BioMarin Pharmaceutical Inc. reported fourth‑quarter 2025 revenue of $875 million, a 17 % year‑over‑year increase. The growth was driven by a 31 % rise in VOXZOGO sales and a 13 % increase in its enzyme‑therapy portfolio, which together accounted for the bulk of the $875 million.
Earnings per share for the quarter were $0.46, falling short of most analyst estimates of $0.77 to $0.64 but exceeding the Zacks consensus of $0.25. The miss was largely attributable to a $240 million charge related to the withdrawal of Roctavian, which also pushed the non‑GAAP operating margin into a negative 5.1 % for the quarter, compared with a 28.6 % margin in full‑year 2024.
Operating cash flow rose 45 % year‑over‑year to $828 million, reflecting stronger cash generation from the company’s core product lines.
For 2026, management guided revenue to $3.325 billion–$3.425 billion and VOXZOGO sales to $975 million–$1.025 billion. Non‑GAAP diluted earnings per share are expected to be $4.95–$5.15, with an underlying organic operating margin target of approximately 40 % in 2026.
The company also confirmed that the acquisition of Amicus Therapeutics, which adds Galafold and Pombiliti/Opfolda to its portfolio, is expected to close in the second quarter of 2026.
Investors reacted negatively to the earnings release, citing the EPS miss as a key concern.
CFO Brian Mueller said, “Our fourth quarter results reflect strong global demand, with total revenues of $875 million, representing 17% year-over-year growth.” He added, “BioMarin reported $3.15 of full year 2025 non‑GAAP diluted earnings per share.” Mueller also noted, “Our underlying organic operating margin expectation without the Amicus transaction is approximately 40% for 2026.” The company’s board announced that it had made a “strategic decision to withdraw it [Roctavian] from the market.”
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