BioMarin Reports Fourth Quarter and Full-year 2025 Financial and Operating Results
Full-year 2025 Total Revenues Increased 13% Y/Y to $3.2 Billion, Led by 9% Revenue Growth for Enzyme Therapies and 26% Revenue Growth for VOXZOGO ®
Fourth Quarter 2025 Total Revenues Increased 17% Y/Y Led by 13% Revenue Growth for Enzyme Therapies and 31% Revenue Growth for VOXZOGO
Announced Definitive Agreement to Acquire Amicus Therapeutics, including Galafold ® for Fabry Disease and Pombiliti ® + Opfolda ® for Pompe Disease; Expected to Significantly Accelerate and Diversify Revenues
BioMarin Provides 2026 Guidance Excluding any Post-Close Contribution from the Announced Acquisition of Amicus, Anticipated to Close in Q2'26
Conference Call and Webcast Scheduled Today at 4:30 p.m. ET
SAN RAFAEL, Calif., Feb. 23, 2026 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ: BMRN) today announced financial results for the fourth quarter and full year ended December 31, 2025.
"In 2025, operational excellence led to strengthening financial results, including double-digit topline growth, strong profitability and increasing cash flow. We also advanced multiple medicines in our pipeline and closed the year by announcing the acquisition of Amicus," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "The Amicus transaction, which is expected to close in the second quarter, represents a compelling opportunity to reach more patients around the world and further strengthen our revenue growth through the next decade."
"We expect to build on this success in 2026, with another year of strong financial performance and momentum across the business. We look forward to adding Galafold and Pombiliti + Opfolda to our growing commercial enzyme therapies business, and to continued strong growth from VOXZOGO. Beyond our current commercial portfolio, we are excited by the progress we are seeing across our R&D pipeline and look forward to a multitude of pipeline catalysts throughout the year. These include three major data read-outs to support regulatory approvals, two age label expansions, plus the advancement of multiple clinical programs position us for significant portfolio progress. We are energized by what lies ahead this year and intend to deliver again on an ambitious set of priorities, demonstrating our dedication to innovation and sustained growth in ways that we believe will benefit patients, employees, and shareholders."
2025 Business Highlights
Innovation
Growth
Value Commitment
Anticipated 2026 Program Updates
VOXZOGO:
BMN 333 (long-acting CNP):
PALYNZIQ:
BMN 401:
BMN 351
ROCTAVIAN
Fourth Quarter 2025 Financial Highlights
Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
% Change
2025
2024
% Change
Total Revenues
$875
$747
17 %
$3,221
$2,854
13 %
Net Product Revenues by Product:
VOXZOGO
$273
$208
31 %
$927
$735
26 %
Enzyme Therapies:
VIMIZIM
$206
$191
8 %
$792
$740
7 %
NAGLAZYME
120
110
9 %
485
480
1 %
PALYNZIQ
125
100
25 %
433
355
22 %
ALDURAZYME
49
39
26 %
209
184
14 %
BRINEURA
49
48
2 %
186
169
10 %
Total Enzyme Therapies Revenue
$549
$488
13 %
$2,105
$1,928
9 %
KUVAN ®
$23
$28
(18) %
$100
$121
(17) %
ROCTAVIAN
$13
$11
18 %
$36
$26
38 %
GAAP Net Income (Loss) (1)
$(47)
$125
(138) %
$349
$427
(18) %
Non-GAAP Income (1)(2)
$89
$180
(51) %
$614
$686
(10) %
GAAP Operating Margin % (1)(3)
(5.1) %
21.6 %
12.7 %
17.0 %
Non-GAAP Operating Margin % (1)(2)(5)
15.1 %
31.1 %
23.3 %
28.6 %
GAAP Diluted Earnings (Loss) per Share (EPS) (1)(4)
$(0.24)
$0.64
(138) %
$1.80
$2.21
(19) %
Non-GAAP Diluted EPS (1)(2)(5)
$0.46
$0.92
(50) %
$3.15
$3.52
(11) %
(1)
Includes acquired IPR&D charges of $221 million (or approximately $1.10 on a per share basis) related to acquisition of Inozyme for the twelve months ended December 31, 2025.
(2)
Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Income, Non-GAAP Operating Margin percentage and Non-GAAP Diluted EPS along with the related reconciliations to the comparable information reported under U.S. GAAP.
(3)
GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations divided by Total Revenues.
(4)
Includes approximately $240 million of restructuring charges (or approximately $0.94 after tax on a per share basis) related to the company's strategic decision to voluntarily withdraw ROCTAVIAN from the market for the three and twelve months ended December 31, 2025.
(5)
Includes $119 million inventory write-off (or approximately $0.46 after tax on a per share basis) related to the company's strategic decision to voluntarily withdraw ROCTAVIAN from the market for the three and twelve months ended December 31, 2025.
Forward-Looking Non-GAAP Financial Information
BioMarin does not provide guidance for GAAP reported financial measures (other than revenue) or a reconciliation of forward-looking Non-GAAP financial measures to the most directly comparable GAAP reported financial measures because the company is unable to predict with reasonable certainty the financial impact of changes resulting from its strategic portfolio and business operating model reviews; potential future asset impairments; gains and losses on investments; and other unusual gains and losses without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. As such, any reconciliations provided would imply a degree of precision that could be confusing or misleading to investors.
2026 Full-Year Financial Guidance (in millions, except EPS amounts)
Item
2025 Actuals
2026 Guidance
Total Revenues
$3,221
$3,325
to
$3,425
Enzyme Therapies
$2,105
$2,225
to
$2,275
VOXZOGO
$927
$975
to
$1,025
Other Revenues (1)
$189
$100
to
$125
Non-GAAP Diluted EPS (2)(3)
$3.15
$4.95
to
$5.15
(1)
Other Revenues includes KUVAN, ROCTAVIAN, and royalties
(2)
Refer to Non-GAAP Information beginning on page 10 of this press release for definition of Non-GAAP Diluted EPS.
(3)
Non-GAAP Diluted EPS guidance assumes approximately 200 million Weighted-Average Diluted Shares Outstanding.
BioMarin will host a conference call and webcast to discuss fourth quarter 2025 financial results today, Monday, February 23, 2026, at 4:30 p.m. ET. This event can be accessed through this link or on the investor section of the BioMarin website at www.biomarin.com.
U.S./Canada Dial-in Number: 800-715-9871
Replay Dial-in Number: 800-770-2030
International Dial-in Number: 646-307-1963
Replay International Dial-in Number: 609-800-9909
Conference ID: 4503000
Conference ID: 4503000
About BioMarin
BioMarin is a leading, global rare disease biotechnology company focused on delivering medicines for people living with genetically defined conditions. Founded in 1997, the San Rafael, California-based company has a proven track record of innovation, with multiple commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin seeks to unleash the full potential of genetic science by pursuing category-defining medicines that have a profound impact on patients. To learn more, please visit www.biomarin.com.
Forward-Looking Statements
This press release and the associated conference call and webcast contain forward-looking statements about the business prospects of BioMarin Pharmaceutical Inc. (BioMarin), including, without limitation, statements about: future financial performance, including the expectations of Total Revenues, Non-GAAP Operating Margin percentage, and Non-GAAP Diluted EPS for the full-year 2026 and future periods, and the underlying drivers of those results, such as the expected demand and continued growth of BioMarin's Enzyme Therapies portfolio, the expected growth from VOXZOGO, and the expected impact of Other Revenues; the anticipated closing and benefits of BioMarin's proposed acquisition of Amicus Therapeutics, Inc.; BioMarin's plans for investment in innovation and future growth; the timing of orders for commercial products; plans and expectations regarding the development, commercialization and commercial prospects of BioMarin's product candidates and commercial products, including the prospects and timing of actions relating to clinical studies and trials and product approvals, such as study initiations, study advancements, data readouts, submissions, filings, approvals, and label expansions; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends, including the assumptions and expectations regarding total addressable patient population (TAPP) with respect to the conditions targeted by BioMarin's product candidates and commercial products.
These forward-looking statements are predictions and involve risks and uncertainties such that actual results may differ materially from these statements. These risks and uncertainties include, among others: BioMarin's success in the commercialization of its commercial products; BioMarin's ability to consummate and realize the anticipated benefits of any acquisitions; impacts of macroeconomic and other external factors on BioMarin's operations, regulatory uncertainty, the impact of new or increased tariffs, other trade protection measures, and escalating trade tensions; results and timing of current and planned preclinical studies and clinical trials and the release of data from those trials; BioMarin's ability to successfully manufacture its commercial products and product candidates; the content and timing of decisions by the U.S. Food and Drug Administration, the European Medicines Agency, the European Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; BioMarin's ability to meet product demand; actual sales of BioMarin's commercial products; and those factors detailed in BioMarin's filings with the Securities and Exchange Commission, including, without limitation, the factors contained under the caption "Risk Factors" in BioMarin's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as such factors may be updated by any subsequent reports. Investors are urged not to place undue reliance on forward-looking statements, which speak only as of the date hereof. BioMarin is under no obligation, and expressly disclaims any obligation to update or alter any forward-looking statement, whether as a result of new information, future events or otherwise.
BioMarin ®, VOXZOGO ®, VIMIZIM ®, NAGLAZYME ®, PALYNZIQ ®, BRINEURA ®, KUVAN ® and ROCTAVIAN ® are registered trademarks of BioMarin Pharmaceutical Inc., or its affiliates. ALDURAZYME ® is a registered trademark of BioMarin/Genzyme LLC. All other brand names and service marks, trademarks and other trade names appearing in this release are the property of their respective owners.
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three and Twelve Months Ended December 31, 2025 and 2024
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
REVENUES:
Net product revenues
$ 859,321
$ 735,634
$ 3,167,759
$ 2,809,445
Royalty and other revenues
15,244
11,679
53,494
44,470
Total revenues
874,565
747,313
3,221,253
2,853,915
OPERATING EXPENSES:
Cost of sales
275,709
136,139
717,442
580,235
Research and development
192,413
173,509
921,930
747,184
Selling, general and administrative
446,207
266,607
1,153,017
1,009,025
Intangible asset amortization
4,846
9,651
19,386
43,257
Gain on sale of nonfinancial assets
—
—
—
(10,000)
Total operating expenses
919,175
585,906
2,811,775
2,369,701
INCOME (LOSS) FROM OPERATIONS
(44,610)
161,407
409,478
484,214
Interest income
19,210
17,680
74,904
74,883
Interest expense
(2,778)
(2,577)
(10,899)
(12,666)
Other income (expense), net
1,025
(6,871)
8,997
(4,668)
INCOME (LOSS) BEFORE INCOME TAXES
(27,153)
169,639
482,480
541,763
Provision for income taxes
19,420
44,696
133,579
114,904
NET INCOME (LOSS)
$ (46,573)
$ 124,943
$ 348,901
$ 426,859
EARNINGS (LOSS) PER SHARE, BASIC
$ (0.24)
$ 0.66
$ 1.82
$ 2.25
EARNINGS (LOSS) PER SHARE, DILUTED
$ (0.24)
$ 0.64
$ 1.80
$ 2.21
Weighted average common shares outstanding, basic
192,225
190,688
191,787
190,027
Weighted average common shares outstanding, diluted
192,225
196,581
197,394
196,708
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2025 and 2024
(In thousands of U.S. dollars, except per share amounts)
(Unaudited)
December 31, 2025
December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents
$ 1,311,679
$ 942,842
Short-term investments
248,930
194,864
Accounts receivable, net
908,214
660,535
Inventory
1,298,883
1,232,653
Other current assets
185,784
201,533
Total current assets
3,953,490
3,232,427
Noncurrent assets:
Long-term investments
492,242
521,238
Property, plant and equipment, net
952,508
1,043,041
Intangible assets, net
213,837
255,278
Goodwill
196,199
196,199
Deferred tax assets
1,508,697
1,489,366
Other assets
277,049
251,391
Total assets
$ 7,594,022
$ 6,988,940
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities
$ 759,031
$ 606,988
Total current liabilities
759,031
606,988
Noncurrent liabilities:
Long-term convertible debt, net
597,176
595,138
Other long-term liabilities
150,816
128,824
Total liabilities
1,507,023
1,330,950
Stockholders' equity:
Common stock, $0.001 par value: 500,000,000 shares authorized; 192,300,091 and
190,761,349 shares issued and outstanding, respectively
192
191
Additional paid-in capital
5,956,582
5,802,068
Company common stock held by the Nonqualified Deferred Compensation Plan
(10,508)
(11,227)
Accumulated other comprehensive income (loss)
(13,473)
61,653
Retained earnings (accumulated deficit)
154,206
(194,695)
Total stockholders' equity
6,086,999
5,657,990
Total liabilities and stockholders' equity
$ 7,594,022
$ 6,988,940
BIOMARIN PHARMACEUTICAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended December 31, 2025 and 2024
(In thousands of U.S. dollars)
(Unaudited)
Twelve Months Ended December 31,
2025
2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$ 348,901
$ 426,859
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
79,557
96,426
Non-cash interest expense
2,622
3,359
Accretion of discount on investments
(4,801)
(8,345)
Stock-based compensation
181,409
201,571
Gain on sale of nonfinancial assets
—
(10,000)
Impairment of assets
125,012
19,889
ROCTAVIAN inventory write-off
119,208
—
Deferred income taxes
48,738
56,096
Unrealized foreign exchange gain
4,459
(16,753)
Acquired in-process research & development expense
220,963
—
Other
(4,414)
20,135
Changes in operating assets and liabilities:
Accounts receivable, net
(228,054)
(57,909)
Inventory
(116,929)
(63,530)
Other current assets
8,891
(3,778)
Other assets
(38,573)
(73,700)
Accounts payable and accrued liabilities
66,136
(32,240)
Other long-term liabilities
14,869
14,761
Net cash provided by operating activities
827,994
572,841
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of property, plant and equipment
(103,038)
(85,424)
Maturities and sales of investments
337,801
633,018
Purchases of investments
(355,875)
(410,250)
Proceeds from sale of nonfinancial assets
—
10,000
Purchase of intangible assets
(7,937)
(11,994)
Acquisition, net of cash acquired
(285,193)
—
Other
—
1,141
Net cash provided by (used in) investing activities
(414,242)
136,491
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercises of awards under equity incentive plans
14,460
49,277
Taxes paid related to net share settlement of equity awards
(55,965)
(77,560)
Repayments of convertible debt
—
(494,987)
Other
(889)
(3,177)
Net cash used in financing activities
(42,394)
(526,447)
Effect of exchange rate changes on cash
(2,521)
4,830
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
368,837
187,715
Cash and cash equivalents:
Beginning of period
$ 942,842
$ 755,127
End of period
$ 1,311,679
$ 942,842
Non-GAAP Information
The results presented in this press release include both GAAP information and Non-GAAP information. Non-GAAP Income is defined by the company as GAAP Net Income (Loss) excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. The company also includes a Non-GAAP adjustment for the estimated tax impact of the reconciling items. Non-GAAP R&D expenses and Non-GAAP SG&A expenses are defined by the company as GAAP R&D expenses and GAAP SG&A expenses, respectively, excluding stock-based compensation expense and, in certain periods, certain other specified items, as detailed below when applicable. Non-GAAP Operating Margin percentage is defined by the company as GAAP Income (Loss) from Operations, excluding amortization of intangible assets, stock-based compensation expense and, in certain periods, certain other specified items, divided by GAAP Total Revenues. Non-GAAP Diluted EPS is defined by the company as Non-GAAP Income divided by Non-GAAP Weighted-Average Diluted Shares Outstanding. Non-GAAP Weighted-Average Diluted Shares Outstanding is defined by the company as GAAP Weighted-Average Diluted Shares Outstanding, adjusted to include any common shares issuable under the company's equity plans or convertible debt in periods when they are dilutive under Non-GAAP.
BioMarin regularly uses both GAAP and Non-GAAP results and expectations internally to assess its financial operating performance and evaluate key business decisions related to its principal business activities: the discovery, development, manufacture, marketing and sale of innovative biologic therapies. BioMarin also uses Non-GAAP Income internally to understand, manage and evaluate its business and to make operating decisions, and compensation of executives is based in part on this measure. Because these Non-GAAP metrics are important internal measurements for BioMarin, the company believes that providing this information in conjunction with BioMarin's GAAP information enhances investors' and analysts' ability to meaningfully compare the company's results from period to period and to its forward-looking guidance, and to identify operating trends in the company's principal business.
Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for, or superior to comparable GAAP measures and should be read in conjunction with the consolidated financial information prepared in accordance with GAAP. Investors should note that the Non-GAAP information is not prepared under any comprehensive set of accounting rules or principles and does not reflect all of the amounts associated with the company's results of operations as determined in accordance with GAAP. Investors should also note that these Non-GAAP financial measures have no standardized meaning prescribed by GAAP and, therefore, have limits in their usefulness to investors. In addition, from time to time in the future there may be other items that the company may exclude for purposes of its Non-GAAP financial measures; likewise, the company may in the future cease to exclude items that it has historically excluded for purposes of its Non-GAAP financial measures. Because of the non-standardized definitions, the Non-GAAP financial measure as used by BioMarin in this press release and the accompanying tables may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
The following tables present the reconciliation of GAAP reported to Non-GAAP adjusted financial information:
Reconciliation of GAAP Reported Information to Non-GAAP Information (1)
(In millions of U.S. dollars, except per share data)
(unaudited)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
GAAP Reported Net Income (Loss)
$ (47)
$ 125
$ 349
$ 427
Adjustments
Stock-based compensation expense - COS
4
3
14
15
Stock-based compensation expense - R&D
14
14
55
60
Stock-based compensation expense - SG&A
29
34
113
127
Amortization of intangible assets
5
10
19
43
Acquisition-related costs (2)
—
—
15
—
Gain on sale of nonfinancial assets (3)
—
—
—
(10)
Severance and restructuring costs (4)
124
10
124
96
Loss on investments (5)
—
—
3
5
Income tax effect of adjustments
(40)
(16)
(78)
(76)
Non-GAAP Income
$ 89
$ 180
$ 614
$ 686
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
R&D
SG&A
R&D
SG&A
R&D
SG&A
R&D
SG&A
GAAP expenses
$ 192
$ 446
$ 174
$ 267
$ 922
$ 1,153
$ 747
$ 1,009
Adjustments
Stock-based
compensation
expense
(14)
(29)
(14)
(34)
(55)
(113)
(60)
(127)
Acquisition-related
costs (2)
—
—
—
—
—
(15)
—
—
Severance and
restructuring costs (4)
—
(124)
—
(10)
—
(124)
—
(96)
Non-GAAP expenses
$ 178
$ 292
$ 159
$ 222
$ 867
$ 901
$ 688
$ 786
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
Percent
of GAAP
Total
Revenue
2024
Percent
of GAAP
Total
Revenue
2025
Percent
of GAAP
Total
Revenue
2024
Percent
of GAAP
Total
Revenue
GAAP Income (Loss) from Operations
$ (45)
(5.1) %
$ 161
21.6 %
$ 409
12.7 %
$ 484
17.0 %
Adjustments
Stock-based compensation expense
47
5.4
51
6.8
182
5.7
202
7.1
Amortization of intangible assets
5
0.6
10
1.3
19
0.6
43
1.5
Acquisition-related costs (2)
—
—
—
—
15
0.5
—
—
Gain on sale of nonfinancial assets (3)
—
—
—
—
—
—
(10)
(0.4)
Severance and restructuring costs (4)
124
14.2
10
1.3
124
3.8
96
3.4
Non-GAAP Income from Operations
$ 132
15.1 %
$ 232
31.1 %
$ 750
23.3 %
$ 815
28.6 %
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
GAAP Diluted EPS
$ (0.24)
$ 0.64
$ 1.80
$ 2.21
Adjustments
Stock-based compensation expense
$ 0.24
$ 0.26
$ 0.92
$ 1.03
Amortization of intangible assets
$ 0.03
$ 0.05
$ 0.10
$ 0.22
Acquisition-related costs (2)
$ —
$ —
$ 0.08
$ —
Gain on sale of nonfinancial assets (3)
$ —
$ —
$ —
$ (0.05)
Severance and restructuring costs (4)
$ 0.63
$ 0.05
$ 0.63
$ 0.49
Loss on investments (5)
$ —
$ —
$ 0.02
$ 0.03
Income tax effect of adjustments
$ (0.20)
$ (0.08)
$ (0.40)
$ (0.39)
Non-GAAP Diluted EPS
$ 0.46
$ 0.92
$ 3.15
$ 3.52
(1)
Certain amounts may not sum or recalculate due to rounding.
(2)
These amounts were included in SG&A and represent severance costs incurred in the acquisition of Inozyme in July 2025.
(3)
Represents a payment triggered by a third party's attainment of a regulatory approval milestone related to previously sold intangible assets.
(4)
These amounts were included in SG&A and represent impairment of long-lived assets, severance and other restructuring costs related to the company's 2025 strategic decision to voluntarily withdraw ROCTAVIAN from the market and 2024 corporate initiatives and the associated organizational redesign efforts.
(5)
Represents impairment loss on non-marketable equity securities recorded in Other income (expense), net.
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
2025
2024
GAAP Weighted-Average Diluted Shares Outstanding
192.2
196.6
197.4
196.7
Adjustments
Common stock issuable under the company's equity plans (1)
0.8
—
—
—
Common stock issuable under the Company's convertible debt (1)
4.4
—
—
—
Non-GAAP Weighted-Average Diluted Shares Outstanding
197.4
196.6
197.4
196.7
(1)
Common stock issuable under the company's equity plans and convertible debt were excluded from the computation of GAAP Weighted-Average Diluted Shares Outstanding for the three months ended December 31, 2025, as they were anti-dilutive.
Contact:
Investors:
Media:
Traci McCarty
Marni Kottle
BioMarin Pharmaceutical Inc.
BioMarin Pharmaceutical Inc.
(415) 455-7558
(650) 374-2803
SOURCE BioMarin Pharmaceutical Inc.