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Sep 30, 2025
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.
Revenue by Segment
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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