BioMarin (BMRN) Down 13.6% Since Last Earnings Report: Can It Rebound?

Core Viewpoint - BioMarin Pharmaceutical has experienced a decline in share price by approximately 13.6% since its last earnings report, underperforming the S&P 500 index [1][2]. Financial Performance - In Q4 2025, BioMarin reported adjusted earnings per share of 46 cents, surpassing the Zacks Consensus Estimate of 25 cents, although earnings declined by 50% year over year due to a $119.2 million inventory write-off related to the withdrawal of Roctavian from the market [3]. - Total revenues for Q4 were $875 million, reflecting a 17% year-over-year increase, primarily driven by strong sales of Voxzogo, and exceeded the Zacks Consensus Estimate of $830 million [4]. - Net product revenues reached approximately $859.3 million, up 17% year over year, with Voxzogo sales contributing significantly [5]. - Voxzogo generated sales of $273 million, marking a 31% increase year over year, attributed to new patient initiations and favorable government orders, particularly in Latin America [5]. - The company consolidated revenues from five products under the "Enzyme Therapies" segment, which saw a 13% year-over-year increase to $549 million [6]. Product Performance - Sales of Palynziq injections totaled $125 million, up 25% year over year, exceeding the Zacks Consensus Estimate of $108 million [7]. - Vimizim sales rose 8% year over year to $206 million, beating the Zacks Consensus Estimate of $201 million [7]. - Naglazyme sales increased by 9% year over year to $120 million, while Brineura generated $49 million, up 2% [7]. - Roctavian sales were $13 million, a slight increase from $11 million in the previous year, while Kuvan sales declined by 18% to $23 million due to generic competition [8]. Full-Year Results and Guidance - For the full year 2025, BioMarin reported total revenues of $3.22 billion, a 13% increase year over year, with reported earnings of $3.15 per share, down 11% from the previous year [9]. - For 2026, the company expects total revenues between $3.33 billion and $3.43 billion, with a consensus estimate around $3.35 billion, excluding contributions from Amicus Therapeutics [10]. - Voxzogo is anticipated to be a significant revenue contributor, with expected sales between $975 million and $1.03 billion, while enzyme therapies revenues are projected to be between $2.23 billion and $2.28 billion [11]. - The adjusted operating margin is expected to be around 40% for 2026, excluding the Amicus transaction [11]. - Adjusted earnings per share for 2026 are projected to be in the range of $4.95 to $5.15, accounting for integration preparation costs and interest expenses related to the Amicus acquisition [12]. Market Sentiment and Estimates - Since the earnings release, there has been a downward trend in estimates, with the consensus estimate shifting down by 16.61% [13]. - BioMarin currently holds a Zacks Rank of 3 (Hold), indicating an expectation of in-line returns in the coming months [15]. Industry Comparison - BioMarin operates within the Zacks Medical - Biomedical and Genetics industry, where Amicus Therapeutics has reported a revenue increase of 23.7% year over year, with earnings per share of $0.10 compared to $0.09 a year ago [16].