BioMarin Pharmaceutical (BMRN) Q4 2025 earnings summary

Executive summary

• Achieved 13% year-over-year revenue growth in 2025, reaching $3.22 billion, driven by strong performance in enzyme therapies and VOXZOGO, which grew 9% and 26% respectively.

• Q4 2025 revenues rose 17% year-over-year to $875 million, led by 31% growth in VOXZOGO and 13% in enzyme therapies.

• VOXZOGO revenues reached $927 million in 2025, with 73% generated outside the US, highlighting global reach.

• Strategic acquisitions of Inozyme and Amicus to expand the enzyme therapy portfolio and commercial reach, with Amicus expected to close in Q2 2026.

• Operational transformation and strong operating cash flow ($828 million, up 45%) support continued investment and future growth.

Financial highlights

• Full-year 2025 revenues were $3,221 million, up 13% year-over-year; Q4 revenues were $875 million, up 17%.

• VOXZOGO full-year revenue: $927 million (+26%); enzyme therapies: $2,105 million (+9%).

• Non-GAAP diluted EPS for 2025 was $3.15 (down 11%); underlying business EPS grew 34% after adjusting for special items.

• Operating cash flow reached $828 million, a 45% increase over 2024.

• Q4 included a $30 million VOXZOGO government order and $240 million in special items related to ROCTAVIAN withdrawal.

Outlook and guidance

• 2026 revenue guidance: $3.325–$3.425 billion, excluding Amicus contributions.

• Enzyme therapies expected to generate $2.225–$2.275 billion; VOXZOGO $975 million–$1.025 billion.

• Non-GAAP diluted EPS projected at $4.95–$5.15; organic operating margin expected at ~40%, with slight dilution from Amicus acquisition.

• Q1 2026 anticipated as lowest revenue and EPS quarter due to order timing and pre-close Amicus costs.

• Guidance to be updated upon closing of the Amicus acquisition, anticipated in Q2 2026.