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BIOMARIN PHARMACEUTICAL INC (BMRN)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 delivered double‑digit top‑line growth and material profitability expansion: revenues $825M (+16% Y/Y; +17% CC) and GAAP EPS $1.23 (+124% Y/Y); Non‑GAAP EPS $1.44 (+50% Y/Y) .
  • Results beat S&P Global consensus: revenue $825.4M vs $761.7M*, and Non‑GAAP EPS $1.44 vs $1.01*; operating margin expanded to 39.9% Non‑GAAP (+8.7 ppts Y/Y) . Q2 beat was driven by VOXZOGO strength (+20% Y/Y), robust Enzyme Therapies (+15% Y/Y), and lower R&D/SG&A from 2024 portfolio actions .
  • Guidance raised: FY25 total revenues to $3.125–$3.200B (lifted lower end), Non‑GAAP operating margin to 33–34%, and Non‑GAAP EPS to $4.40–$4.55; VOXZOGO FY25 revenue targeted at $900–$935M .
  • Strategic catalysts: Inozyme acquisition (closed Jul 1) adds BMN‑401 (INZ‑701) with pivotal data expected 1H’26; BMN‑333 long‑acting CNP exceeded PK exposure target (>3x AUC vs other long‑acting CNP), Phase 2/3 to begin 1H’26 .
  • Management expects 2H’25 revenues higher than 1H, weighted to Q4; margins and EPS to be lower in 2H vs 1H given increased business unit investments and timing (Q3 softer than Q4) .

What Went Well and What Went Wrong

What Went Well

  • VOXZOGO revenue +20% Y/Y to $221M, with strong U.S. contribution and majority of new patient starts in ages 0–4; access now in 51 countries .
  • Enzyme Therapies +15% Y/Y driven by PALYNZIQ (+20%) and VIMIZIM (+21%), aided by strong adherence and order timing .
  • Profitability scaling faster than revenue: GAAP OM 33.5% (+16.6 ppts Y/Y); Non‑GAAP OM 39.9% (+8.7 ppts); operating cash flow $185M (+55% Y/Y) .
  • CEO: “Global demand… resulted in double‑digit year‑over‑year revenue growth and significant profitability expansion” . CFO: Non‑GAAP EPS increased “at more than three times the rate of revenue growth” .

What Went Wrong

  • KUVAN declined 7% Y/Y due to ongoing generic competition; NAGLAZYME dipped 2% Y/Y in Q2 .
  • Management flagged higher 2H’25 operating expenses (ERP implementation, pipeline and commercial investments), implying lower margin/EPS in 2H vs 1H and Q3 < Q4 .
  • Program discontinuation: BMN‑390 (pre‑clinical PKU candidate) halted for immunogenicity; teams redeployed .

Financial Results

Quarterly Trajectory vs Prior Periods

MetricQ4 2024Q1 2025Q2 2025
Total Revenues ($USD Millions)$747 $745 $825
GAAP Diluted EPS ($)$0.64 $0.95 $1.23
Non‑GAAP Diluted EPS ($)$0.92 $1.13 $1.44
GAAP Operating Margin (%)21.6% 30.0% 33.5%
Non‑GAAP Operating Margin (%)31.1% 35.7% 39.9%

Year‑over‑Year (Q2’24 vs Q2’25)

MetricQ2 2024Q2 2025
Total Revenues ($USD Millions)$712 $825
GAAP Diluted EPS ($)$0.55 $1.23
Non‑GAAP Diluted EPS ($)$0.96 $1.44
GAAP Operating Margin (%)16.9% 33.5%
Non‑GAAP Operating Margin (%)31.2% 39.9%

Actual vs S&P Global Consensus (Q2 2025)

MetricConsensus*Actual
Revenue ($USD)$761.7M*$825.4M
Non‑GAAP EPS ($)$1.01*$1.44
Primary EPS – # of Estimates21*N/A
Revenue – # of Estimates23*N/A

Values retrieved from S&P Global.*

Segment/Product Breakdown (Q2’24 → Q2’25)

ProductQ2 2024 ($M)Q2 2025 ($M)
VOXZOGO184 221
VIMIZIM178 215
NAGLAZYME132 129
PALYNZIQ88 106
ALDURAZYME39 56
BRINEURA45 49
Total Enzyme Therapies482 555
KUVAN29 27
ROCTAVIAN7 9

KPIs

KPIQ2 2025
Operating Cash Flow ($USD Millions)$185
Total Cash, Cash Equivalents & Investments ($USD Billions)$1.941
Weighted‑Avg Diluted Shares (Millions)197.091
VOXZOGO country access51 countries

Non‑GAAP Reconciliation Highlights (Q2 2025)

AdjustmentAmount ($M)
Stock‑based comp (COS/R&D/SG&A)48 total (4/14/30)
Intangible amortization5
Tax effect of adjustments(11)
Non‑GAAP Income$282

Guidance Changes

MetricPeriodPrevious Guidance (May 1, 2025)Current Guidance (Aug 4, 2025)Change
Total RevenuesFY 2025$3.100B–$3.200B $3.125B–$3.200B Raised lower end
Non‑GAAP Operating Margin %FY 202532%–33% 33%–34% Raised
Non‑GAAP Diluted EPSFY 2025$4.20–$4.40 $4.40–$4.55 Raised
VOXZOGO revenueFY 2025$900M–$950M $900M–$935M Top end trimmed
Accounting noteFY 2025N/AGuidance excludes IPR&D from Inozyme; update expected with Q3 results Clarified

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4’24)Previous Mentions (Q1’25)Current Period (Q2’25)Trend
Product performance (VOXZOGO)Strong global growth; emphasis on early treatment; 47 countries; U.S. new starts <5 yrs +40% Y/Y, 49 countries, U.S. initiatives to accelerate in 2H +20% Y/Y, 51 countries; U.S. 0–4 cohort leads; 2H weighted to Q4 Sustained expansion; U.S. momentum building
Enzyme Therapies+9% Q4; long‑term high single‑digit CAGR goal +8% Q1; PALYNZIQ strength +15% Q2; PALYNZIQ +20%, VIMIZIM +21% Improving growth with order timing tailwinds
Profitability/Margins2024 OM expansion; cost program toward 40% Non‑GAAP OM in 2026 OM expansion; 2H spend to increase Further OM expansion; 2H margins/EPS to dip on investment timing Near‑term investment phase
Tariffs/MacroNoted macro risks Immaterial exposure to U.S. tariffs Guidance reflects enacted tariffs; any new tariffs limited impact Risk monitored; low exposure
R&D execution (BMN‑333)First‑in‑human dosing initiated Initial PK expected by year‑end >3x AUC vs other long‑acting CNP; Ph2/3 starts 1H’26; goal of superiority vs VOXZOGO Accelerating; de‑risking path
Regulatory/LegalOrphan/IP positioning; litigation noted —ITC timeline: initial determination 6/8/2026; completion target 10/8/2026 Ongoing; timelines clarified
BD strategy——Inozyme acquisition closed Jul 1; BMN‑401 pivotal data 1H’26 Portfolio broadened

Management Commentary

  • CEO (Alexander Hardy): “Global demand… resulted in double‑digit year‑over‑year revenue growth and significant profitability expansion… BMN 333… is now expected to move into the pivotal study in 2026. Our goal is for BMN 333 to demonstrate superiority to VOXZOGO” .
  • CFO (Brian Mueller): “Non‑GAAP diluted earnings per share… increased at more than three times the rate of revenue growth… we are raising full‑year 2025 non‑GAAP operating margin guidance to between 33–34% and EPS to $4.40–$4.55” .
  • CCO (Cristin Hubbard): “20% year over year revenue growth [VOXZOGO]… strong uptake in the zero to four year old cohort in the U.S… doubled the number of leads generated YTD vs last year” .
  • CR&D (Greg Friberg): “BMN 333… free CNP levels more than three times greater than… another long‑acting CNP… No safety signals… Phase 2/3 study… 1H’26” .

Q&A Highlights

  • BMN‑333 exposure and safety: >3x AUC vs TransCon CNP reference; healthy volunteer study showed “absolutely nothing unexpected” safety; Cmax kept below levels associated with hypotension/tachycardia; dose‑ranging Phase 2 planned to optimize efficacy/safety .
  • VOXZOGO guidance dynamics: Lowered top end from $950M to $935M due to OUS order timing shifts into late 2025/2026; still implies ~25% Y/Y growth .
  • ITC proceedings: Initial determination expected 6/8/2026; investigation completion target 10/8/2026 .
  • BMN‑333 superiority design: Team confident in biological rationale (preclinical dose‑response, human genetics); flexibility for less‑frequent dosing if efficacy allows; prioritizing efficacy endpoints including health/wellness measures beyond growth .
  • Hypochondroplasia (HCH): Focus on earlier diagnosis; Phase 3 enrollment exceeded expectations; educating clinicians to treat earlier (ages 3–18 primary, infant study ongoing) .

Estimates Context

  • Q2 2025 delivered broad beats: revenue $825.4M vs $761.7M*, Non‑GAAP EPS $1.44 vs $1.01* .
  • FY25 consensus stands at revenue ~$3.17B* and EPS ~$3.58* vs company guidance of $3.125–$3.200B and $4.40–$4.55, implying likely upward revisions to EPS on sustained margin discipline, with potential revenue adjustments reflecting OUS order timing and VOXZOGO range .
  • Consensus target price mean $89.36*; recommendation text not available in dataset.

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Q2 was a clean beat with strong operational leverage; narrative supports continued top‑line growth and structurally higher margins, albeit with near‑term investment drag in 2H (Q3 softer than Q4) .
  • VOXZOGO remains the core growth engine with expanding global footprint and younger U.S. cohort uptake; watch U.S. initiatives’ conversion into revenue and OUS order phasing into Q4 .
  • Inozyme deal broadens the enzyme portfolio; BMN‑401 pivotal data in 1H’26 offers a medium‑term catalyst; monitor patient identification and regulatory endpoints (pyrophosphate normalization + functional measures) .
  • BMN‑333’s >3x AUC PK profile is an important de‑risking step; a superiority‑aimed program vs VOXZOGO could reset ACH standard of care if efficacy and safety are confirmed; timeline points to major readouts through 2026 and potential 2030 launch .
  • Guidance raised across revenues (lower bound), margins, and EPS; EPS guidance excludes anticipated Q3 IPR&D from Inozyme accounting—expect guidance updates with Q3 .
  • Tariff exposure appears immaterial; macro risks low‑to‑moderate for supply chain/product sales per management commentary .
  • Trading implication: Favorable near‑term setup into Q4 given revenue weighting and strong commercial execution; medium‑term thesis supported by VOXZOGO indication expansion (HCH Phase 3 in 2026), PALYNZIQ adolescent label expansion (target 2026), and BMN‑401 pivotals .