Financial Data and Key Metrics Changes - The company has undergone an organizational transformation focusing on operating margins and prioritizing high-impact programs for genetically defined conditions [6][15] - The company has reported positive cash flow and is in a good position to seek additional innovations [11] Business Line Data and Key Metrics Changes - The company is advancing several key programs, including BMN 333 for long-acting CNP, with pivotal studies expected to begin in the second half of next year [8][25] - The Palynziq project for PKU is set for adolescent expansion filing, indicating progress in their pipeline [7] Market Data and Key Metrics Changes - The company is actively exploring external innovation opportunities alongside internal R&D efforts, indicating a dual approach to growth [10][11] - The company is focusing on the unmet needs in various markets, particularly in rare diseases, which is reflected in their strategic direction [21][88] Company Strategy and Development Direction - The company is committed to developing therapies for genetically defined conditions and shaping the medical landscape for these diseases [15] - There is a strong emphasis on leveraging both internal and external scientific advancements to enhance their product offerings [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of their long-acting CNP program, predicting significant growth benefits based on animal model data [22][24] - The regulatory landscape is perceived to be more flexible, allowing for a one-year endpoint for pivotal studies, which could expedite the approval process [55][56] Other Important Information - The company is preparing for a registration study for BMN 333, which will not include a placebo arm to facilitate patient enrollment [52][60] - The company is also advancing its DMD asset, BMN 351, with data expected by the end of the year, aiming for a significant dystrophin level increase [62][68] Q&A Session Summary Question: Can you discuss the significance of the recent data generated for Voxogo? - Voxogo is seen as a safe and effective therapy for achondroplasia, with ongoing efforts to communicate its value to patients beyond just growth metrics [17][18] Question: How does the company prioritize assets in R&D? - The company applies rigorous scientific standards and market research to prioritize programs, ensuring they align with patient needs and market demands [12][13] Question: What are the expectations for the upcoming BMN 351 data? - The company aims for a 10% dystrophin level in muscle tissue, with initial results expected to show a 3% to 5% range at the six-month mark [67][68] Question: How does the company view the combination of CNP with growth hormones? - Management expressed skepticism about the efficacy of growth hormones in achondroplasia, emphasizing the need for targeted therapies instead [43][44] Question: What is the bar for success in the hypochondroplasia study? - The study is powered to measure growth velocity acceleration similar to Voxogo, with expectations for potentially larger effects based on prior data [91][92]

Financial Data and Key Metrics Changes - The company has undergone an organizational transformation focusing on operating margins and prioritizing high-impact programs for genetically defined conditions [3][12] - The company has cash and free cash flow, indicating a good position to pursue additional innovations [7] Business Line Data and Key Metrics Changes - The company is advancing several key programs, including BMN333 for long-acting CNP, with pivotal studies expected to begin in the late second half of next year [5][22] - The Voxogo program for achondroplasia is being developed with a focus on health and wellness factors beyond just growth velocity [15][27] Market Data and Key Metrics Changes - The company is actively engaging in business development to assess external science alongside internal innovations, indicating a strategic approach to market opportunities [6][12] - The hypochondroplasia study has recruited faster than anticipated, reflecting strong unmet needs in the market [76] Company Strategy and Development Direction - The company is committed to developing therapies for genetically defined conditions and shaping the way these diseases are defined and treated [12][13] - The strategy includes a combination of internal and external innovations, with a focus on business development to enhance the pipeline [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the regulatory landscape, noting that the FDA appears to be more flexible regarding trial endpoints [47] - The company aims to have a registration package ready for approval by 2030, with efforts to expedite the process [46] Other Important Information - The company is preparing for a pivotal study for BMN351, targeting Duchenne muscular dystrophy, with data expected by the end of the year [51][58] - The integration of the Enzyme program (BMN401) is progressing well, with expectations for significant patient benefits [84] Q&A Session Summary Question: Can you discuss the significance of the recent data generated for Voxogo? - Voxogo is seen as a safe and effective therapy for achondroplasia, with ongoing efforts to communicate its value to patients beyond just growth metrics [14][15] Question: How does the company prioritize assets in R&D? - The company applies rigorous scientific standards and market research to prioritize programs, ensuring they align with patient needs [10][11] Question: What are the expectations for the upcoming BMN333 trial? - The trial is designed without a placebo arm to facilitate enrollment, with a focus on comparative effectiveness against Voxogo [44][46] Question: What is the anticipated timeline for the BMN351 data release? - Data for BMN351 is expected by the end of the year, with a focus on achieving significant dystrophin levels in patients [56][59] Question: How does the company view the potential for combination therapies? - Management believes that rational combinations of therapies will be essential for future treatments, although growth hormone may not play a major role [36][37]

Core Insights - The conference is being kicked off by a senior biotech analyst from Cantor Fitzgerald, indicating a focus on the biotechnology sector [1] - The presence of Greg Friberg, Chief R&D Officer from BioMarin, suggests that the company is highlighting its research and development efforts [1] Company Highlights - BioMarin is represented by its Chief R&D Officer, indicating the company's commitment to sharing insights on its research initiatives [1] - The event is taking place on the East Coast, which may suggest a strategic location for engaging with investors and industry stakeholders [1]

BioMarin Pharmaceutical (BMRN) Conference Call Summary Company Overview - **Company**: BioMarin Pharmaceutical Inc. - **Event**: 2025 Conference on September 03, 2025 - **Key Speaker**: Greg Friberg, Chief R&D Officer Key Priorities and Pipeline Developments - **BMN 333 Program**: Focus on long-acting C-type natriuretic peptide for achondroplasia, considered a top priority for the company [3][4] - **Voxzogo Data**: Anticipation of hypochondroplasia data in the first half of next year, with plans to file in the U.S. and Europe for adolescents [3][4] - **BMN 401**: Acquired from Innozyme Pharma, a first-in-class therapy for ENPP1 deficiency, with the ENERGY3 study results expected in the first half of next year [4][5] Business Development Strategy - **Focus on Quality**: The company prioritizes quality over quantity in business development, seeking both early and late-stage assets [6][7] - **Areas of Interest**: Strong interest in skeletal conditions and enzyme replacement therapies, as well as adjacent opportunities in neuromuscular and pediatric neurologic indications [7][8] BMN 333 Details - **Unique Characteristics**: BMN 333 has a longer half-life compared to existing CNP therapies, allowing for increased dosing without the side effects associated with high Cmax levels [10][12] - **Phase 1 Study Results**: Initial studies show BMN 333 achieving three times the area under the curve (AUC) compared to other long-acting CNPs, suggesting potential for increased linear growth [13][14] Future Study Plans - **Phase 2/3 Study**: Plans to initiate a combined phase 2/3 study in achondroplasia patients, comparing BMN 333 to Voxzogo without a placebo arm [19][20] - **Focus on Health and Wellness**: The goal is to not only measure linear growth but also improve overall health and wellness for patients [21][22] Innozyme Acquisition and BMN 401 - **Acquisition Rationale**: The Innozyme molecule (BMN 401) targets ENPP1 deficiency, a severe genetic disorder with high mortality in infants [33][34] - **Ongoing Studies**: The ENERGY3 study aims to normalize biochemistry and assess functional impacts on bones in children aged 1-12 [34][35] - **Future Studies**: Plans for a pivotal adult study (ENERGY4) and potential studies in infants are being developed [36][43] Conclusion - **Strategic Positioning**: BioMarin is well-positioned with a robust pipeline and financial resources to explore new opportunities in rare diseases, particularly focusing on genetically defined conditions [5][8] - **Commitment to Patients**: The company emphasizes its commitment to improving patient outcomes and wellness through innovative therapies and transparent data sharing [23][24]

Core Viewpoint - The healthcare sector is showing initial signs of recovery after reaching a 30-year high in valuation discount relative to the S&P 500 index [1][2] Group 1: Market Performance - Since reaching a historical high on September 3, 2024, healthcare stocks have been in a "persistent downtrend," underperforming both in absolute terms and relative to the S&P 500 [1] - August is identified as a turning point for the sector, with healthcare stocks beginning to reverse their previous weak performance [1] Group 2: Economic Environment - The recovery is driven by a historically significant valuation gap and an economic backdrop characterized by GDP growth slowing to 1.5% or lower while inflation remains at 3% or higher, which historically favors the healthcare sector [1] - The dual effect of valuation discount and improved sentiment provides strong justification for including healthcare stocks in investment portfolios under the current economic conditions [2] Group 3: Investment Recommendations - Evercore ISI highlights several healthcare stocks with attractive valuations and sentiment, including Cencora (COR.US), BioMarin Pharmaceutical (BMRN.US), Cigna (CI.US), Cardinal Health (CAH.US), Humana (HUM.US), Incyte (INCY.US), LabCorp (LH.US), Pfizer (PFE.US), Quest Diagnostics (DGX.US), Teleflex (TFX.US), Tenet Healthcare (THC.US), Universal Health Services (UHS.US), and Viatris (VTRS.US) [2]

Group 1 - The healthcare sector is showing initial signs of recovery after reaching a 30-year high in valuation discount relative to the S&P 500 index [1][2] - Healthcare stocks have been in a "persistent downtrend" since reaching historical highs on September 3, 2024, missing out on market rebounds [1] - The recovery is driven by a historical valuation gap and a macroeconomic environment characterized by GDP growth slowing to 1.5% or lower while inflation remains at 3% or higher, which historically favors healthcare sector performance [1] Group 2 - The current price-to-earnings ratio of the overall market is 25.5 times, while healthcare stocks still present attractive investment options [2] - The potential recovery of healthcare stocks is described as part of "the fastest bear market rebound in history," indicating a larger bull market may extend until 2026 [2] - Evercore ISI recommends healthcare stocks with both valuation and sentiment appeal, including Cencora, BioMarin Pharmaceutical, Cigna, Cardinal Health, Humana, Incyte, Labcorp, Pfizer, Quest Diagnostics, Teleflex, Tenet Healthcare, Universal Health Services, and Viatris [2]

Group 1 - The article is authored by Terry Chrisomalis, who operates the Biotech Analysis Central pharmaceutical service on Seeking Alpha Marketplace, offering a two-week free trial for new subscribers [1] - Biotech Analysis Central provides a library of over 600 biotech investing articles, a model portfolio of more than 10 small and mid-cap stocks, and various analysis and news reports to assist healthcare investors [2] Group 2 - The service is priced at $49 per month, with a yearly plan available at a discounted rate of $399, reflecting a 33.50% discount [1] - The analyst has no current stock or derivative positions in any mentioned companies and does not plan to initiate any within the next 72 hours [3]

Core Viewpoint - BioMarin Pharmaceutical Inc. reported strong second-quarter earnings and raised its fiscal 2025 guidance, driven by robust revenue growth from its Voxzogo and enzyme therapies, despite some challenges in the Kuvan product line [1][4][2]. Financial Performance - The company reported adjusted earnings of $1.44 per share, a 50% increase year over year, surpassing the consensus estimate of $0.85 [1]. - Sales reached $825.41 million, up 16% year over year, exceeding the consensus of $760.39 million [1]. - Revenue from enzyme therapies increased by 15%, supported by higher patient demand and large government orders, although this was partially offset by lower Kuvan revenues due to generic competition [2]. Guidance and Future Outlook - BioMarin raised its fiscal 2025 adjusted earnings guidance from $4.20 to $4.40 per share to a new range of $4.40 to $4.55, above the consensus of $3.45 [4]. - The sales guidance for 2025 was also increased from $3.1 billion to a range of $3.125 billion to $3.2 billion, compared to the consensus of $3.14 billion [4]. - Voxzogo is expected to contribute $900 million to $935 million to 2025 revenues [4]. Clinical Developments - BioMarin announced positive Phase 1 study results for BMN 333, showing pharmacokinetic levels significantly higher than other long-acting CNP studies [5]. - No safety signals were noted, and plans are in place to initiate a Phase 2/3 study in the first half of 2026, with a potential launch in 2030 [6]. Analyst Insights - Analysts view the revenue beat and modified guidance as positive, although they note that the enzyme therapy business is expected to see modest growth due to upcoming competition for Palynziq in 2025 [6][7]. - UBS maintains a Buy rating for BioMarin, raising the price forecast from $113 to $114, with BMRN stock showing a 5.71% increase to $63.75 [8].

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the periods ended June 30, 2025 Condensed Consolidated Statements of Comprehensive Income (Unaudited) | Metric | Three Months Ended June 30, 2025 ($ in thousands) | Three Months Ended June 30, 2024 ($ in thousands) | Six Months Ended June 30, 2025 ($ in thousands) | Six Months Ended June 30, 2024 ($ in thousands) | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | $825,410 | $712,029 | $1,570,555 | $1,360,862 | | **Income from Operations** | $276,887 | $120,452 | $500,780 | $208,914 | | **Net Income** | $240,532 | $107,174 | $426,218 | $195,836 | | **Diluted EPS** | $1.23 | $0.55 | $2.19 | $1.01 | Condensed Consolidated Balance Sheets Highlights (Unaudited) | Metric | June 30, 2025 ($ in thousands) | December 31, 2024 ($ in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $3,805,332 | $3,232,427 | | **Total Assets** | $7,456,341 | $6,988,940 | | **Total Liabilities** | $1,429,228 | $1,330,950 | | **Total Stockholders' Equity** | $6,027,113 | $5,657,990 | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Metric | Six Months Ended June 30, 2025 ($ in thousands) | Six Months Ended June 30, 2024 ($ in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $359,665 | $165,733 | | **Net cash provided by (used in) investing activities** | ($40,830) | $76,244 | | **Net cash used in financing activities** | ($43,382) | ($30,181) | | **Net increase in cash and cash equivalents** | $270,974 | $217,023 | [Notes to Condensed Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) The notes detail accounting policies, revenue breakdowns, and significant events like the Inozyme Pharma acquisition Net Product Revenues by Product (Six Months Ended June 30) | Product | 2025 ($ in thousands) | 2024 ($ in thousands) | | :--- | :--- | :--- | | VOXZOGO | $435,145 | $336,812 | | VIMIZIM | $403,770 | $370,536 | | NAGLAZYME | $243,157 | $237,678 | | PALYNZIQ | $199,207 | $164,000 | | ALDURAZYME | $105,414 | $73,820 | | BRINEURA | $89,054 | $84,356 | | KUVAN | $52,170 | $64,461 | | ROCTAVIAN | $19,709 | $8,281 | Net Product Revenues by Geographic Region (Six Months Ended June 30) | Region | 2025 ($ in thousands) | 2024 ($ in thousands) | | :--- | :--- | :--- | | United States | $514,248 | $420,448 | | Europe | $472,716 | $416,738 | | Latin America | $186,400 | $163,012 | | Rest of world | $268,848 | $265,926 | - On July 1, 2025, the Company completed its acquisition of Inozyme Pharma, Inc in an all-cash transaction for approximately **$270.0 million**[81](index=81&type=chunk) - The Company is involved in a legal matter with the U.S Department of Justice (DOJ) regarding sponsored testing programs for VIMIZIM and NAGLAZYME[78](index=78&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=22&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes Q2 2025 financial performance, highlighting revenue growth and operational expense trends [Results of Operations](index=24&type=section&id=Results%20of%20Operations) Q2 2025 revenues grew due to higher sales volumes while net income increased significantly from lower operating expenses Net Product Revenue Changes (Three Months Ended June 30, 2025 vs 2024) | Product | 2025 Revenue (M) | 2024 Revenue (M) | Change (M) | Key Driver | | :--- | :--- | :--- | :--- | :--- | | **VOXZOGO** | $221.4 | $183.9 | $37.5 | Higher sales volume from new patients | | **VIMIZIM** | $215.4 | $178.0 | $37.4 | Higher sales volume and timing of government orders | | **PALYNZIQ** | $105.9 | $88.3 | $17.6 | Higher sales volume from new patients | | **KUVAN** | $27.1 | $28.6 | ($1.5) | Increasing generic competition | - R&D expenses **decreased by $22.5 million** in Q2 2025 compared to Q2 2024, primarily due to lower spending on ROCTAVIAN and discontinued research programs[107](index=107&type=chunk) - SG&A expenses **decreased by $30.7 million** in Q2 2025 compared to Q2 2024, driven by reduced commercial activities for ROCTAVIAN and lower G&A costs[109](index=109&type=chunk)[110](index=110&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=29&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company's liquidity improved with $1.94 billion in cash and investments and strong operating cash flow Cash, Cash Equivalents, and Investments | Category | June 30, 2025 ($ in millions) | December 31, 2024 ($ in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $1,213.8 | $942.8 | | Short-term investments | $218.3 | $194.9 | | Long-term investments | $508.6 | $521.2 | | **Total** | **$1,940.7** | **$1,658.9** | - The company has **$600.0 million in convertible debt** due in 2027 and an undrawn **$600.0 million revolving credit facility** that matures in 2029[126](index=126&type=chunk)[127](index=127&type=chunk) - As of June 30, 2025, the company had purchase obligations of approximately **$585.7 million**, with $236.5 million expected to be paid in 2025[128](index=128&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's market risk profile has not materially changed from the disclosures in its 2024 Annual Report - There have been **no material changes** in the company's market risks during the six months ended June 30, 2025, compared to the 2024 Form 10-K[135](index=135&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls were effective, noting the ongoing implementation of a new ERP system - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of June 30, 2025[137](index=137&type=chunk) - The company began deploying a **new ERP system** in January 2025, with a phased implementation scheduled through 2026[140](index=140&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no new legal proceedings for the period - There are **no legal proceedings** to report for the period[141](index=141&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks related to strategy execution, competition, regulation, manufacturing, and global operations [Business and Operational Risks](index=33&type=section&id=Business%20and%20Operational%20Risks) Key risks include executing the new corporate strategy, competition from generics, and securing reimbursement for high-priced drugs - Success is dependent on managing growth and executing the new corporate strategy, including **expanding VOXZOGO's use** and **integrating the Inozyme Pharma acquisition**[145](index=145&type=chunk)[146](index=146&type=chunk) - The company faces **intense competition**, including from generic versions of its products like KUVAN, which will continue to adversely affect revenues[158](index=158&type=chunk) - Commercial viability depends on obtaining **adequate coverage and reimbursement** from third-party payers for high-priced rare disease therapies[159](index=159&type=chunk)[165](index=165&type=chunk) [Regulatory Risks](index=37&type=section&id=Regulatory%20Risks) The company is exposed to risks from uncertain drug approval processes, ongoing compliance requirements, and healthcare reforms - **Failure or delays in receiving regulatory approval** from authorities like the FDA and EMA can prevent revenue generation and increase costs[173](index=173&type=chunk) - Approved products are subject to **extensive ongoing regulatory requirements**, such as the PALYNZIQ REMS program, with non-compliance risking significant penalties[181](index=181&type=chunk)[183](index=183&type=chunk) - Government healthcare reforms, such as the **Inflation Reduction Act (IRA)**, and international price controls could adversely affect product pricing[194](index=194&type=chunk)[199](index=199&type=chunk) [Manufacturing and International Risks](index=47&type=section&id=Manufacturing%20and%20International%20Risks) Risks stem from complex manufacturing processes, reliance on single-source suppliers, and exposure to global geopolitical and economic factors - The **complexity of manufacturing biologics** and gene therapies may lead to insufficient production quantities at acceptable costs[226](index=226&type=chunk)[227](index=227&type=chunk) - The company depends on **single-source suppliers** and a limited number of manufacturing facilities, creating vulnerability to supply interruptions[235](index=235&type=chunk) - Significant international operations create exposure to **foreign currency fluctuations, geopolitical instability, and diverse regulatory requirements**[244](index=244&type=chunk)[251](index=251&type=chunk)[261](index=261&type=chunk) [General and Financial Risks](index=46&type=section&id=General%20and%20Financial%20Risks) Financial risks include capital needs for debt repayment, stock price volatility, new tax laws, and cybersecurity threats - The company may need to raise additional capital to fund operations and repay its **$600.0 million of convertible notes** due in 2027[215](index=215&type=chunk)[216](index=216&type=chunk) - New tax laws, such as the **One Big Beautiful Bill (OBBB) Act** enacted in 2025, could materially affect the company's business[295](index=295&type=chunk)[297](index=297&type=chunk) - The company is subject to stringent data privacy laws like **GDPR and CCPA**, with non-compliance risking significant fines and reputational harm[305](index=305&type=chunk)[306](index=306&type=chunk) - The company is vulnerable to **cybersecurity incidents** that could disrupt operations and compromise sensitive data, particularly during its new ERP implementation[318](index=318&type=chunk)[319](index=319&type=chunk)[320](index=320&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=64&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - **None reported**[336](index=336&type=chunk) [Other Information](index=64&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans during the second quarter of 2025 - **No directors or officers adopted or terminated Rule 10b5-1 trading plans** during the second quarter of 2025[339](index=339&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the Inozyme Pharma merger agreement and CEO/CFO certifications - The exhibits include the **Agreement of Plan and Merger with Inozyme Pharma, Inc**, corporate governance documents, and CEO/CFO certifications[340](index=340&type=chunk)

Core Insights - BioMarin Pharmaceutical (BMRN) reported Q2 2025 adjusted EPS of $1.44, exceeding the Zacks Consensus Estimate of $1.03, with a 50% year-over-year increase driven by higher product sales and lower operating expenses [1][9] - Total revenues reached $825.4 million, reflecting a 16% year-over-year increase, surpassing the Zacks Consensus Estimate of $766.2 million [1][9] Revenue Breakdown - Product revenues totaled $813 million, a 16% year-over-year increase, primarily due to higher sales from Voxzogo, Palynziq, Vimizim, and Aldurazyme, partially offset by lower Kuvan sales [2] - Voxzogo generated $221 million in sales, up 20% year over year, exceeding the Zacks Consensus Estimate of $219 million [3] - Enzyme Therapies sales rose 15% year over year to $555 million, driven by increased patient demand and large government orders [4] - Palynziq injection sales increased 20% year over year to $106 million, surpassing both the Zacks Consensus Estimate and internal model estimates [5] - Vimizim sales rose 21% year over year to $215 million, beating both the Zacks Consensus Estimate and internal model estimates [6] - Aldurazyme sales totaled $56 million, up 44% year over year, attributed to favorable order fulfillment timing [6] Financial Guidance - BioMarin revised its 2025 revenue forecast to $3.13-$3.20 billion, reflecting an 11% year-over-year increase at the midpoint [11] - Adjusted EPS guidance was raised to $4.40-$4.55, indicating a 27% growth over the previous year at the midpoint [14] - The company expects Voxzogo sales to be between $900-$935 million, with higher revenues anticipated in the second half of the year [12] Pipeline Developments - The acquisition of Inozyme added BMN 401, an investigational enzyme replacement therapy for rare disorders, with interim results expected in early 2026 [18][19] - BioMarin is advancing its CANOPY clinical program for Voxzogo, targeting additional indications with data expected in 2026 [22] - BMN 333, a long-acting formulation of CNP, is set to enter a phase II/III study in 2026, aiming for a potential launch in 2030 [23] - The company plans to file for expanded use of Palynziq in adolescents based on positive late-stage study results [21]