Biomarin Pharmaceutical Inc. ((BMRN)) has held its Q3 earnings call. Read on for the main highlights of the call.
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BioMarin Pharmaceutical Inc.’s recent earnings call painted a picture of both triumphs and challenges. The company reported robust revenue growth, particularly driven by VOXZOGO and enzyme therapies, alongside a strong cash position and operational efficiency. However, the call also highlighted significant hurdles, such as a substantial IPR&D charge and the decision to divest ROCTAVIAN, which balanced the overall sentiment.
Revenue Growth and Financial Performance
BioMarin achieved an impressive 11% increase in total revenue year-over-year, fueled by strong performances in enzyme therapies and skeletal conditions. The company has subsequently raised its full-year total revenue guidance to a range of $3.15 billion to $3.25 billion, reflecting confidence in its ongoing financial trajectory.
VOXZOGO’s Strong Performance
VOXZOGO has been a standout performer, with revenue increasing by 24% year-to-date compared to 2024. BioMarin expects full-year 2025 revenue for VOXZOGO to be between $900 million and $935 million, marking a 25% growth at the midpoint of the guidance range.
Cash and Investments
BioMarin’s financial health is underscored by its cash and investments balance, which reached approximately $2 billion by the end of the third quarter. This solid cash position supports the company’s strategic initiatives and operational activities.
Operational Efficiency and Profitability
Despite the impact of the IPR&D charge, BioMarin has demonstrated operational efficiency with increased GAAP and non-GAAP diluted earnings per share year-to-date. The company also reported robust operating cash flow of $369 million in the third quarter and $728 million year-to-date.
IPR&D Charge Impact
The acquisition of Inozyme Pharma led to a $221 million charge for acquired in-process research and development (IPR&D), significantly increasing R&D expenses and impacting operating margin and diluted earnings per share.
Divestment of ROCTAVIAN
BioMarin announced its intention to divest ROCTAVIAN, an innovative gene therapy for severe hemophilia A, as part of its strategy to focus on other strategic priorities.
Enzyme Therapies Revenue Challenge
While enzyme therapies revenue grew 8% year-to-date, the third quarter of 2025 saw flat revenue compared to the same period in 2024. This was primarily due to higher volume ALDURAZYME last year and lower quarter-over-quarter revenue due to large orders in the second quarter.
Forward-Looking Guidance
Looking ahead, BioMarin has raised its full-year total revenue guidance at the midpoint and reaffirmed its revenue outlook for VOXZOGO. The company expects its non-GAAP operating margin to be between 26% and 27%, and non-GAAP diluted earnings per share to range from $3.50 to $3.60. BioMarin is also exploring the potential divestiture of ROCTAVIAN and is anticipating VOXZOGO’s pivotal data readout for hypochondroplasia in the first half of 2026.
In conclusion, BioMarin’s earnings call revealed a company that is navigating a landscape of both opportunities and challenges. While revenue growth and strategic financial management are evident, the company must address the impacts of its IPR&D charge and the strategic divestment of ROCTAVIAN. Investors and stakeholders will be keenly watching how BioMarin leverages its strengths and addresses its challenges in the coming quarters.