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Sep 30
BioMarin Q3 2025 Earnings Report
BioMarin reported modest revenue growth in Q3 2025, while net income declined due to IPR&D charges related to the Inozyme acquisition.
Key Takeaways
BioMarin delivered 4% revenue growth in Q3 2025 led by VOXZOGO and PALYNZIQ. However, GAAP net loss widened due to a $221M IPR&D expense. The company reaffirmed guidance for VOXZOGO and announced plans to divest ROCTAVIAN.
Total revenue for Q3 2025 reached $776 million, up 4% YoY.
GAAP net loss was $31 million, primarily due to a $221 million IPR&D charge.
VOXZOGO revenue rose 15% YoY to $218 million, while PALYNZIQ was up 20%.
BioMarin plans to divest ROCTAVIAN and focus on Skeletal and Enzyme business units.
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.comEnzyme Therapies Total Revenue
CapyFin.com Forward Guidance
BioMarin raised full-year revenue guidance at the midpoint and reaffirmed VOXZOGO targets, while adjusting Non-GAAP EPS and margin expectations due to IPR&D expense.
Positive Outlook
- Raised 2025 total revenue guidance to $3.15–$3.2 billion.
- Reaffirmed VOXZOGO full-year guidance of $900–$935 million.
- Sustained growth in PALYNZIQ and VOXZOGO segments.
- Strong global expansion with VOXZOGO now in 55 countries.
- Operating cash flow expected to continue increasing.
Challenges Ahead
- Non-GAAP EPS guidance lowered due to IPR&D charges.
- Non-GAAP Operating Margin reduced to 26–27%.
- YOY decline in ALDURAZYME and NAGLAZYME sales.
- ROCTAVIAN revenue dropped 57% YoY and will be divested.
- Net income impacted by $221 million IPR&D charge from Inozyme acquisition.