BIOMARIN PHARMACEUTICAL (BMRN) Company Report

BioMarin Pharmaceutical Inc. reported preliminary unaudited total revenues of approximately $3.2 billion for the year ended December 31, 2025.
Preliminary unaudited revenues from VOXZOGO sales were approximately $920 million for the year ended December 31, 2025.
The company expects an asset write-down related to ROCTAVIAN in Q4 2025 of approximately $230 million to $260 million, with $120 million to $125 million (or $(0.60) to $(0.64) per share) expected to reduce Non-GAAP Diluted EPS for the full year 2025.
Excluding the impact of this asset write-down, BioMarin's 2025 full-year financial guidance for Non-GAAP Diluted EPS remains unchanged.

2 days ago

8-K

BioMarin Pharmaceutical Inc. Updates FY 2025 Guidance, Announces Amicus Therapeutics Acquisition, and Outlines 2026 Pipeline Milestones

BMRN

Guidance Update

M&A

New Projects/Investments

BioMarin updated its preliminary unaudited FY 2025 revenue estimate to ~$3.2 billion and VOXZOGO revenue to ~$920 million. The company also expects a Q4 ROCTAVIAN asset write-down impacting Non-GAAP Diluted EPS by ($0.60) – ($0.64).
On December 19, 2025, BioMarin announced the pending acquisition of Amicus Therapeutics for $4.8 billion, which is expected to close in Q2'26 and be substantially accretive to Non-GAAP Diluted EPS starting in 2027.
For 2026, BioMarin anticipates a catalyst-rich year, including Phase 3 data readouts for VOXZOGO (hypochondroplasia) and BMN 401 (ENPP1 deficiency) in 1H'26. Additionally, label expansions are expected for PALYNZIQ (PKU adolescents) with a U.S. PDUFA date of February 28, 2026, and for Pombiliti + Opfolda (Pompe disease adolescents).
The company is targeting a sustained double-digit long-term revenue CAGR and achieved approximately 15% total revenue CAGR from FY'23 to FY'25.

2 days ago

Presentation

BioMarin Provides 2025 Preliminary Revenue and Future Growth Outlook

BMRN

Guidance Update

M&A

Revenue Acceleration/Inflection

BioMarin announced preliminary 2025 revenue of $3.2 billion and aims for sustained double-digit CAGR into the 2030s.
The company's Voxzogo product achieved preliminary 2025 revenue of $920 million, reflecting 27% year-over-year growth in Q4 2025, and BioMarin plans to file for its full approval in achondroplasia in the first half of 2026.
The $4.8 billion Amicus acquisition, announced on December 19th, is expected to accelerate and diversify revenue growth, becoming accretive within 12 months post-closure and substantially accretive by 2027.
BioMarin anticipates a catalyst-rich 2026, including two Phase 3 data readouts, two label expansions, and data for pipeline assets BMN 333 and BMN 351.

2 days ago

Transcript

BioMarin Announces Preliminary 2025 Revenue, Amicus Acquisition Details, and 2026 Catalysts

BMRN

M&A

Guidance Update

New Projects/Investments

BioMarin announced preliminary 2025 revenue of $3.2 billion and reported a 15% CAGR over the last two years, with a target for sustained double-digit CAGR into the 2030s.
The company is undergoing a transformation focused on innovation, growth, and value commitment, which includes a $500 million cost transformation.
The Amicus acquisition, with an equity value of $4.8 billion announced on December 19th, is expected to accelerate and diversify revenue growth, becoming accretive within 12 months post-closure and substantially accretive by 2027.
Voxzogo achieved preliminary 2025 revenue of $920 million, demonstrating 27% year-over-year growth in Q4 2025, and BioMarin plans to file for full FDA approval in H1 2026 while actively defending its intellectual property.
Key R&D catalysts for 2026 include two Phase 3 data readouts, two label expansions (such as the Palynziq adolescent expansion with a PDUFA date of February 28th), and data readouts for pipeline molecules BMN 351 (Duchenne muscular dystrophy) and BMN 333 (achondroplasia), with BMN 333 showing an over 13-fold increase in CNP AUC in early results.

2 days ago

Transcript

BioMarin Provides 2025 Preliminary Revenue and Strategic Updates

BMRN

Guidance Update

M&A

Revenue Acceleration/Inflection

BioMarin announced preliminary 2025 total revenue of $3.2 billion and Voxzogo revenue of $920 million, with Voxzogo showing 27% year-over-year growth in Q4.
The company is targeting sustained double-digit CAGR from now into the 2030s, bolstered by the $4.8 billion Amicus acquisition announced in December, which is projected to close in Q2 2026 and be substantially accretive by 2027.
Significant pipeline updates include filing for full FDA approval for Voxzogo in achondroplasia in H1 2026 , encouraging dystrophin responses for BMN 351 (Duchenne muscular dystrophy) , and the initiation of a Phase 2-3 study for BMN 333 (achondroplasia) in H1 2026, which demonstrated over a 13-fold increase in free CNP AUC.
BioMarin is vigorously defending its intellectual property for Voxzogo, including a petition to the FDA regarding orphan drug exclusivity and ongoing litigation.

2 days ago

Transcript

BioMarin Pharmaceutical announces $4.8 billion acquisition of Amicus

BMRN

M&A

New Projects/Investments

BioMarin Pharmaceutical announced a $4.8 billion cash agreement to acquire Amicus on December 22, 2025.
The acquisition brings two marketed rare-disease products (Galafold and Pombiliti + Opfolda) and U.S. rights to DMX-200, contributing approximately $599 million in combined net product revenue over the past four quarters.
The deal is expected to be accretive to Non-GAAP EPS within a year and substantially accretive by 2027, aiming to de-risk growth.
Concurrently, BioMarin ended the development of BMN 349, an oral small molecule in a Phase 1 trial for alpha-1 antitrypsin deficiency (AATD)-associated liver disease.
Following the announcement, BioMarin's shares fell about 3.5% on December 22, 2025, as several Wall Street firms trimmed price targets or downgraded ratings, while HC Wainwright raised its target to $60.

Dec 22, 2025, 12:10 PM

Morningstar

BioMarin Announces Acquisition of Amicus Therapeutics

BMRN

M&A

Debt Issuance

Revenue Acceleration/Inflection

BioMarin will acquire Amicus Therapeutics in an all-cash transaction valued at $4.8 billion, or $14.50 per share.
The acquisition is expected to close in the second quarter of 2026 and will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing.
The deal is anticipated to be accretive to non-GAAP diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The acquisition adds two high-growth products, Galafold and POMOP, which each have the potential to reach $1 billion in peak sales and are projected to accelerate BioMarin's revenue growth immediately upon close.
BioMarin targets reducing gross leverage to under 2.5 times within two years from the transaction close, with an estimated gross leverage of 3.0-3.5 times at closing.

Dec 19, 2025, 1:15 PM

Transcript

BioMarin announces acquisition of Amicus Therapeutics

BMRN

M&A

Debt Issuance

Revenue Acceleration/Inflection

BioMarin announced the acquisition of Amicus Therapeutics for $4.8 billion in an all-cash transaction at $14.50 per share.
The deal, expected to close in the second quarter of 2026, will be financed by cash on hand and approximately $3.7 billion of non-convertible debt.
The acquisition is projected to be accretive to non-GAAP diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The acquired products, Galafold and POMOP, are expected to accelerate BioMarin's revenue growth, with each having the potential to reach $1 billion in peak sales.
BioMarin aims to reduce its gross leverage to under 2.5x within two years of closing, from an estimated 3.0x-3.5x immediately after close.

Dec 19, 2025, 1:15 PM

Transcript

BioMarin to Acquire Amicus Therapeutics for $4.8 Billion

BMRN

M&A

Revenue Acceleration/Inflection

Debt Issuance

BioMarin Pharmaceutical Inc. has entered into a definitive agreement to acquire Amicus Therapeutics in an all-cash transaction for $14.50 per share, representing a 33% premium to Amicus' closing stock price on December 18, 2025.
The acquisition has an equity value of $4.8 billion and will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing. BioMarin is targeting gross leverage of less than 2.5x within two years after close.
The transaction is expected to be accretive to non-GAAP diluted earnings per share in the first year after close and substantially accretive beginning in 2027. It is also anticipated to accelerate BioMarin's revenue growth and strengthen its financial outlook immediately upon close.
The acquisition expands BioMarin's position as a leader in rare diseases, adding two high-growth products, Galafold for Fabry disease and Pombiliti + Opfolda for Late-onset Pompe Disease, which are expected to accelerate and diversify BioMarin's revenues.
The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in Q2 2026, subject to regulatory clearance and Amicus stockholder approval.

Dec 19, 2025, 1:15 PM

Presentation

BioMarin to Acquire Amicus Therapeutics for $4.8 Billion

BMRN

M&A

Debt Issuance

Revenue Acceleration/Inflection

BioMarin will acquire Amicus Therapeutics in an all-cash transaction valued at $4.8 billion, or $14.50 per share.
The acquisition will be financed through a combination of cash on hand and approximately $3.7 billion of non-convertible debt financing, with the transaction expected to close in the second quarter of 2026.
The deal is expected to be accretive to non-GAAP diluted EPS in the first 12 months after close and substantially accretive beginning in 2027.
The acquired products, Galafold and Pombiliti and Opfolda (POMOP), each have the potential to reach $1 billion in peak sales and are projected to contribute to revenue growth through much of the 2030s.
Pro forma gross leverage is estimated to be between 3.0-3.5 times at closing, with a target to reduce it to under 2.5 times within two years from the transaction close.

Dec 19, 2025, 1:15 PM

Transcript

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Brian R. Mueller

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Cristin Hubbard

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Gregory R. Friberg

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Athena Countouriotis

Barbara W. Bodem

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Mark J. Enyedy

Maykin Ho

Richard A. Meier

Robert J. Hombach

Timothy P. Walbert

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