BioMarin Pharmaceutical(US:BMRN)2025-10-28 18:07Financial Performance - Total revenues for the three months ended September 30, 2025, were $776.1 million, an increase of 4.9% compared to $745.7 million in the same period of 2024[96]. - Net product revenues for the three months ended September 30, 2025, totaled $760.8 million, up 3.7% from $733.9 million in 2024[106]. - VOXZOGO generated $218.4 million in revenue for the three months ended September 30, 2025, a 15.0% increase from $189.9 million in 2024[106]. - The company reported a net loss of $30.7 million for the three months ended September 30, 2025, compared to a net income of $106.1 million in 2024[96]. - Total net product revenues for the three months ended September 30, 2025, increased to $760.8 million, up 3.7% from $733.9 million in 2024, with a nine-month total of $2,308.4 million compared to $2,073.8 million, a 11.3% increase[113]. Research and Development - Research and development (R&D) expenses for the three months ended September 30, 2025, were $409.5 million, a significant increase of 121.1% from $184.9 million in 2024[96]. - R&D expenses for the three months ended September 30, 2025, totaled $409.5 million, a significant increase of 121.5% from $184.9 million in 2024, with nine-month expenses rising to $729.5 million from $573.7 million, a 27.5% increase[118]. - The increase in R&D expenses was primarily due to acquired In-Process Research and Development (IPR&D) related to a phase 3 clinical program from Inozyme acquisition and increased spending on VOXZOGO indication for hypochondroplasia[118]. - PALYNZIQ's Phase 3 PEGASUS study demonstrated statistically significant blood phenylalanine lowering in adolescents aged 12 to 17[102]. - New data presented at the ASBMR Annual Meeting in September 2025 showed VOXZOGO's positive impact on spinal morphology in children with achondroplasia[101]. Expenses - Selling, General and Administrative (SG&A) expenses for the three months ended September 30, 2025, were $268.4 million, up 5.9% from $253.5 million in 2024, while nine-month SG&A expenses decreased slightly to $706.8 million from $742.4 million[120]. - Interest expense for the three months ended September 30, 2025 was $2.6 million, a decrease of $0.4 million from $3.0 million in 2024, while for the nine months, it was $8.1 million, down $2.0 million from $10.1 million in 2024[128]. - The decrease in G&A expenses was attributed to severance and restructuring costs incurred in 2024 that did not occur in 2025, partially offset by post-acquisition severance charges related to Inozyme[121]. Cash Flow and Liquidity - Cash and cash equivalents as of September 30, 2025 were $1,250.1 million, an increase of $307.3 million from $942.8 million as of December 31, 2024[132]. - Net cash provided by operating activities for the nine months ended September 30, 2025 was $728.4 million, an increase of $341.2 million from $387.2 million in 2024[134]. - Net cash used in investing activities for the nine months ended September 30, 2025 was $(371.8) million, a decrease of $431.9 million from $60.1 million in 2024, primarily due to $285 million paid for the acquisition of Inozyme[135]. - The company’s $600.0 million convertible debt will impact liquidity due to semi-annual cash interest payments and principal repayment if not converted[137]. - The unsecured revolving credit facility of $600.0 million entered in August 2024 is intended to finance ongoing working capital needs and matures in August 2029, with no amounts outstanding as of September 30, 2025[138]. Market and Strategic Developments - The company completed the acquisition of Inozyme Pharma, Inc. in July 2025, aimed at enhancing its enzyme therapies portfolio[104]. - In October 2025, the company announced plans to explore divestment options for ROCTAVIAN, including out-licensing opportunities[100]. - The company faces macroeconomic uncertainties, including inflation and supply chain disruptions, which could impact revenue sources[97]. Foreign Currency Impact - The unfavorable impact of foreign currency exchange rates on product sales for the three months ended September 30, 2025, was $8.2 million, an improvement from $22.6 million in 2024, with a nine-month impact of $28.9 million compared to $75.2 million in 2024[113].