BioMarin Pharmaceutical (BMRN) Q4 2025 earnings summary

Executive summary

• Achieved 13% year-over-year revenue growth in 2025, reaching $3.221 billion, driven by strong global demand for enzyme therapies and VOXZOGO, which grew 9% and 26% respectively.

• Q4 2025 revenues rose 17% year-over-year to $875 million, with robust performance across the portfolio.

• Strategic goals for 2025 were met, and 2026 is expected to see further expansion through the acquisition of Amicus Therapeutics and pipeline advancements.

• Integration of Amicus assets and continued innovation are expected to accelerate revenue growth and diversify the portfolio.

• Voluntary withdrawal of ROCTAVIAN resulted in significant charges impacting GAAP and Non-GAAP results.

Financial highlights

• Full-year 2025 revenues reached $3.221 billion, up 13% year-over-year; Q4 revenues were $875 million, up 17%.

• VOXZOGO revenue grew 26% year-over-year to $927 million; enzyme therapies revenue increased 9% to $2.105 billion.

• PALYNZIQ revenue rose 25% in Q4 and 22% for the full year; ALDURAZYME up 14%, BRINEURA up 10%.

• Operating cash flow for 2025 was $828 million, a 45% increase over 2024.

• Full-year GAAP diluted EPS was $1.80 (down 19%); Non-GAAP diluted EPS was $3.15 (down 11%).

Outlook and guidance

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

• Enzyme therapies revenue expected at $2.225–$2.275 billion; VOXZOGO at $975 million–$1.025 billion.

• Non-GAAP diluted EPS guidance for 2026 is $4.95–$5.15, with operating margin targeted at ~40%.

• Q1 2026 expected to be the lowest revenue and EPS quarter due to order timing and pre-close Amicus costs.

• Guidance excludes any post-close contribution from Amicus acquisition; updates expected after closing in Q2 2026.