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Jun 30
BioMarin Q2 2025 Earnings Report
BioMarin reported strong second quarter 2025 results, with significant revenue growth and profitability expansion, and raised its full-year guidance for total revenues, non-GAAP operating margin, and non-GAAP diluted EPS.
Key Takeaways
BioMarin delivered a strong second quarter in 2025, with total revenues reaching $825 million, a 16% increase year-over-year, driven by robust growth in VOXZOGO and Enzyme Therapies. The company also saw significant profitability expansion, with GAAP net income increasing by 125% to $241 million and non-GAAP income growing by 49% to $282 million. BioMarin raised its full-year 2025 guidance for key financial metrics, reflecting continued patient demand and operational efficiencies.
Total revenues for Q2 2025 were $825 million, marking a 16% increase year-over-year, primarily driven by strong VOXZOGO sales and growth in Enzyme Therapies.
GAAP Net Income surged by 125% to $241 million, and Non-GAAP Income increased by 49% to $282 million, reflecting significant profitability expansion.
BioMarin completed the acquisition of Inozyme in July 2025, adding BMN 401 to its Enzyme Therapies portfolio, with pivotal data expected in 1H'26.
The company raised its full-year 2025 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS, indicating confidence in continued growth and profitability.
BioMarin
BioMarin
BioMarin Revenue by Segment
Revenue by Segment
VOXZOGO Revenue
CapyFin.comVIMIZIM Revenue
CapyFin.comNAGLAZYME Revenue
CapyFin.comPALYNZIQ Revenue
CapyFin.comALDURAZYME Revenue
CapyFin.comBRINEURA Revenue
CapyFin.comKUVAN Revenue
CapyFin.comROCTAVIAN Revenue
CapyFin.comTotal Enzyme Therapies Revenue
CapyFin.com Forward Guidance
BioMarin raised its full-year 2025 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS, reflecting continued growth in patient demand and commitment to increasing profitability and cash flow.
Positive Outlook
- Full-year 2025 Total Revenues guidance raised to $3.125 billion to $3.200 billion.
- Full-year 2025 Non-GAAP Operating Margin guidance raised to 33% to 34%.
- Full-year 2025 Non-GAAP Diluted EPS guidance raised to $4.40 to $4.55.
- VOXZOGO contribution to full-year 2025 Total Revenues expected to be in the range of $900 million to $935 million.
- Increasing operating cash flow is expected to continue, supporting investment in innovation and future growth.
Challenges Ahead
- Operating expenses are expected to increase in the second half of 2025 vs. the first half of 2025 as clinical and commercial initiatives advance.
- The company expects to account for the Inozyme acquisition as an asset purchase and record acquired in-process research and development (IPR&D) charges in its third quarter 2025 financial results.
- BioMarin does not forecast acquired IPR&D charges due to the uncertainty of future occurrence, magnitude, and timing of these transactions.
- Any new tariffs are expected to have a limited impact in 2025, but this implies potential for impact.
- The guidance excludes the estimated impact of acquired IPR&D charges from the Inozyme acquisition, which could materially impact GAAP reported results.