Biomarin Pharmaceutical Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.07%.
Did BMRN Beat Earnings? Q2 2025 Results
BioMarin delivered a standout second quarter for fiscal 2025, posting non-GAAP diluted EPS of $1.44 against a consensus estimate of $1.01, a beat of 42.31%, while revenue of $825.41 million topped expectations by 8.37% and grew 15.9% year-over-year. The driving force behind the results was broad-based portfolio momentum, with VOXZOGO — BioMarin's skeletal condition therapy — generating $221 million in quarterly revenue, up 20% year-over-year, as new patient initiations accelerated across all regions and the drug reached patients in 51 countries. Enzyme Therapies added $555 million, lifted by strong performances from PALYNZIQ and VIMIZIM. Profitability expanded sharply, with non-GAAP operating margin reaching 39.9%. Early Phase 1 data for BMN 333, a potential <a href="https://247wallst.com/investing/2025/10/27/biomarin-up-after-q3-earnings-heres-everything-you-need-to-know/">long-term successor to VOXZOGO</a>, showed encouraging pharmacokinetic results, with a registration-enabling study planned for 2026. Management raised full-year 2025 guidance, now targeting revenue of $3.13 billion to $3.20 billion and non-GAAP diluted EPS of $4.40 to $4.55.
- Strong 20% year-over-year VOXZOGO revenue growth from new patients initiating therapy across all regions
- Enzyme Therapies revenue growth of 15% driven by increased patient demand and timing of government orders
- Lower R&D expenses from re-prioritization of investments following 2024 portfolio strategy review
- Lower SG&A on GAAP basis due to absence of 2024 severance and restructuring costs
- GAAP operating margin expanded 16.6 percentage points to 33.5%; Non-GAAP operating margin expanded 8.7 percentage points to 39.9%
“We were very pleased with our second quarter performance across all aspects of the business, including strong growth, exciting pipeline progress, and delivery of our business development strategy.”
BioMarin CEO, on the earnings call
Forward Guidance & Outlook
BioMarin raised its full-year 2025 guidance: Total Revenues of $3,125 million to $3,200 million (from $3,100–$3,200 million), Non-GAAP Operating Margin of 33% to 34% (from 32%–33%), and Non-GAAP Diluted EPS of $4.40 to $4.55 (from $4.20–$4.40). VOXZOGO is expected to contribute $900 million to $935 million to full-year revenues. Higher VOXZOGO revenue is expected in the second half of 2025, weighted to Q4. Operating expenses are expected to increase in the second half of 2025 as clinical and commercial initiatives advance. Guidance excludes IPR&D charges from the Inozyme acquisition, which will be recorded in Q3 2025. The company expects any new tariffs would have a limited impact in 2025, with 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.