (assuming ~200 million weighted-average diluted shares). VOXZOGO full-year revenues are expected to be more weighted toward the second half due to uneven OUS ordering patterns. The company expects to increase investments in VOXZOGO indication expansion, clinical pipeline development, and commercialization initiatives. Guidance reflects enacted tariffs but excludes potential future pharmaceutical tariffs; BioMarin has immaterial exposure to U.S. tariffs for China, Mexico, and Canada.
BMRN YoY Financials
BMRN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.