Amicus Therapeutics (FOLD) Q4 2025 earnings summary

Executive summary

• Achieved record total revenues of $3,221M in FY'25, up 13% year-over-year, with Q4 revenues up 17% year-over-year, driven by strong global demand across the portfolio.

• Robust growth in VOXZOGO (vosoritide) and Enzyme Therapies, with VOXZOGO FY'25 revenue up 26% year-over-year and Enzyme Therapies up 9% year-over-year.

• Full-year 2025 total revenue reached $634M, up 17% year-over-year at constant exchange rates (CER), with a $14M currency tailwind.

• Announced voluntary withdrawal of ROCTAVIAN from the market, incurring significant charges in Q4'25.

• Definitive agreement for acquisition by BioMarin at $14.50 per share, valuing equity at ~$4.8B, expected to close in Q2 2026.

Financial highlights

• FY'25 GAAP diluted EPS was $1.80, down 19% year-over-year; Non-GAAP diluted EPS was $3.15, down 11% year-over-year.

• Operating cash flow reached $828M, up 45% year-over-year.

• Galafold net product sales for 2025 were $521.7M, up 14% year-over-year (12% at CER).

• Pombiliti + Opfolda net product sales for 2025 were $112.5M, up 60% year-over-year (56% at CER).

• ROCTAVIAN withdrawal led to $240M in charges ($0.94 EPS impact) and $119M inventory write-off ($0.46 EPS impact).

Outlook and guidance

• FY'26 total revenues expected between $3,325M and $3,425M, excluding post-close Amicus contributions.

• FY'26 Non-GAAP diluted EPS guidance is $4.95 to $5.15; Non-GAAP operating margin expected to reach ~40% for the year, excluding Amicus impact.

• No financial guidance for 2026 provided due to pending acquisition by BioMarin.