BIOMARIN PHARMACEUTICAL INC (BMRN) Q1 2026 Earnings Call Transcript
Neutral Medical - Pharmaceuticals 12.06B USA
Next Earnings
2026-04-29
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BioMarin posted 2025 growth with record revenue, advanced pipeline milestones, and a plan for 2026 uplift from Amicus and Inozyme acquisitions, while signaling near-term headwinds from Roctavian divestiture and pre-close costs.
⭐ Key Highlights
2025 growth and profitability
BioMarin delivered 13% revenue growth to $3.22B in 2025 with improved operating cash flow of $828M, up 45% year over year, driven by enzyme therapies and Voxzogo.
Voxzogo performance and expansion
Vozxogo grew 26% for the full year 2025 to $927M, with international sales accounting for about 73% of revenue, and management emphasized ongoing global expansion opportunities including potential new indications.
Strategic acquisitions and near-term catalysts
BioMarin announced two major acquisitions (Inozyme and Amicus) to expand enzyme therapies and add Galafold, Pompez/Opfolda, with close anticipated next quarter and 2026 uplift in revenue growth from the combined portfolio.
Roctavian divestiture and 2026 guidance framework
The company withdrew Roctavian with about $240M in Q4 special items; 2026 guidance excludes Amicus contributions, signaling an acceleration in growth post-close but near-term headwinds from divestiture-related items.
Pipeline milestones and near-term readouts
R&D outlined multiple pivotal data readouts in 2026 (Voxzogo in hypochondroplasia, BMN 333 Phase III design, Palynziq adolescent label decision with PDUFA date around Feb 28) that could meaningfully shift growth and patient access.
✔Positive Signals
- 2025 revenues up 13% to a new high of $3.22B with broad-based growth across Voxzogo and enzyme therapies.
- Voxzogo generated 26% full-year growth and substantial international contribution (~73% of Voxzogo revenue outside the US).
- Strong free cash flow generation: $828M operating cash flow, up 45% YoY.
- Strategic acquisitions (Inozyme and Amicus) to broaden the portfolio and accelerate long-term growth.
- Non-GAAP diluted EPS of $3.15 for 2025, with underlying earnings growth around 34% excluding IPR&D and Roctavian charges.
✖Negative Signals
- Q4 $240M GAAP charges related to Roctavian withdrawal (non-GAAP adjustments partially exclude this).
- 2026 guidance excludes Amicus contributions, creating potential near-term revenue/manufacturing/integration uncertainties.
- Expected 2026 non-GAAP operating margin could dip below 40% due to Amicus-related costs and integration timeline.
- Lower royalty KUVAN and Roctavian revenues in 2026 provide a 3% headwind to total revenue growth versus 2025.
- Q1 2026 expected to be the lowest EPS quarter due to pre-close Amicus costs.
📊Financial Results
- Q4 2025 total revenue of $875M, up 17% YoY, with Voxzogo +31% YoY and enzyme therapies +13% YoY.
- Full-year 2025 Voxzogo revenue $927M, up 26% YoY; 2025 enzyme therapies up 9% YoY (Palynziq +22%, Vimizim +7%).
- Non-GAAP diluted EPS for 2025: $3.15; underlying business EPS grew ~34% excluding Roctavian/IPRD write-downs.
- Operating cash flow for 2025: $828M, up 45% YoY.
- Debt financing secured at approximately $3.7B for the Amicus acquisition, with favorable ratings implications.
🔮Future Guidance
- 2026 total revenue guidance: $3.325B to $3.425B, excluding Amicus contributions.
- 2026 non-GAAP diluted EPS guidance: $4.95 to $5.15, including roughly $0.25/share of pre-close integration costs and interest related to Amicus.
- 2026 underlying organic operating margin (excluding Amicus) around 40%; Amicus integration expected to be modestly dilutive, potentially pushing margin slightly below 40%.
- Enzyme therapies 2026 expected to deliver high-single-digit growth; Voxzogo 2026 projected to be $975M to $1,025M, with large international orders and seasonality similar to 2025.
- Q1 2026 expected to be the lowest EPS quarter due to pre-close Amicus costs, with higher revenue in H2 as order timing compounds similar to 2025 patterns.
💡Interesting Insights
- BMN 333 Phase III is designed to detect a 2.25 cm/year growth advantage over placebo with 90% power, potentially establishing a new standard of care for achondroplasia and related skeletal conditions.
- Hypochondroplasia readout planned for 2026 can broaden Voxzogo’s addressable market if successful, indicating a strategic move toward genetically targeted skeletal therapies.
Detailed Analysis
AI-generated summary of BIOMARIN PHARMACEUTICAL INC earnings call transcript.
BioMarin finished 2025 with 13% revenue growth to $3.22B, driven by 9% enzyme therapies growth and 26% Voxzogo growth, supported by durable multi-year performance and expanding global reach. The company reduced risk through strong cash flow ($828M operating cash flow, up 45%), and moved forward with two acquisitions (Inozyme and Amicus) to broaden its enzyme therapies and Fabry/Pompe portfolios, with Amicus expected to close next quarter. Roctavian was withdrawn, resulting in about $240M of GAAP charges in Q4. For 2026, guidance excludes Amicus contributions, forecasts total revenues of $3.325-$3.425B and non-GAAP EPS of $4.95-$5.15, with an underlying organic operating margin near 40% (slightly below 40% due to Amicus) and a meaningful uplift in revenue growth once the acquisition closes. The commercial team highlighted Voxzogo’s continued leadership in achondroplasia with potential hypochondroplasia expansion and growth drivers from Palynziq and other enzyme therapies, while R&D outlined key data readouts and regulatory milestones across Voxzogo, BMN 333, ENPP1 program, and Duchenne-related assets scheduled for 2026.
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