BioMarin Raises 2025 Revenue Outlook as VOXZOGO and PALYNZIQ Fuel Double-Digit Growth
VOXZOGO and PALYNZIQ Deliver 20%+ Year-Over-Year Revenue Growth
BioMarin Pharmaceutical (NASDAQ: BMRN) has lifted its full-year 2025 revenue guidance, driven by robust performance from its flagship therapies, VOXZOGO and PALYNZIQ. For the year-to-date, total company revenues are up 11%, with VOXZOGO and PALYNZIQ delivering revenue growth of 24% and 21% respectively compared to the same period in 2024. These results highlight the continued uptake and expanding global footprint of BioMarin’s leading rare disease therapies.
The company reaffirmed VOXZOGO’s full-year outlook, anticipating revenues between $900 million and $935 million for 2025. With over 75% of VOXZOGO revenue generated outside the U.S. and ongoing patient expansion initiatives, BioMarin remains on track to increase access in more than 60 countries by 2027.
| Product | Q3 2025 Revenue (million) | Y/Y Growth (%) | 2025 YTD Revenue (million) | YTD Growth (%) |
|---|---|---|---|---|
| VOXZOGO | 218 | 15 | 654 | 24 |
| PALYNZIQ | 109 | 20 | 308 | 21 |
| Total Revenues | 776 | 4 | 2,347 | 11 |
Strategic Shift: Divesting ROCTAVIAN and Refocusing Portfolio
BioMarin announced plans to divest its gene therapy, ROCTAVIAN, as it pivots to concentrate resources on its core Enzyme Therapies and Skeletal Conditions franchises. The decision follows sustained growth from existing portfolio therapies and a drive for operational efficiency. ROCTAVIAN, while showing clinical promise for hemophilia A, will remain available in select markets until the divestiture process concludes.
Innovation Pipeline Advances with Broad Indication Expansion
The company’s commitment to innovation is underlined by its progressing clinical pipeline. Notably, pivotal data for VOXZOGO in hypochondroplasia is expected in early 2026, with further launches targeted for multiple rare growth conditions. BioMarin is also preparing for Phase 2/3 dosing of BMN 333 and regulatory submissions for PALYNZIQ in adolescent populations following positive Phase 3 results.
Financial Picture: Strong Operating Cash Flow and Updated Guidance
BioMarin’s operating cash flows reached $728 million year-to-date, supporting its strategy for innovation and portfolio investment. The company ended the quarter with approximately $2.0 billion in cash and investments, bolstering its financial flexibility. However, GAAP net loss in Q3 was reported at $31 million, reflecting a one-time $221 million IPR&D charge from the Inozyme acquisition, partially offset by revenue gains and improved gross margins.
Non-GAAP income for the third quarter declined to $22 million (from $178 million in Q3 2024), mainly due to acquisition-related costs. For 2025, updated full-year financial guidance projects total revenues between $3.15 billion and $3.20 billion, and Non-GAAP diluted EPS of $3.50 to $3.60. The operating margin outlook has been revised downward to account for the impact of acquired R&D expenses.
| Financial Metric | Q3 2025 | Q3 2024 | Y/Y Change (%) |
|---|---|---|---|
| GAAP Net Income (Loss) | ($31M) | $106M | -129 |
| Non-GAAP Income | $22M | $178M | -88 |
| Operating Cash Flow (YTD) | $728M | +88 | |
| Total Cash & Investments | $2.0B | +20 | |
Key Takeaway: Focused Execution with an Eye on Future Growth
BioMarin’s strong year-to-date results and reaffirmed outlook signal a company in strategic transition—building on its best-performing therapies while shedding assets that do not align with its long-term vision. The growing global adoption of VOXZOGO and PALYNZIQ, ongoing clinical innovation, and disciplined cash management provide BioMarin with a robust platform for future value creation. As the company repositions for sustainable growth, investors and patients alike will be watching upcoming data milestones and further geographic expansion closely.
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