BioMarin Pharmaceutical(BMRN) - 2025 Q2 - Quarterly Results

Financial Performance - Total Revenues for Q2 2025 were $825 million, a 16% increase year-over-year, driven by a 20% growth in VOXZOGO revenue[8]. - GAAP Net Income rose to $241 million, reflecting a 125% increase compared to Q2 2024, primarily due to higher gross profit and lower SG&A expenses[12]. - Non-GAAP Diluted EPS for Q2 2025 was $1.44, a 50% increase year-over-year, while GAAP Diluted EPS was $1.23, up 124%[12]. - Total revenues for Q2 2025 reached $825.4 million, a 15.9% increase from $712.0 million in Q2 2024[27]. - Net product revenues for Q2 2025 were $813.0 million, up from $702.1 million in Q2 2024, reflecting a growth of 15.9%[27]. - Net income for the six months ended June 30, 2025, was $426.2 million, a 117% increase from $195.8 million in 2024[33]. - Total revenues for the six months ended June 30, 2025, increased by $210 million, or 15%, compared to the same period in 2024[39]. - Non-GAAP income for the six months ended June 30, 2025, was $502 million, up from $329 million in 2024, reflecting a 52% increase[39]. - Non-GAAP diluted EPS for the six months ended June 30, 2025, was $2.57, compared to $1.67 in 2024, marking a 54% increase[41]. Cash Flow and Liquidity - Operating cash flows totaled $185 million in Q2 2025, a 55% increase from the same period in 2024, supporting future growth investments[15]. - Cash and cash equivalents as of June 30, 2025, were $1.21 billion, compared to $942.8 million at the end of 2024, indicating a significant liquidity improvement[31]. - Cash and cash equivalents at the end of the period increased to $1.21 billion in 2025 from $972.2 million in 2024[33]. - Net cash provided by operating activities increased to $359.7 million in 2025 from $165.7 million in 2024, representing a 117% growth[33]. Revenue Guidance and Projections - The company raised its full-year 2025 guidance for Total Revenues, Non-GAAP Operating Margin, and Non-GAAP Diluted EPS, reflecting strong patient demand[15]. - Non-GAAP diluted EPS for 2025 is projected to be between $4.40 and $4.55, up from the previous guidance of $4.20 to $4.40[17]. - Non-GAAP operating margin for 2025 is expected to be between 33% and 34%, an increase from the previous estimate of 32% to 33%[17]. - The contribution of VOXZOGO to total revenues for 2025 is expected to be in the range of $900 million to $935 million[17]. Product Development and Acquisitions - BioMarin completed the acquisition of Inozyme on July 1, 2025, enhancing its portfolio with BMN 401 for ENPP1 Deficiency treatment[5]. - BMN 333, a long-acting CNP treatment for achondroplasia, showed promising Phase 1 data and is set to enter pivotal studies in 2026[8]. - BioMarin expects to submit applications to expand PALYNZIQ age eligibility in the U.S. and Europe in the second half of 2025, with potential approval in 2026[11]. - The company anticipates initial pivotal data for BMN 401 in the first half of 2026, with a potential launch in 2027[8]. - BioMarin plans to expand VOXZOGO into more than 60 countries by 2027, indicating a strategic market expansion[24]. - The acquisition of Inozyme Pharma, completed on July 1, 2025, is expected to impact future financial results, with updates to be provided in Q3 2025 earnings[19]. Expenses and Financial Adjustments - Research and development (R&D) expenses for the six months ended June 30, 2025, were $320 million, compared to $389 million in 2024, a decrease of 18%[41]. - Selling, general and administrative (SG&A) expenses for the six months ended June 30, 2025, were $438 million, down from $489 million in 2024, a decrease of 10%[41]. - The company reported a non-GAAP operating margin of 37.9% for the six months ended June 30, 2025, compared to 27.6% in 2024[41]. - The company experienced a favorable impact of foreign currency exchange rates, with a $21 million adjustment for the six months ended June 30, 2025[39]. - The company incurred severance and restructuring costs related to its 2024 corporate initiatives, included in SG&A[42]. - Impairment loss on non-marketable equity securities was recorded in Other income (expense), net[42]. - A payment was triggered by a third party's attainment of a regulatory approval milestone related to previously sold intangible assets[42]. Shareholder Information - Non-GAAP Weighted-Average Diluted Shares Outstanding for Q2 2025 were 197.1 million, compared to 200.5 million in Q2 2024[43]. - For the six months ended June 30, 2025, Non-GAAP Weighted-Average Diluted Shares Outstanding were 196.6 million, down from 200.1 million in the same period of 2024[43].