BioMarin Q4 2024 Earnings Report
Key Takeaways
BioMarin achieved $747 million in total revenue for Q4 2024, a 16% year-over-year increase, driven by strong contributions from VOXZOGO and enzyme therapies. GAAP net income reached $125 million, up significantly from the prior year, while non-GAAP income grew to $180 million. The company also reported continued operational efficiency improvements and expects sustained growth in 2025.
Total revenue increased by 16% YoY to $747 million.
VOXZOGO revenue grew 42% YoY, contributing $208 million.
GAAP net income surged to $125 million from $20 million last year.
Non-GAAP diluted EPS increased by 88% YoY to $0.92.
BioMarin
BioMarin
BioMarin Revenue by Segment
Forward Guidance
BioMarin expects continued growth in 2025, with revenue guidance between $3.1 billion and $3.2 billion. The company anticipates increased profitability, driven by VOXZOGO's expansion and cost transformation initiatives.
Positive Outlook
- Projected total revenue growth of 10% YoY.
- VOXZOGO revenue expected to reach $900M-$950M in 2025.
- Non-GAAP operating margin projected to increase to 32-33%.
- Non-GAAP diluted EPS expected to rise to $4.20-$4.40.
- Strong cash position to support future growth initiatives.
Challenges Ahead
- Higher SG&A expenses due to increased bad debt provisions.
- Potential foreign currency exchange rate fluctuations.
- Regulatory uncertainties in new product approvals.
- Ongoing restructuring costs may impact short-term profitability.
- Market access challenges in certain regions.