• Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Quantisnow Logo
  • Live Feeds
    • Press Releases
    • Insider Trading
    • FDA Approvals
    • Analyst Ratings
    • Insider Trading
    • SEC filings
    • Market insights
  • Analyst Ratings
  • Alerts
  • Subscriptions
  • Settings
  • RSS Feeds
Dashboard
    Quantisnow Logo

    © 2025 quantisnow.com
    Democratizing insights since 2022

    Services
    Live news feedsRSS FeedsAlerts
    Company
    AboutQuantisnow PlusContactJobs
    Legal
    Terms of usePrivacy policyCookie policy

    BioMarin Reports First Quarter 2025 Results and Reaffirms Full-year Guidance

    5/1/25 4:05:00 PM ET
    $BMRN
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $BMRN alert in real time by email

    First Quarter 2025 Total Revenues of $745 million (+15% Y/Y and +17% at Constant Currency Y/Y)

    First Quarter 2025 GAAP Diluted Earnings Per Share (EPS) of $0.95 (+107% Y/Y)

    First Quarter 2025 Non-GAAP Diluted EPS of $1.13 (+59% Y/Y)

     Conference Call and Webcast Scheduled Today at 4:30 p.m. ET

    SAN RAFAEL, Calif., May 1, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced financial results for the first quarter ended March 31, 2025.

    BioMarin Pharmaceutical logo (PRNewsfoto/BioMarin Pharmaceutical Inc.)

    "During the first quarter, we saw continued high demand for our innovative medicines resulting in strong revenue growth and profitability," said Alexander Hardy, President and Chief Executive Officer of BioMarin. "Products in our pipeline also advanced according to plan. In April, we shared positive top-line results from the Phase 3 PALYNZIQ® study for the treatment of adolescents with phenylketonuria between the ages of 12 and 17. Also in April, we were pleased to conclude enrollment in the pivotal study in hypochondroplasia with VOXZOGO, keeping us on track to launch in 2027, should data be supportive."

    Mr. Hardy continued, "For the remainder of 2025, we look forward to continued momentum in our global expansion of VOXZOGO® for achondroplasia.  Across our Enzyme Therapies, we plan to build upon strong PALYNZIQ performance in the quarter, as well as initiatives to drive uptake of our other therapies to reach an even greater number of patients around the world. In addition to our strong financial outlook, we expect to advance multiple new indications with VOXZOGO in our CANOPY clinical program, share early clinical results from both BMN 351 for Duchenne Muscular dystrophy and BMN 333, our long-acting C-type natriuretic peptide, as well as execute on our business development strategy. We are delivering strong growth and profitability while we continue to implement BioMarin's new strategy and operating model. We look forward to seeing the benefits of this transformation flow through our results in the coming quarters and beyond."

    First Quarter 2025 Financial Highlights

    • Total Revenues for the first quarter of 2025 were $745 million, an increase of 15% compared to the same period in 2024, driven by strong 40% year-over-year VOXZOGO revenue growth from new patients initiating therapy across all regions. In the quarter, revenues from BioMarin's Enzyme Therapies (ALDURAZYME®, BRINEURA®, NAGLAZYME®, PALYNZIQ and VIMIZIM®) increased 8% compared to the first quarter of 2024, driven by a combination of increased patient demand and the timing of large government orders in all regions. The increase was partially offset by lower KUVAN® product revenues attributed to continued generic competition as a result of the loss of market exclusivity.
    • GAAP Net Income increased by $97 million to $186 million in the first quarter of 2025 compared to the same period in 2024, an increase of 109%, primarily attributed to higher gross profit driven by the factors noted above. The increase was also attributed to lower operating expenses following the termination of certain early stage development programs following the company's 2024 strategic portfolio review and focused ROCTAVIAN strategy announced in the second half of 2024. These increases were partially offset by higher tax provision primarily due to increase in taxable income.
    • Non-GAAP Income increased by $81 million to $221 million in the first quarter of 2025 compared to the same period in 2024, representing 58% growth. The increase in Non-GAAP Income was primarily due to the factors noted above.

    First Quarter 2025 Business Highlights

    Innovation

    • Skeletal Conditions: In March 2025, BioMarin presented new data demonstrating favorable safety and strong adherence in real-world clinical practice with VOXZOGO in children with achondroplasia under the age of 3 years old at the 2025 American College of Medical Genetics and Genomics (ACMG) Annual Meeting. No treatment-related adverse events nor any dose interruptions were reported among 63 children followed for up to 23.7 months. These real-world findings further validate VOXZOGO's established safety profile and reinforce the therapeutic benefit seen in clinical studies. The study's safety results, including in infants as young as 1 month old, add to the growing body of evidence supporting early treatment initiation with VOXZOGO, consistent with new international treatment guidelines published in the journal Nature Reviews Endocrinology earlier this year.
    • In April 2025, BioMarin completed enrollment in its pivotal Phase 3 study with VOXZOGO in hypochondroplasia and the company is on track to share topline data in 2026, with a potential launch in 2027. BioMarin plans to leverage its multiyear track record treating children with achondroplasia, a related condition, to raise awareness and treat children with hypochondroplasia across the globe. The CANOPY clinical program is continuing to advance VOXZOGO in additional new indications, including idiopathic short stature, Noonan syndrome, Turner syndrome, and SHOX deficiency.
    • With BMN 333, BioMarin's long-acting C-type natriuretic peptide (CNP), the company enrolled multiple cohorts of healthy volunteers in its first-in-human study, with initial pharmacokinetic (PK) data expected by year-end. Detailed data from this study is expected to be presented at a scientific forum in the first half of 2026. Pre-clinical data with BMN 333 demonstrated sustained 100 pM concentrations for free CNP, representing an approximate 2-3 fold increase versus published data in an analogous pre-clinical model for other long-acting CNP analogs.
    • Additionally, BioMarin recently met with FDA and reached agreement on an overall clinical development plan for BMN 333 in achondroplasia. Assuming the Phase 1 data are supportive, the company plans to initiate a registration-enabling study in 2026, supporting a previously disclosed target for 2030 approval. BioMarin plans to seek similar agreements with additional global regulators in the coming months.
    • The company announced in April that its pivotal study with PALYNZIQ for the treatment of adolescents between the ages of 12 and 17 met its primary efficacy endpoint, demonstrating a statistically significant lowering in blood Phe levels. These data will support the planned submission of applications in the second half of 2025 to expand PALYNZIQ age eligibility in the United States and Europe.
    • Other Clinical Pipeline Programs: BMN 351, BioMarin's next generation oligonucleotide for Duchenne Muscular Dystrophy, and BMN 349, an oral therapeutic for Alpha-1 antitrypsin deficiency (AATD)-associated liver disease, continue to advance. Initial data for BMN 351 is anticipated to be presented at a scientific congress in the second half of 2025 (including muscle dystrophin levels from the 6 mg/kg cohort after 25 weeks of dosing).
    • During a recent strategic portfolio assessment of R&D programs, BioMarin determined that the evolving profile for BMN 370, a pre-clinical candidate for the treatment of von Willebrand disease, did not meet its threshold for further development and commercialization. The program has been discontinued and impacted employees have been redeployed within BioMarin.

    Growth

    • Total VOXZOGO revenue in the first quarter increased 40% compared to the same period in 2024, representing continued strong global demand since its commercial launch in 2021. As of the end of the quarter, children with achondroplasia in 49 countries around the world were being treated with VOXZOGO.
    • In the U.S., BioMarin is investing in focused initiatives to drive continued expansion. These efforts include increasing field personnel to broaden the prescriber base and adding awareness platforms to drive adoption of VOXZOGO treatment. This is expected to begin increasing the rate of U.S. expansion in the second half of the year. Outside of the U.S. (OUS), from where the majority of VOXZOGO revenue is generated, uneven ordering patterns, consistent with BioMarin's other brands, were observed. This OUS dynamic is expected to result in VOXZOGO full-year revenues being more weighted towards the second half of 2025.
    • Enzyme Therapies revenues grew 8% in the first quarter Y/Y, driven by strong continued demand for PALYNZIQ. Strong PALYNZIQ performance as well as solid growth from BioMarin's other enzyme treatments are expected to continue throughout 2025.

    Value Commitment

    • In the first quarter of 2025, BioMarin delivered strong results across the business. Total revenues for the first quarter grew 15% Y/Y. First quarter GAAP Operating Margin of 30.0% expanded 16.4 percentage points Y/Y while GAAP Diluted EPS of $0.95 increased 107% Y/Y. First quarter Non-GAAP Operating Margin of 35.7% expanded 11.9 percentage points Y/Y while Non-GAAP Diluted EPS of $1.13 increased 59% Y/Y. These measures of profitability increased at rates faster than revenue growth, representing the company's focus on operational efficiency.
    • During the quarter, BioMarin continued to realize the benefits of cost transformation initiatives implemented in 2024, resulting in a decrease in GAAP and Non-GAAP R&D and SG&A expenses Y/Y. Throughout the remainder of 2025, BioMarin expects to increase investments in VOXZOGO indication expansion, clinical pipeline development, and commercialization initiatives supporting the company's Skeletal Conditions and Enzyme Therapies business units.
    • The company generated operating cash flows totaling $174 million in first quarter 2025, an increase of 271% compared to first quarter 2024. Total cash and investments at the end of the first quarter were approximately $1.8 billion, and with anticipated increasing profitability, BioMarin is positioned to generate increasing operating cash flow into the future.
    • Today, the company reaffirmed its previously communicated 2025 full-year financial guidance, which reflects the impact of tariffs that have already been enacted but does not reflect the impact of potential future pharmaceutical tariffs. BioMarin has immaterial exposure to U.S. tariffs for China, Mexico and Canada across its global supply chain operations and product sales.

    Financial Highlights (in millions of U.S. dollars, except per share data, unaudited)







    Three Months Ended

    March 31,





    2025



    2024



    % Change















    Total Revenues



    $745



    $649



    15 %





























    Net Product Revenues by Product:













    VOXZOGO



    $214



    $153



    40 %















    Enzyme Therapies:













    VIMIZIM



    $188



    $193



    (3) %

    NAGLAZYME



    114



    106



    8 %

    PALYNZIQ



    93



    76



    22 %

    ALDURAZYME



    49



    35



    40 %

    BRINEURA



    40



    39



    3 %

    Total Enzyme Therapies Revenue



    $484



    $449



    8 %















    KUVAN



    $25



    $36



    (31) %

    ROCTAVIAN®



    $11



    $1



    1,000 %















    GAAP Net Income



    $186



    $89



    109 %

    Non-GAAP Income (1)



    $221



    $140



    58 %

    GAAP Operating Margin % (2)



    30.0 %



    13.6 %





    Non-GAAP Operating Margin % (1)



    35.7 %



    23.8 %





    GAAP Diluted Earnings per Share (EPS)



    $0.95



    $0.46



    107 %

    Non-GAAP Diluted EPS (1)



    $1.13



    $0.71



    59 %

     



    March 31,

    2025



    December 31,

    2024

    Total cash, cash equivalents & investments

    $                  1,779



    $                  1,659

    (1)

    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.

    (2)

    GAAP Operating Margin percentage is defined by the company as GAAP Income from Operations divided by Total Revenues.

    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.

    2025 Full-Year Financial Guidance (in millions, except % and EPS amounts)

    Item



    2025 Guidance Reaffirmed

    Total Revenues (1)



    $3,100



    to



    $3,200

    Non-GAAP Operating Margin % (2)



    32 %



    to



    33 %

    Non-GAAP Diluted EPS (2)(3)



    $4.20



    to



    $4.40

    (1)

    VOXZOGO contribution to full-year 2025 Total Revenues expected to be in the range of $900 million to $950 million.

    (2)

    Refer to Non-GAAP Information beginning on page 10 of this press release for definitions of Non-GAAP Operating Margin and 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 first quarter 2025 financial results today, Thursday, May 1, 2025, 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: 888-596-4144

    Replay Dial-in Number: 800-770-2030

    International Dial-in Number:  646-968-2525

    Replay International Dial-in Number: 609-800-9909

    Conference ID:  4327591

    Conference ID: 4327591

    About BioMarin

    BioMarin is a global biotechnology company dedicated to translating the promise of genetic discovery into medicines that make a profound impact on the life of each patient. The San Rafael, California-based company, founded in 1997, has a proven track record of innovation with eight commercial therapies and a strong clinical and preclinical pipeline. Using a distinctive approach to drug discovery and development, BioMarin pursues treatments that offer new possibilities for patients and families around the world navigating rare or difficult to treat genetic conditions. 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, Non-GAAP Diluted EPS and Operating Cash Flow for, in certain instances, the full-year 2025 and future periods, as well as profitability growth in 2025, and the underlying drivers of those results, such as the revenue opportunity represented by treatments for Skeletal Conditions, namely VOXZOGO, the expected demand and continued growth of BioMarin's Enzyme Therapies portfolio, including PALYNZIQ, and the expectation regarding the full realization of the benefits of BioMarin's cost transformation program; plans regarding BioMarin's revamped corporate strategy and operating model in 2025 and beyond, including expected growth in the Skeletal Conditions business unit and execution of BioMarin's business development strategy, and its anticipated benefits; the timing of orders for commercial products; BioMarin's ability to meet product demand; the timing of BioMarin's clinical development and commercial prospects, including announcements of data from clinical studies and trials; the clinical development and commercialization of BioMarin's product candidates and commercial products, including (i) expected advancements of pipeline candidates, including BMN 333, BMN 349 and BMN 351, the anticipated initial data read-out for BMN 351 in the second half of 2025, the expected data and data presentation for BMN 333 in the first half of 2026 and plans to initiate a registration-enabling study for BMN 333 in 2026, as well as plans to seek similar agreements with additional global regulators in the coming months; (ii) plans to submit applications to expand PALYNZIQ age eligibility for the treatment of adolescents with phenylketonuria between the ages of 12 and 17 in the U.S. and Europe in the second half of 2025; (iii) expected topline data from the pivotal study in hypochondroplasia in 2026 and launch in 2027; (iv) the expectations regarding global expansion of VOXZOGO for achondroplasia and expected increase in the rate of U.S. expansion in the second half of 2025; (v) plans to advance five new VOXZOGO indications with BioMarin's CANOPY clinical program; and (vi) plans to reach greater number of patients around the world across BioMarin's Enzyme Therapies; the expected benefits and availability of BioMarin's commercial products and product candidates; and potential growth opportunities and trends.

    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; impacts of macroeconomic and other external factors on BioMarin's operations, such as trade wars and potential future pharmaceutical tariffs; 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 Commission and other regulatory authorities concerning each of the described products and product candidates; the market for each of these products; 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 Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as such factors may be updated by any subsequent reports. Stockholders 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®, BRINEURA®, KUVAN®, NAGLAZYME®, PALYNZIQ®, ROCTAVIAN®, VIMIZIM® and VOXZOGO® 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.

    Contact:





    Investors:



    Media:

    Traci McCarty



    Marni Kottle

    BioMarin Pharmaceutical Inc.



    BioMarin Pharmaceutical Inc.

    (415) 455-7558



    (650) 374-2803

     

    BIOMARIN PHARMACEUTICAL INC.

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    Three Months Ended March 31, 2025 and 2024

    (In thousands of U.S. dollars, except per share amounts)

    (Unaudited)





    Three Months Ended

    March 31,



    2025



    2024









    REVENUES:







    Net product revenues

    $               734,644



    $                 637,815

    Royalty and other revenues

    10,501



    11,018

    Total revenues

    745,145



    648,833

    OPERATING EXPENSES:







    Cost of sales

    151,558



    125,180

    Research and development

    158,731



    204,987

    Selling, general and administrative

    206,116



    225,906

    Intangible asset amortization

    4,847



    14,298

    Gain on sale of nonfinancial assets

    —



    (10,000)

    Total operating expenses

    521,252



    560,371

    INCOME FROM OPERATIONS

    223,893



    88,462









    Interest income

    19,013



    19,365

    Interest expense

    (2,863)



    (3,547)

    Other income (expense), net

    (1,954)



    1,267

    INCOME BEFORE INCOME TAXES

    238,089



    105,547

    Provision for income taxes

    52,403



    16,885

    NET INCOME

    $               185,686



    $                  88,662

    EARNINGS PER SHARE, BASIC

    $                     0.97



    $                      0.47

    EARNINGS PER SHARE, DILUTED

    $                     0.95



    $                      0.46

    Weighted average common shares outstanding, basic

    190,967



    188,866

    Weighted average common shares outstanding, diluted

    196,474



    199,262

     

    BIOMARIN PHARMACEUTICAL INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    March 31, 2025 and 2024

    (In thousands of U.S. dollars, except per share amounts)

    (Unaudited)





    March 31, 2025



    December 31, 2024 ⁽¹⁾

    ASSETS







    Current assets:







    Cash and cash equivalents

    $                    1,048,803



    $                       942,842

    Short-term investments

    223,532



    194,864

    Accounts receivable, net

    739,177



    660,535

    Inventory

    1,274,848



    1,232,653

    Other current assets

    181,545



    201,533

    Total current assets

    3,467,905



    3,232,427

    Noncurrent assets:







    Long-term investments

    506,724



    521,238

    Property, plant and equipment, net

    1,032,613



    1,043,041

    Intangible assets, net

    247,346



    255,278

    Goodwill

    196,199



    196,199

    Deferred tax assets

    1,460,566



    1,489,366

    Other assets

    235,654



    251,391

    Total assets

    $                    7,147,007



    $                    6,988,940

    LIABILITIES AND STOCKHOLDERS' EQUITY







    Current liabilities:







    Accounts payable and accrued liabilities

    $                       628,213



    $                       606,988

    Total current liabilities

    628,213



    606,988

    Noncurrent liabilities:







    Long-term convertible debt, net

    595,650



    595,138

    Other long-term liabilities

    129,685



    128,824

    Total liabilities

    1,353,548



    1,330,950

    Stockholders' equity:







    Common stock, $0.001 par value: 500,000,000 shares authorized; 191,755,802 and 190,761,349 shares issued and outstanding, respectively

    192



    191

    Additional paid-in capital

    5,794,302



    5,802,068

    Company common stock held by the Nonqualified Deferred Compensation Plan

    (11,177)



    (11,227)

    Accumulated other comprehensive income (loss)

    19,151



    61,653

    Accumulated deficit

    (9,009)



    (194,695)

    Total stockholders' equity

    5,793,459



    5,657,990

    Total liabilities and stockholders' equity

    $                    7,147,007



    $                    6,988,940









    (1)

    December 31, 2024 balances were derived from the audited Consolidated Financial Statements included in the company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 24, 2025.

     

    BIOMARIN PHARMACEUTICAL INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    Three Months Ended March 31, 2025 and 2024

    (In thousands of U.S. dollars)

    (Unaudited)





    Three Months Ended March 31,



    2025



    2024

    CASH FLOWS FROM OPERATING ACTIVITIES:







    Net income

    $               185,686



    $                 88,662

    Adjustments to reconcile net income to net cash provided by operating activities:







    Depreciation and amortization

    22,069



    27,350

    Non-cash interest expense

    660



    990

    Accretion of discount on investments

    (1,362)



    (2,502)

    Stock-based compensation

    37,700



    58,249

    Gain on sale of nonfinancial assets

    —



    (10,000)

    Impairment of assets

    2,967



    —

    Deferred income taxes

    28,429



    285

    Unrealized foreign exchange gain

    (10,026)



    (10,804)

    Other

    (1,267)



    127

    Changes in operating assets and liabilities:







    Accounts receivable, net

    (57,590)



    (3,386)

    Inventory

    (24,335)



    (16,820)

    Other current assets

    (6,327)



    (17,353)

    Other assets

    (1,624)



    (12,130)

    Accounts payable and accrued liabilities

    (2,655)



    (59,006)

    Other long-term liabilities

    2,069



    3,309

    Net cash provided by operating activities

    174,394



    46,971

    CASH FLOWS FROM INVESTING ACTIVITIES:







    Purchases of property, plant and equipment

    (16,768)



    (26,104)

    Maturities and sales of investments

    77,804



    131,533

    Purchases of investments

    (89,274)



    (121,665)

    Proceeds from sale of nonfinancial assets

    —



    10,000

    Purchase of intangible assets

    —



    (8,000)

    Net cash used in investing activities

    (28,238)



    (14,236)

    CASH FLOWS FROM FINANCING ACTIVITIES:







    Proceeds from exercises of awards under equity incentive plans

    —



    7,197

    Taxes paid related to net share settlement of equity awards

    (38,779)



    (49,948)

    Other

    —



    (42)

    Net cash used in financing activities

    (38,779)



    (42,793)

    Effect of exchange rate changes on cash

    (1,416)



    1,927

    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

    105,961



    (8,131)

    Cash and cash equivalents:







    Beginning of period

    $               942,842



    $               755,127

    End of period

    $            1,048,803



    $               746,996

    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 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 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 and convertible debt in periods when they are dilutive under Non-GAAP. The company's presentation of percentage changes in total revenues at Constant Currency rates, which is computed using current period local currency sales at the prior period's foreign exchange rates, is also a Non-GAAP financial measure. This measure provides information about growth (or declines) in the company's total revenue as if foreign currency exchange rates had not changed between the prior period and the current period.

    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. Because Non-GAAP Income, Non-GAAP R&D expenses, Non-GAAP SG&A expenses, Non-GAAP Operating Margin percentage, Non-GAAP Diluted EPS, Non-GAAP Weighted-Average Diluted Shares Outstanding and Constant Currency 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. 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.

    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

    March 31,



    2025



    2024









    GAAP Reported Net Income

    $             186



    $               89

    Adjustments







    Stock-based compensation expense - COS

    2



    3

    Stock-based compensation expense - R&D

    12



    21

    Stock-based compensation expense - SG&A

    23



    34

    Amortization of intangible assets

    5



    14

    Gain on sale of nonfinancial assets (2)

    —



    (10)

    Severance and restructuring costs (3)

    —



    3

    Loss on investments (4)

    3



    —

    Income tax effect of adjustments

    (10)



    (15)

    Non-GAAP Income

    $             221



    $             140

     



    Three Months Ended

    March 31,



    2025



    2024



    Dollar



    Percentage



    Dollar



    Percentage

    GAAP Change in Total Revenues

    $                96



    15 %



    $                52



    9 %

    Adjustment for unfavorable impact of foreign currency exchange rates on product sales denominated in currencies other than U.S. dollars

    14







    23





    Non-GAAP change in Total Revenues at Constant Currency

    $              110



    17 %



    $                75



    13 %

     



    Three Months Ended

    March 31,



    2025



    2024



    R&D



    SG&A



    R&D



    SG&A

















    GAAP expenses

    $          159



    $          206



    $         205



    $          226

    Adjustments















    Stock-based compensation expense

    (12)



    (23)



    (21)



    (34)

    Severance and restructuring costs (3)

    —



    —



    —



    (3)

    Non-GAAP expenses

    $          147



    $          183



    $         184



    $          188

     



    Three Months Ended

    March 31,



    2025

    Percent

    of GAAP

    Total

    Revenue

    2024

    Percent

    of GAAP

    Total

    Revenue











    GAAP Income from Operations

    $        224

    30.0 %

    $          88

    13.6 %

    Adjustments









    Stock-based compensation expense

    37

    5.0

    58

    9.0

    Amortization of intangible assets

    5

    0.7

    14

    2.2

    Gain on sale of nonfinancial assets (2)

    —

    —

    (10)

    (1.5)

    Severance and restructuring costs (3)

    —

    —

    3

    0.5

    Non-GAAP Income from Operations

    $        266

    35.7 %

    $        154

    23.8 %

     



    Three Months Ended

    March 31,



    2025



    2024









    GAAP Diluted EPS

    $           0.95



    $           0.46

    Adjustments







    Stock-based compensation expense

    0.19



    0.29

    Amortization of intangible assets

    0.03



    0.07

    Gain on sale of nonfinancial assets (2)

    —



    (0.05)

    Severance and restructuring costs (3)

    —



    0.02

    Loss on investments (4)

    0.02



    —

    Income tax effect of adjustments

    (0.05)



    (0.08)

    Non-GAAP Diluted EPS (5)

    $           1.13



    $           0.71

    (1)

    Certain amounts may not sum or recalculate due to rounding.

    (2)

    Represents a payment triggered by a third party's attainment of a regulatory approval milestone related to previously sold intangible assets.

    (3)

    These amounts were included in SG&A and represent severance and restructuring costs related to the Company's 2024 corporate initiatives and the associated organizational redesign efforts.

    (4)

    Represents an impairment loss on non-marketable equity securities recorded in Other income (expense), net.

    (5)

    Non-GAAP Weighted-Average Diluted Shares Outstanding were 196.5 million and 199.3 million shares for the three months ended March 31, 2025 and 2024, respectively, which were equal to the respective GAAP Weighted-Average Diluted Shares Outstanding in the periods presented.

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/biomarin-reports-first-quarter-2025-results-and-reaffirms-full-year-guidance-302444297.html

    SOURCE BioMarin Pharmaceutical Inc.

    Get the next $BMRN alert in real time by email

    Chat with this insight

    Save time and jump to the most important pieces.

    Recent Analyst Ratings for
    $BMRN

    DatePrice TargetRatingAnalyst
    2/24/2025$98.00Perform → Outperform
    Oppenheimer
    11/15/2024$95.00Outperform
    Wolfe Research
    10/30/2024Outperform → Mkt Perform
    William Blair
    10/10/2024$79.00Outperform
    Raymond James
    8/20/2024$94.00 → $110.00Mkt Perform → Outperform
    Bernstein
    5/17/2024$104.00 → $72.00Outperform → Neutral
    Robert W. Baird
    5/14/2024$113.00Outperform
    Evercore ISI
    11/15/2023$100.00Overweight
    Wells Fargo
    More analyst ratings

    $BMRN
    FDA approvals

    Live FDA approvals issued by the Food and Drug Administration and FDA breaking news

    See more
    • June 29, 2023 - FDA Approves First Gene Therapy for Adults with Severe Hemophilia A

      For Immediate Release: June 29, 2023 Today, the U.S. Food and Drug Administration approved Roctavian, an adeno-associated virus vector-based gene therapy for the treatment of adults with severe hemophilia A without pre-existing antibodies to adeno-associated virus serotype 5 detected by an FDA-approved test. “Hereditary hemophilia A is a potentially serious bleeding disorder. Severe cases of hemophilia A can ca

      6/29/23 6:02:12 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care

    $BMRN
    Leadership Updates

    Live Leadership Updates

    See more
    • PureTech Founded Entity Seaport Therapeutics Appoints Robert J. Hombach to its Board of Directors as Audit Committee Chair

      Former Baxter and Baxalta Chief Financial Officer brings more than 30 years of biotech financial and operational experience PureTech Health plc (NASDAQ:PRTC, LSE: PRTC)) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company, noted that its Founded Entity, Seaport Therapeutics, ("Seaport") a clinical-stage biopharmaceutical company that is advancing novel neuropsychiatric medicines with a proven strategy and team, today announced that Robert "Bob" J. Hombach has been appointed to its Board of Directors and will serve as the Chair of the Audit Committee. Mr. Hombach is a seasoned financial and operational executive with three decades of high-level leadership in the healthca

      3/11/25 7:05:00 AM ET
      $BAX
      $BMRN
      $EMBC
      $HSIC
      Medical/Dental Instruments
      Health Care
      Biotechnology: Pharmaceutical Preparations
      Medical Specialities
    • Seaport Therapeutics Appoints Robert J. Hombach to its Board of Directors as Audit Committee Chair

      Former Baxter and Baxalta Chief Financial Officer brings more than 30 years of biotech financial and operational experience Seaport Therapeutics ("Seaport" or the "Company"), a clinical-stage biopharmaceutical company that is advancing novel neuropsychiatric medicines with a proven strategy and team, today announced that Robert "Bob" J. Hombach has been appointed to its Board of Directors and will serve as the Chair of the Audit Committee. Mr. Hombach is a seasoned financial and operational executive with three decades of high-level leadership in the healthcare sector. His experience includes serving on the Audit, Finance and Compensation Committees for several public and private Boards of

      3/11/25 7:00:00 AM ET
      $BAX
      $BMRN
      $EMBC
      $HSIC
      Medical/Dental Instruments
      Health Care
      Biotechnology: Pharmaceutical Preparations
      Medical Specialities
    • BioMarin Announces Appointment of Timothy P. Walbert to Board of Directors

      SAN RAFAEL, Calif., Feb. 24, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced that the company has appointed Timothy P. Walbert, former chairman, president and chief executive officer of Horizon Therapeutics, to the company's Board of Directors, effective Feb. 24, 2025. Mr. Walbert led Horizon, a company that focused on medicines for rare diseases, from its founding in 2008 to acquisition by Amgen in 2023. Mr. Walbert is currently senior advisor, Amgen. Prior to Horizon, Mr. Walbert served as president and chief executive officer of IDM Pharma, w

      2/24/25 4:05:00 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care

    $BMRN
    Press Releases

    Fastest customizable press release news feed in the world

    See more
    • BioMarin Strengthens Enzyme Therapy Business with Acquisition of Inozyme Pharma

      Acquisition is Strong Strategic Fit for BioMarin, Adding INZ-701, a Phase 3 Enzyme Replacement Therapy Being Developed for Treatment of ENPP1 Deficiency First Pivotal Data Readout in Children Expected in Early 2026 with Potential Launch in 2027; Additional Clinical Programs to Expand to Patients of all Ages  Potential First-in-Disease Treatment for ENPP1 Deficiency Conference Call and Webcast Scheduled Today at 8:45 a.m. ET SAN RAFAEL, Calif. and BOSTON, May 16, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) and Inozyme Pharma, Inc. (NASDAQ:INZY) announced today that BioMarin has entered into a definitive agreement to acquire Inozyme for $4.00 per share in an all-cash transa

      5/16/25 7:30:00 AM ET
      $BMRN
      $INZY
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • BioMarin Presents New Data for VOXZOGO® (vosoritide) in Children with Achondroplasia and Other Skeletal Conditions at Two International Endocrinology Meetings

      New data in children under 5 years with achondroplasia showed treatment with VOXZOGO was associated with improvement in tibial bowing, a common cause of pain and impaired function  Data from the largest retrospective, multi-year observational study of more than 600 children and adults with hypochondroplasia found significantly higher rates of comorbidities, surgeries and overall doctor visits  SAN RAFAEL, Calif., May 12, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced new data from studies of VOXZOGO® (vosoritide), demonstrating meaningful impact on tibial bowing in children with achondroplasia and investigational early efficacy results in other skeletal condi

      5/12/25 9:05:00 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • BioMarin Reports First Quarter 2025 Results and Reaffirms Full-year Guidance

      First Quarter 2025 Total Revenues of $745 million (+15% Y/Y and +17% at Constant Currency Y/Y) First Quarter 2025 GAAP Diluted Earnings Per Share (EPS) of $0.95 (+107% Y/Y) First Quarter 2025 Non-GAAP Diluted EPS of $1.13 (+59% Y/Y)  Conference Call and Webcast Scheduled Today at 4:30 p.m. ET SAN RAFAEL, Calif., May 1, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced financial results for the first quarter ended March 31, 2025. "During the first quarter, we saw continued high demand for our innovative medicines resulting in strong revenue growth

      5/1/25 4:05:00 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care

    $BMRN
    Insider Trading

    Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

    See more
    • EVP, Chief Commercial Officer Hubbard Cristin covered exercise/tax liability with 2,155 shares, decreasing direct ownership by 7% to 30,545 units (SEC Form 4)

      4 - BIOMARIN PHARMACEUTICAL INC (0001048477) (Issuer)

      5/22/25 5:02:57 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • Director Walbert Timothy P was granted 6,650 shares, increasing direct ownership by 212% to 9,780 units (SEC Form 4)

      4 - BIOMARIN PHARMACEUTICAL INC (0001048477) (Issuer)

      5/22/25 5:01:26 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • Director Meier Richard A was granted 6,650 shares, increasing direct ownership by 6% to 127,426 units (SEC Form 4)

      4 - BIOMARIN PHARMACEUTICAL INC (0001048477) (Issuer)

      5/22/25 5:00:00 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care

    $BMRN
    Analyst Ratings

    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

    See more
    • BioMarin Pharmaceutical upgraded by Oppenheimer with a new price target

      Oppenheimer upgraded BioMarin Pharmaceutical from Perform to Outperform and set a new price target of $98.00

      2/24/25 8:15:22 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • Wolfe Research initiated coverage on BioMarin Pharmaceutical with a new price target

      Wolfe Research initiated coverage of BioMarin Pharmaceutical with a rating of Outperform and set a new price target of $95.00

      11/15/24 7:39:24 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • BioMarin Pharmaceutical downgraded by William Blair

      William Blair downgraded BioMarin Pharmaceutical from Outperform to Mkt Perform

      10/30/24 6:37:15 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care

    $BMRN
    SEC Filings

    See more

    $BMRN
    Large Ownership Changes

    This live feed shows all institutional transactions in real time.

    See more
    • SEC Form 8-K filed by BioMarin Pharmaceutical Inc.

      8-K - BIOMARIN PHARMACEUTICAL INC (0001048477) (Filer)

      5/22/25 4:05:34 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • SEC Form SC TO-C filed by BioMarin Pharmaceutical Inc.

      SC TO-C - BIOMARIN PHARMACEUTICAL INC (0001048477) (Subject)

      5/16/25 7:59:36 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • BioMarin Pharmaceutical Inc. filed SEC Form 8-K: Regulation FD Disclosure

      8-K - BIOMARIN PHARMACEUTICAL INC (0001048477) (Filer)

      5/16/25 7:54:33 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • SEC Form SC 13G filed by BioMarin Pharmaceutical Inc.

      SC 13G - BIOMARIN PHARMACEUTICAL INC (0001048477) (Subject)

      9/30/24 4:29:01 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • Amendment: SEC Form SC 13G/A filed by BioMarin Pharmaceutical Inc.

      SC 13G/A - BIOMARIN PHARMACEUTICAL INC (0001048477) (Subject)

      7/10/24 1:14:41 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • Amendment: SEC Form SC 13G/A filed by BioMarin Pharmaceutical Inc.

      SC 13G/A - BIOMARIN PHARMACEUTICAL INC (0001048477) (Subject)

      7/8/24 4:32:41 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care

    $BMRN
    Financials

    Live finance-specific insights

    See more
    • BioMarin Strengthens Enzyme Therapy Business with Acquisition of Inozyme Pharma

      Acquisition is Strong Strategic Fit for BioMarin, Adding INZ-701, a Phase 3 Enzyme Replacement Therapy Being Developed for Treatment of ENPP1 Deficiency First Pivotal Data Readout in Children Expected in Early 2026 with Potential Launch in 2027; Additional Clinical Programs to Expand to Patients of all Ages  Potential First-in-Disease Treatment for ENPP1 Deficiency Conference Call and Webcast Scheduled Today at 8:45 a.m. ET SAN RAFAEL, Calif. and BOSTON, May 16, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) and Inozyme Pharma, Inc. (NASDAQ:INZY) announced today that BioMarin has entered into a definitive agreement to acquire Inozyme for $4.00 per share in an all-cash transa

      5/16/25 7:30:00 AM ET
      $BMRN
      $INZY
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • BioMarin Reports First Quarter 2025 Results and Reaffirms Full-year Guidance

      First Quarter 2025 Total Revenues of $745 million (+15% Y/Y and +17% at Constant Currency Y/Y) First Quarter 2025 GAAP Diluted Earnings Per Share (EPS) of $0.95 (+107% Y/Y) First Quarter 2025 Non-GAAP Diluted EPS of $1.13 (+59% Y/Y)  Conference Call and Webcast Scheduled Today at 4:30 p.m. ET SAN RAFAEL, Calif., May 1, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced financial results for the first quarter ended March 31, 2025. "During the first quarter, we saw continued high demand for our innovative medicines resulting in strong revenue growth

      5/1/25 4:05:00 PM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care
    • BioMarin to Host First Quarter 2025 Financial Results Conference Call and Webcast on Thursday, May 1, 2025, at 4:30pm ET

      SAN RAFAEL, Calif., April 17, 2025 /PRNewswire/ -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) today announced that Alexander Hardy, President and Chief Executive Officer of BioMarin, will host a conference call and webcast on Thursday, May 1, 2025, at 4:30 p.m. ET to discuss first quarter 2025 financial results and provide a general business update. Dial-in Number U.S. / Canada Dial-in Number: 888-596-4144International Dial-in Number: 646-968-2525Conference Call ID: 4327591 U.S. / Canada Replay Dial-in Number: 800-770-2030International Replay Dial-in Number: 609-800-9909Playba

      4/17/25 9:00:00 AM ET
      $BMRN
      Biotechnology: Pharmaceutical Preparations
      Health Care