BioMarin Beats on Q3 Earnings, Seeks to Divest Hemophilia Gene Therapy

Core Insights - BioMarin Pharmaceutical (BMRN) reported Q3 2025 adjusted EPS of 12 cents, surpassing the Zacks Consensus Estimate of a loss of 15 cents, but reflecting an 87% year-over-year decline due to IPR&D charges of $221 million related to the acquisition of Inozyme Pharma [1][7][14] - Total revenues reached $776 million, a 4% increase year-over-year, but fell short of the Zacks Consensus Estimate of $784 million [1][14] Revenue Breakdown - Product revenues amounted to nearly $761 million, up 4% year-over-year, driven by Voxzogo and Palynziq, although partially offset by lower sales of Aldurazyme and Kuvan [4][10] - Voxzogo sales were $218 million, a 15% increase year-over-year, primarily due to new patient initiations outside the U.S., despite some unfavorable order timing [5][8] - Palynziq injection sales totaled $109 million, up 20% year-over-year, exceeding both the Zacks Consensus Estimate and internal model estimates [10] - Enzyme Therapies sales rose 1% year-over-year to $516 million, with Vimizim sales increasing 3% to $183 million, although it missed estimates [9][10] Financial Guidance and Outlook - BioMarin revised its full-year revenue guidance to $3.15-$3.20 billion, reflecting an increase of $25 million from previous estimates, indicating over 11% growth year-over-year at the midpoint [14][15] - Adjusted EPS guidance was lowered to $3.50-$3.60, down from $4.40-$4.55, implying a 1% growth over last year's level at the midpoint [16] - The company plans to divest Roctavian to focus on strategic growth and partnerships, while maintaining marketing efforts until a final decision is made [17][18] Pipeline Developments - BioMarin is advancing its CANOPY clinical program for Voxzogo, targeting additional indications, with data expected in the first half of 2026 [20] - The company is also pursuing multiple partnership and acquisition opportunities, with an estimated $4-$5 billion available for future growth initiatives [17] - Initial proof-of-concept data for BMN 351, an oral therapeutic for liver disease, is expected by the end of this year [23]