BioMarin Pharmaceutical Inc (BMRN) Q4 2025 Earnings Call Highlights: Record Revenue Growth and …

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Tue, February 24, 2026 at 2:02 PM GMT+9 4 min read

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**Total Revenue (2025):** $3.22 billion, a 13% increase year-over-year.

**Q4 Revenue (2025):** $875 million, representing 17% year-over-year growth.

**Voxzogo Revenue (2025):** $927 million, a 26% increase over 2024.

**Enzyme Therapies Revenue (2025):** 9% year-over-year growth.

**Palynziq Revenue (Q4 2025):** 25% year-over-year growth.

**Non-GAAP Diluted EPS (2025):** $3.15, with underlying business EPS growth of approximately 34%.

**Operating Cash Flow (2025):** $828 million, a 45% increase versus 2024.

**2026 Revenue Guidance:** $3.325 billion to $3.425 billion, excluding Amicus contributions.

**2026 Non-GAAP Diluted EPS Guidance:** $4.95 to $5.15.

**2026 Enzyme Therapies Revenue Guidance:** $2.225 billion to $2.275 billion.

**2026 Voxzogo Revenue Guidance:** $975 million to $1.025 billion.

**2026 Non-GAAP Operating Margin:** Approximately 40%, potentially slightly below due to Amicus transaction.

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Release Date: February 23, 2026

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

BioMarin Pharmaceutical Inc (NASDAQ:BMRN) achieved a 13% increase in total revenues for 2025, reaching a record $3.22 billion.

Voxzogo revenues rose by a remarkable 26%, demonstrating strong global expansion and market penetration.

The company successfully completed strategic acquisitions, including Inozyme and Amicus, to enhance its enzyme therapies portfolio and expand its commercial reach.

BioMarin anticipates high single-digit growth in enzyme therapies and Voxzogo in 2026, with Voxzogo on track to achieve blockbuster status.

The company is preparing to initiate a Phase II/III study of BMN 333, a next-generation, long-acting CNP therapy, which could set a new standard of care for achondroplasia.

Negative Points

BioMarin Pharmaceutical Inc (NASDAQ:BMRN) recorded approximately $240 million in special items related to the strategic decision to withdraw Roctavian from the market.

The company expects significantly lower royalty revenues from KUVAN and Roctavian in 2026, posing a 3% headwind to total revenue growth.

BioMarin faces potential competitive pressures in the achondroplasia market with the emergence of oral therapies.

The company anticipates routine market access renegotiations in 2026, which could impact pricing and revenue dynamics.

BioMarin's guidance for 2026 reflects potential challenges, including integration costs and interest expenses related to the Amicus acquisition, which may slightly dilute operating margins.

 






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Q & A Highlights

Q: How do you see the achondroplasia market evolving with the availability of both weekly and oral treatments? A: Gregory Friberg, Executive Vice President, Chief Research & Development Officer, noted that the recently released data for the FGFR3 inhibitor is generally comparable to other CNP class effects at one year. He emphasized the importance of Voxzogo’s extensive data, including 10,000 patient years of safety and evidence beyond height, which provides confidence in its value. Cristin Hubbard, Executive Vice President, Chief Commercial Officer, added that while more options are important, the long-term safety and efficacy data of Voxzogo make it a strong choice, especially for early treatment.

Q: What are your thoughts on the potential switch from Voxzogo to other treatments in the achondroplasia market? A: Cristin Hubbard explained that efficacy and safety are the highest priorities for patients and caregivers, with convenience being secondary. The long-term data supporting Voxzogo’s safety and efficacy make it less likely for patients doing well on Voxzogo to switch to other treatments. The market research indicates a reticence to switch, especially given the lack of long-term data for new competitors.

Q: Can you provide insights into the upcoming results for Voxzogo in hypochondroplasia and the market dynamics? A: Gregory Friberg stated that the study is designed to measure an effect size equivalent to what Voxzogo delivers for achondroplasia. The goal is to demonstrate meaningful growth velocity increases and improvements in health and wellness. Cristin Hubbard highlighted the underdiagnosis of hypochondroplasia and the efforts to enhance diagnosis rates, which are crucial for market expansion.

Q: How does BioMarin plan to integrate Amicus products into its business model? A: Alexander Hardy, President, Chief Executive Officer, Director, mentioned that Amicus products will fit into BioMarin’s enzyme therapy business unit. The go-to-market model aligns well with BioMarin’s existing portfolio, offering opportunities for synergies and expanded patient reach. More details will be shared post-acquisition closure.

Q: What are the expectations for BMN 333 in terms of safety and efficacy compared to Voxzogo? A: Gregory Friberg noted that preclinical models have not shown additional safety concerns for BMN 333 compared to Voxzogo. The therapeutic window allows for higher exposures, potentially leading to a superior growth profile and establishing BMN 333 as a new standard of care for achondroplasia.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

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