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Dec 31, 2025
BioMarin Q4 2025 Earnings Report
BioMarin Q4 2025 Earnings Report
Key Takeaways
BioMarin achieved strong topline growth in Q4 2025 with total revenues increasing 17% year-over-year, driven by robust performance in VOXZOGO and Enzyme Therapies. However, the company reported a GAAP net loss for the quarter primarily due to $240 million in charges related to the strategic decision to voluntarily withdraw ROCTAVIAN from the market.
Total Q4 revenues grew 17% to $875 million, led by a 31% increase in VOXZOGO sales and 13% growth in Enzyme Therapies.
The company announced a definitive agreement to acquire Amicus Therapeutics to diversify and accelerate future revenue growth.
ROCTAVIAN is being voluntarily withdrawn from the market following a failed search for a buyer, resulting in significant Q4 write-offs.
Non-GAAP Diluted EPS for the quarter was $0.46, down from $0.92 in the prior year due to the ROCTAVIAN inventory write-off.
Revenue by Segment
Forward Guidance
BioMarin expects 2026 total revenues between $3.325 billion and $3.425 billion, with significant Non-GAAP EPS growth, excluding the Amicus acquisition impact.
Positive Outlook
- Expected 2026 Total Revenues of $3.325B to $3.425B
- Non-GAAP Operating Margin expected to be approximately 40%
- Anticipated close of Amicus acquisition in Q2 2026 to diversify portfolio
- Phase 3 hypochondroplasia data for VOXZOGO expected in 1H 2026
- Expected Non-GAAP Diluted EPS of $4.95 to $5.15
Challenges Ahead
- Withdrawal of ROCTAVIAN from the market
- Conclusion of U.S. Firdapse royalty term in January 2026
- KUVAN revenue expected to continue declining due to generic competition
- Non-GAAP EPS guidance includes $0.25 of pre-close Amicus transaction expenses
Historical Earnings Impact
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Avg. Return Before/After Earnings
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