Biomarin Pharmaceutical Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −0.53%.
Did BMRN Beat Earnings? Q3 2025 Results
BioMarin delivered a mixed and headline-grabbing Q3 2025, with a $221 million in-process R&D charge tied to its Inozyme Pharma acquisition overwhelming an otherwise steady operating quarter and sending non-GAAP diluted EPS to just $0.12 — a sharp 62.50% miss against the $0.32 consensus. Revenue of $776.13 million, up 4.1% year-over-year, came in fractionally below the $780.22 million estimate, though the underlying product story offered more encouragement: VOXZOGO climbed 15% to $218 million and PALYNZIQ surged 20% to $109 million, marking its third consecutive quarter of 20%-plus growth. Overshadowing those gains, BioMarin announced it will seek to divest ROCTAVIAN, its hemophilia A gene therapy, after the product generated just $3 million in the quarter — a 57% year-over-year decline. For <a href="https://247wallst.com/investing/2025/10/27/biomarin-up-after-q3-earnings-heres-everything-you-need-to-know/">the full picture behind the quarter</a>, management raised its full-year revenue guidance midpoint to $3.15–$3.20 billion while cutting non-GAAP EPS guidance to $3.50–$3.60, reflecting roughly $1.10 per share of acquisition-related headwinds.
- VOXZOGO and PALYNZIQ drove revenue growth with more than 20% Y/Y revenue increases year-to-date
- New patient initiations across all regions for both VOXZOGO and PALYNZIQ
- PALYNZIQ strength driven by greater numbers of patients titrating to daily maintenance dose and strong adherence
- Approximately 75% of VOXZOGO revenue from markets outside the U.S.
- Favorable product mix lowered Cost of Sales during the quarter
- Lower ALDURAZYME sales due to timing of order fulfillment to Sanofi
- Lower NAGLAZYME sales due to timing of large government orders in Latin America
“We are pleased with the contributions from our Enzyme Therapies and Skeletal Conditions business units to date this year driven by more than 20% revenue growth from PALYNZIQ and VOXZOGO. Our strategic investments in these focused business units are generating strong results, and we anticipate sustained financial performance from each of them. Both Enzyme Therapies and Skeletal Conditions remain central to our growth strategy, in addition to new business development opportunities and our advancing internal pipeline. As we focus on the business units aligned with our strategic priorities, today we are announcing the decision to pursue options to divest ROCTAVIAN and remove it from our portfolio. We continue to believe ROCTAVIAN has an important role to play in the treatment of hemophilia A and are therefore evaluating out-licensing options for this innovative gene therapy. This decision is consistent with BioMarin's portfolio strategy and offers the most promising opportunity for ensuring continued patient access to ROCTAVIAN.”
BioMarin CEO, on the earnings call
Forward Guidance & Outlook
BioMarin raised its full-year 2025 total revenue guidance midpoint to $3,150M-$3,200M (from $3,125M-$3,200M). VOXZOGO full-year 2025 revenue guidance reaffirmed at $900M-$935M, with Q4 2025 expected to be the highest quarterly VOXZOGO revenue of the year. Non-GAAP Operating Margin guidance revised to 26%-27% (from 33%-34%) and Non-GAAP Diluted EPS guidance revised to $3.50-$3.60 (from $4.40-$4.55), reflecting the $221M Inozyme IPR&D charge impact. The company expects increasing operating cash flow to continue, supporting investment in innovation and future growth.
BMRN YoY Financials
BMRN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.