BIOMARIN PHARMACEUTICAL (BMRN)·Q4 2025 Earnings Summary

BioMarin Announces $5.2B Amicus Acquisition, Preliminary FY 2025 Revenue Hits $3.2B

January 26, 2026 · by Fintool AI Agent

BioMarin Pharmaceutical (NASDAQ: BMRN) filed an 8-K on January 26, 2026, announcing the launch of $850 million in senior unsecured notes and $2.8 billion in term loan facilities to fund its transformational acquisition of Amicus Therapeutics. The filing also confirmed preliminary FY 2025 revenue of approximately $3.2 billion, meeting the high end of guidance, with VOXZOGO contributing ~$920 million.

Note: This is a preliminary financial update filed in connection with acquisition financing. Full Q4 2025 and FY 2025 results are expected in February 2026.

What Did BioMarin Report?

BioMarin disclosed preliminary unaudited FY 2025 results:

Based on the preliminary FY 2025 figure, Q4 2025 revenue is implied at approximately $854 million, which would mark the strongest quarter of the year:

What Is the Amicus Acquisition?

The headline news from this filing is BioMarin's announcement of financing for its pending acquisition of Amicus Therapeutics, announced December 19, 2025.

Deal Terms

Financing Structure

BioMarin is raising significant debt to fund the acquisition:

The company is also entering into a $600 million revolving credit facility, replacing its existing facility.

Strategic Rationale

The acquisition adds two key rare disease products to BioMarin's portfolio:

The deal is expected to be substantially accretive beginning in 2027.

Timeline

• December 19, 2025: Merger Agreement signed
• January 26, 2026: Notes offering and term loan syndication launched
• Q2 2026: Expected deal close (subject to Amicus shareholder approval and regulatory clearance)

What's Happening with ROCTAVIAN?

BioMarin announced at the January 12, 2026 J.P. Morgan Healthcare Conference that it expects to incur a ROCTAVIAN asset write-down of $230-260 million in Q4 2025.

In Q3 2025, BioMarin announced plans to pursue options to divest ROCTAVIAN, including exploring out-licensing opportunities. The gene therapy for hemophilia A has struggled commercially, generating only $23 million in revenue for the first nine months of 2025.

Key Point: Excluding the ROCTAVIAN write-down, BioMarin's FY 2025 Non-GAAP Diluted EPS guidance remains unchanged. ROCTAVIAN revenue will be excluded from 2026 guidance.

How Is VOXZOGO Performing?

VOXZOGO, BioMarin's treatment for achondroplasia (a form of dwarfism), remains the company's key growth driver:

Growth Catalysts

• Global Expansion: Children with achondroplasia in 55 countries were being treated with VOXZOGO as of Q3 2025, tracking toward 60+ countries by 2027
• OUS Markets: ~75% of VOXZOGO revenue comes from markets outside the U.S.
• Hypochondroplasia: Pivotal data expected in H1 2026, potential new indication launch in 2027
• BMN 333: Next-generation achondroplasia treatment in development

What About the Other Products?

BioMarin's Enzyme Therapies portfolio showed mixed results in Q3 2025:

PALYNZIQ continues strong momentum with 20%+ growth for three consecutive quarters, driven by patients titrating to daily maintenance dose and strong adherence.

Historical Beat/Miss Record

BioMarin's recent earnings history shows consistent revenue beats but volatile EPS due to one-time items:

*Q3 2025 EPS impacted by $221M Inozyme acquisition charge

What Are the Key Risks?

Acquisition Risks

• Integration Risk: Combining two companies with different cultures and operations
• Regulatory Approval: HSR Act clearance and Amicus shareholder approval required
• Deal Break Risk: If acquisition not completed by December 19, 2026, notes must be redeemed at 100%

Operational Risks

• Leverage Increase: Total debt will increase significantly from ~$597M to ~$4.1B pro forma
• ROCTAVIAN Overhang: Continued divestiture efforts and potential additional write-downs
• Competition: Generic competition impacting KUVAN; pipeline execution risk for VOXZOGO indications

What's Next?

Key Takeaways

1. Preliminary FY 2025 revenue of ~$3.2B meets guidance - implied Q4 revenue of ~$854M would be the strongest quarter of the year

2. VOXZOGO remains the growth engine - ~$920M for FY 2025 (+24% YoY), with hypochondroplasia expansion potential in 2027

3. Amicus acquisition is transformational - $5.2B deal adds Galafold ($3B value) and Pombiliti + Opfolda ($1.6B value), expected to be accretive in 2027

4. Significant new debt load - $3.65B in new borrowings will increase leverage materially

5. ROCTAVIAN chapter closing - $230-260M write-down in Q4, with divestiture efforts ongoing

Full Q4 2025 results, including detailed segment breakdowns and 2026 guidance, expected in February 2026.