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BioMarin Beats on Q2 Earnings & Sales, Stock Gains on Raised '25 View
Read MoreHide Full Article
Key Takeaways
{\"0\":\"BioMarin posted Q2 EPS of $1.44, beating estimates and rising 50% year over year on strong product sales.\",\"1\":\"Q2 revenue rose 16% to $825M, led by Voxzogo growth and enzyme therapy strength across all regions.\",\"2\":\"2025 revenue forecast increased to $3.13-$3.20B, with EPS now expected at $4.40-$4.55.\"}
BioMarin Pharmaceutical (BMRN - Free Report) reported second-quarter 2025 adjusted earnings per share (EPS) of $1.44, which beat the Zacks Consensus Estimate of $1.03. Quarterly earnings rose 50% year over year, driven by higher product sales and lower operating expenses.
Total revenues were $825.4 million, reflecting a 16% year-over-year increase on a reported basis and 17% growth on a constant-currency basis. The top line also beat the Zacks Consensus Estimate of $766.2 million.
More on BMRN’s Q2 Earnings
Product revenues totaled $813 million, which rose 16% year over year on higher revenues from Voxzogo, Palynziq, Vimizim and Aldurazyme. This was partially offset by lower Kuvan sales.
Royalty and other revenues totaled $12.4 million, up 26% year over year.
Voxzogo — A Key Driver of BioMarin’s Top Line
Voxzogo, approved for achondroplasia, generated sales of $221 million, up 20% year over year, driven by new patients initiating the therapy across all marketed territories.
Though the drug’s sales were in line with our model estimates, it beat the Zacks Consensus Estimate of $219 million.
Sales Performance of BMRN’s Enzyme Therapies
Last year, the company updated its organizational structure and decided to consolidate revenues from its five products — Aldurazyme, Brineura, Naglazyme, Palynziq and Vimizim — under a single head, 'Enzyme Therapies.' Sales of this franchise rose 15% year over year to $555 million, driven by a combination of increased patient demand and the timing of large government orders across all regions.
Palynziq injection sales totaled $106 million in the quarter, up 20% year over year, driven by greater numbers of patients titrating to the daily-maintenance dose and strong adherence. The drug’s sales beat the Zacks Consensus Estimate and our model estimates of $101 million and $99 million, respectively.
Vimizim sales rose 21% year over year to $215 million, which beat both the Zacks Consensus Estimate of $187 million and our model estimate of $182 million. This uptick was mainly driven by both ongoing patient demand and order timing.
Naglazyme sales declined 2% year over year to $129 million. Brineura added sales of $49 million, up 9%.
Product revenues from Aldurazyme totaled $56 million, up 44% year over year, likely due to the favorable timing of order fulfillment to Sanofi (SNY - Free Report) .
BioMarin signed a collaboration agreement with Sanofi’s subsidiary, Genzyme, for Aldurazyme. Sanofi, through Genzyme, is BMRN’s sole customer for Aldurazyme. The Sanofi subsidiary is responsible for marketing and selling Aldurazyme to third parties.
Other Revenues
New gene therapy, Roctavian, generated $9 million in sales compared with $7 million in the year-ago period. This upside is attributable to the company’s updated strategy to focus on three prioritized countries — the United States, Germany and Italy.
In the phenylketonuria (PKU) franchise, Kuvan revenues declined 7% to $27 million due to generic competition. The drug lost U.S. market exclusivity in late 2020.
BMRN’s 2025 Outlook
BioMarin revised its financial guidance for the full year. It now expects total revenues in the range of $3.13-$3.20 billion, which reflects a $25 million increase from the lower end of the previous guidance of $3.1-$3.2 billion. The upgrade in guidance implies an increase of around 11% year over year at the midpoint.
The company expects Voxzogo to be a significant contributor to the top line, forecasting the sales numbers to be in the $900-$935 million band (previously: $900-$950 million). The drug’s revenues are expected to be higher in the second half of the year, compared to the first half.
Adjusted operating margin is now expected to be between 33% and 34%, compared to the prior expectations of 32-33%. This upward revision is mainly due to the encouraging operational efficiency achieved in the first half of the year. In its Q2 conference call, BioMarin announced that it expects to incur higher operating expenses in the second half of the year than in the first half.
BioMarin also raised its adjusted EPS guidance, which is now expected to be in the range of $4.40-$4.55, up from the prior forecast of $4.20-$4.40. This revised guidance implies 27% growth over last year’s level at the midpoint.
Shares of BioMarin rose over 7% in after-market trading yesterday, likely driven by the upward revision in guidance. Yet, the stock has underperformed the industry this year so far, as shown in the chart below.
Image Source: Zacks Investment Research
Per the company, this revised guidance reflects the impact of tariffs that have already been enacted, and it expects a limited impact of future pharma tariffs during the year. Notably, BioMarin has immaterial exposure to U.S. tariffs for China, Mexico and Canada across its global supply-chain operations and product sales. However, the guidance does not account for the $270 million Inozyme acquisition, which was completed last month.
BMRN Adds New Pipeline Drug With Inozyme Buyout
The Inozyme acquisition added an investigational late-stage enzyme replacement therapy called BMN 401 (formerly INZ-701), which is being developed for several rare disorders for which there are currently no approved medications.
BMN 401 is being developed in the phase III ENERGY 3 study for treating children aged 1-12 with ENPP1 deficiency. This condition affects blood vessels, soft tissues and bones, and is associated with increased cardiovascular mortality risk. Interim results from this study are expected in early 2026. If positive, a regulatory approval for the therapy is expected in 2027. The company is also progressing plans to advance the drug for treating ENPP1 deficiency across additional age groups.
The therapy is also being developed in separate clinical studies for two more rare disorders, namely ABCC6 Deficiency and calciphylaxis.
BMRN’s Recent Pipeline Updates
In April, BioMarin reported positive results from the late-stage PEGASUS study, which showed that adolescents with PKU treated with Palynziq achieved a statistically significant lowering in blood Phe levels. Based on this data, the company will target regulatory filings for expanded use of the drugs in adolescents in the United States and Europe later this year.
BioMarin continues to advance its CANOPY clinical program, which evaluates Voxzogo for a potential second indication — hypochondroplasia, a condition characterized by impaired bone growth. Data from this study is expected in 2026. As part of this program, BMRN is also evaluating the drug for four other short-stature pathway conditions — idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency.
Based on the success seen with Voxzogo as a C-type natriuretic peptide (CNP) analog, BioMarin decided to advance BMN 333 — a long-acting formulation of CNP — as a potential treatment for multiple growth-related conditions, offering the option for less frequent dosing. Alongside its earnings results, the company reported encouraging results from an early-stage study on this drug in healthy volunteers, which showed over three times higher drug exposure compared to other similar CNP drugs. Based on these results, BioMarin plans to start a registration-enabling phase II/III study in the first half of 2026, aiming for a potential 2030 launch.
BioMarin expects to report initial proof-of-concept data from an early-stage study on BMN 351, an oral therapeutic for liver disease associated with alpha-1 antitrypsin deficiency.
The company also announced its decision to discontinue development of BMN 390, a preclinical candidate for PKU, after it failed to meet the target immunogenicity threshold for advancement.
BMRN’s Zacks Rank
BioMarin currently carries a Zacks Rank #3 (Hold).
Estimates for Genmab’s 2025 EPS have increased from $1.51 to $1.58 over the past 60 days, while the same for 2026 has increased from $1.83 to $1.93. GMAB shares have gained 5% year to date.
Genmab’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 14.90%.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have improved from 86 cents to 68 cents. During the same timeframe, estimates for 2026 loss per share have narrowed from $1.34 to $1.10. IMCR stock has gained 10% so far this year.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 76.18%.
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BioMarin Beats on Q2 Earnings & Sales, Stock Gains on Raised '25 View
Key Takeaways
BioMarin Pharmaceutical (BMRN - Free Report) reported second-quarter 2025 adjusted earnings per share (EPS) of $1.44, which beat the Zacks Consensus Estimate of $1.03. Quarterly earnings rose 50% year over year, driven by higher product sales and lower operating expenses.
Total revenues were $825.4 million, reflecting a 16% year-over-year increase on a reported basis and 17% growth on a constant-currency basis. The top line also beat the Zacks Consensus Estimate of $766.2 million.
More on BMRN’s Q2 Earnings
Product revenues totaled $813 million, which rose 16% year over year on higher revenues from Voxzogo, Palynziq, Vimizim and Aldurazyme. This was partially offset by lower Kuvan sales.
Royalty and other revenues totaled $12.4 million, up 26% year over year.
Voxzogo — A Key Driver of BioMarin’s Top Line
Voxzogo, approved for achondroplasia, generated sales of $221 million, up 20% year over year, driven by new patients initiating the therapy across all marketed territories.
Though the drug’s sales were in line with our model estimates, it beat the Zacks Consensus Estimate of $219 million.
Sales Performance of BMRN’s Enzyme Therapies
Last year, the company updated its organizational structure and decided to consolidate revenues from its five products — Aldurazyme, Brineura, Naglazyme, Palynziq and Vimizim — under a single head, 'Enzyme Therapies.' Sales of this franchise rose 15% year over year to $555 million, driven by a combination of increased patient demand and the timing of large government orders across all regions.
Palynziq injection sales totaled $106 million in the quarter, up 20% year over year, driven by greater numbers of patients titrating to the daily-maintenance dose and strong adherence. The drug’s sales beat the Zacks Consensus Estimate and our model estimates of $101 million and $99 million, respectively.
Vimizim sales rose 21% year over year to $215 million, which beat both the Zacks Consensus Estimate of $187 million and our model estimate of $182 million. This uptick was mainly driven by both ongoing patient demand and order timing.
Naglazyme sales declined 2% year over year to $129 million. Brineura added sales of $49 million, up 9%.
Product revenues from Aldurazyme totaled $56 million, up 44% year over year, likely due to the favorable timing of order fulfillment to Sanofi (SNY - Free Report) .
BioMarin signed a collaboration agreement with Sanofi’s subsidiary, Genzyme, for Aldurazyme. Sanofi, through Genzyme, is BMRN’s sole customer for Aldurazyme. The Sanofi subsidiary is responsible for marketing and selling Aldurazyme to third parties.
Other Revenues
New gene therapy, Roctavian, generated $9 million in sales compared with $7 million in the year-ago period. This upside is attributable to the company’s updated strategy to focus on three prioritized countries — the United States, Germany and Italy.
In the phenylketonuria (PKU) franchise, Kuvan revenues declined 7% to $27 million due to generic competition. The drug lost U.S. market exclusivity in late 2020.
BMRN’s 2025 Outlook
BioMarin revised its financial guidance for the full year. It now expects total revenues in the range of $3.13-$3.20 billion, which reflects a $25 million increase from the lower end of the previous guidance of $3.1-$3.2 billion. The upgrade in guidance implies an increase of around 11% year over year at the midpoint.
The company expects Voxzogo to be a significant contributor to the top line, forecasting the sales numbers to be in the $900-$935 million band (previously: $900-$950 million). The drug’s revenues are expected to be higher in the second half of the year, compared to the first half.
Adjusted operating margin is now expected to be between 33% and 34%, compared to the prior expectations of 32-33%. This upward revision is mainly due to the encouraging operational efficiency achieved in the first half of the year. In its Q2 conference call, BioMarin announced that it expects to incur higher operating expenses in the second half of the year than in the first half.
BioMarin also raised its adjusted EPS guidance, which is now expected to be in the range of $4.40-$4.55, up from the prior forecast of $4.20-$4.40. This revised guidance implies 27% growth over last year’s level at the midpoint.
Shares of BioMarin rose over 7% in after-market trading yesterday, likely driven by the upward revision in guidance. Yet, the stock has underperformed the industry this year so far, as shown in the chart below.
Image Source: Zacks Investment Research
Per the company, this revised guidance reflects the impact of tariffs that have already been enacted, and it expects a limited impact of future pharma tariffs during the year. Notably, BioMarin has immaterial exposure to U.S. tariffs for China, Mexico and Canada across its global supply-chain operations and product sales. However, the guidance does not account for the $270 million Inozyme acquisition, which was completed last month.
BMRN Adds New Pipeline Drug With Inozyme Buyout
The Inozyme acquisition added an investigational late-stage enzyme replacement therapy called BMN 401 (formerly INZ-701), which is being developed for several rare disorders for which there are currently no approved medications.
BMN 401 is being developed in the phase III ENERGY 3 study for treating children aged 1-12 with ENPP1 deficiency. This condition affects blood vessels, soft tissues and bones, and is associated with increased cardiovascular mortality risk. Interim results from this study are expected in early 2026. If positive, a regulatory approval for the therapy is expected in 2027. The company is also progressing plans to advance the drug for treating ENPP1 deficiency across additional age groups.
The therapy is also being developed in separate clinical studies for two more rare disorders, namely ABCC6 Deficiency and calciphylaxis.
BMRN’s Recent Pipeline Updates
In April, BioMarin reported positive results from the late-stage PEGASUS study, which showed that adolescents with PKU treated with Palynziq achieved a statistically significant lowering in blood Phe levels. Based on this data, the company will target regulatory filings for expanded use of the drugs in adolescents in the United States and Europe later this year.
BioMarin continues to advance its CANOPY clinical program, which evaluates Voxzogo for a potential second indication — hypochondroplasia, a condition characterized by impaired bone growth. Data from this study is expected in 2026. As part of this program, BMRN is also evaluating the drug for four other short-stature pathway conditions — idiopathic short stature, Noonan Syndrome, Turner Syndrome and SHOX deficiency.
Based on the success seen with Voxzogo as a C-type natriuretic peptide (CNP) analog, BioMarin decided to advance BMN 333 — a long-acting formulation of CNP — as a potential treatment for multiple growth-related conditions, offering the option for less frequent dosing. Alongside its earnings results, the company reported encouraging results from an early-stage study on this drug in healthy volunteers, which showed over three times higher drug exposure compared to other similar CNP drugs. Based on these results, BioMarin plans to start a registration-enabling phase II/III study in the first half of 2026, aiming for a potential 2030 launch.
BioMarin expects to report initial proof-of-concept data from an early-stage study on BMN 351, an oral therapeutic for liver disease associated with alpha-1 antitrypsin deficiency.
The company also announced its decision to discontinue development of BMN 390, a preclinical candidate for PKU, after it failed to meet the target immunogenicity threshold for advancement.
BMRN’s Zacks Rank
BioMarin currently carries a Zacks Rank #3 (Hold).
BioMarin Pharmaceutical Inc. Price
BioMarin Pharmaceutical Inc. price | BioMarin Pharmaceutical Inc. Quote
Our Key Picks Among Biotech Stocks
A couple of better-ranked stocks from the industry are Genmab (GMAB - Free Report) and Immunocore (IMCR - Free Report) , each carrying a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Estimates for Genmab’s 2025 EPS have increased from $1.51 to $1.58 over the past 60 days, while the same for 2026 has increased from $1.83 to $1.93. GMAB shares have gained 5% year to date.
Genmab’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 14.90%.
In the past 60 days, estimates for Immunocore’s 2025 loss per share have improved from 86 cents to 68 cents. During the same timeframe, estimates for 2026 loss per share have narrowed from $1.34 to $1.10. IMCR stock has gained 10% so far this year.
Immunocore’s earnings beat estimates in three of the trailing four quarters and missed the mark once, delivering an average surprise of 76.18%.