Key Takeaways BioMarin reported Q4 EPS of 46 cents, beating estimates while revenues rose 17% Y/Y to $875M.Voxzogo sales jumped 31% to $273M in Q4, while BioMarin's enzyme therapies sales rose 13%.BioMarin will withdraw Roctavian after failing to find a buyer, recording a $119.2M charge in Q4.BioMarin Pharmaceutical (BMRN) reported fourth-quarter 2025 adjusted earnings per share of 46 cents, beating the Zacks Consensus Estimate of 25 cents. However, earnings declined 50% year over year, largely due to a $11 ...

BioMarin Pharmaceutical (NasdaqGS:BMRN) Q4 2025 Earnings call February 23, 2026 04:30 PM ET Company ParticipantsAlexander Hardy - CEOBrian Mueller - CFOCristin Hubbard - Chief Commercial OfficerGena Wang - Managing Director of Biotech Equity ResearchGreg Friberg - Chief Research and Development OfficerJason Gerberry - Managing DirectorMohit Bansal - Managing Director and Co-Head of Therapeutics ResearchPaul Matteis - Managing DirectorTraci McCarty - Head of Investor RelationsConference Call ParticipantsChri ...

BioMarin Pharmaceutical (NasdaqGS:BMRN) Q4 2025 Earnings call February 23, 2026 04:30 PM ET Speaker10Thank you for standing by. My name is Kate, and I will be your conference operator today. At this time, I would like to welcome everyone to the BioMarin Pharmaceutical fourth quarter and full year 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this ti ...

Core Insights - BioMarin Pharmaceutical (BMRN) has entered a definitive agreement to acquire Amicus Therapeutics (FOLD) for $14.50 per share, totaling $4.8 billion, with the deal expected to close in Q2 2026 [1][6] - The acquisition will enhance BioMarin's portfolio with Amicus' marketed therapies, Galafold and Pombiliti-Opfolda, which generated $449 million in sales in the first nine months of 2025, reflecting a 19% year-over-year growth [2][6] - BioMarin will also gain exclusive U.S. rights to the late-stage drug DMX-200, aimed at treating focal segmental glomerulosclerosis, a rare kidney disease [4][6] Acquisition Details - The acquisition is financed through BioMarin's existing cash and $3.7 billion in non-convertible debt [1] - The deal is expected to be accretive to BioMarin's bottom line within the first 12 months post-closure [8] - BioMarin's strategic fit includes expanding its enzyme therapies portfolio, which already consists of five first-in-disease therapies [7] Market Reaction - Following the acquisition announcement, shares of Amicus Therapeutics rose by 30%, while BioMarin's shares increased by 18% [5] - Year-to-date performance shows BioMarin's shares have decreased by 7%, whereas Amicus shares have increased by nearly 51% [5] Strategic Context - This acquisition aligns with BioMarin's strategy of pursuing partnerships and acquisitions, with an estimated $4-$5 billion available for future growth initiatives [9] - This marks BioMarin's second targeted acquisition in 2023, following the acquisition of Inozyme Pharma for $270 million [10]

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]

Financial Data and Key Metrics Changes - Total revenues grew 16% in Q2 2025 and 15% year-over-year compared to the same periods in 2024, driven by strong global demand and new patient starts [13][19] - Non-GAAP diluted earnings per share increased to $1.44, reflecting a growth rate more than three times that of revenue growth [18] - Operating cash flow reached $185 million in Q2, a 55% increase compared to the same period in 2024 [18] Business Line Data and Key Metrics Changes - VOXZOGO revenue increased 20% year-over-year to $221 million, supported by global expansion and new patient starts [13][20] - Enzyme Therapies revenue rose 15% year-over-year to $555 million, with Palynziq and Vimizim contributing significantly to growth [15][26] - Rocadian revenue was $9 million in Q2, primarily from the U.S. and Italy [15] Market Data and Key Metrics Changes - The company expects second half VOXZOGO revenue to be higher than the first half, with full-year revenue guidance adjusted to between $900 million and $935 million [14][15] - The company anticipates continued strong growth in the second half of 2025, leading to an increase in full-year guidance for total revenues [11][19] Company Strategy and Development Direction - The company plans to advance BMN 333, a long-acting therapy for achondroplasia, to a registrational Phase 2/3 study in the first half of next year [9][28] - The acquisition of Inozyme broadens the enzyme therapies portfolio, with a focus on BMN 401 for ENPP1 deficiency [10][31] - The company aims to augment its portfolio with strategic business development transactions to diversify growth strategies [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong growth and value creation for stakeholders through the remainder of 2025 and beyond [11][19] - The management highlighted the essential nature of their medicines and strong patient support programs as key factors in maintaining availability for patients [26] Other Important Information - The company expects to account for the Inozyme acquisition as an asset purchase, impacting financial results in 2025 [19] - The company is on track to submit applications for age extension for Palynziq to include adolescents in the U.S. and EU in the second half of this year [30] Q&A Session Summary Question: Clarification on BMN 333 and safety profile - Management confirmed that the agent referred to is Trans Con CNP and stated that no unexpected safety issues have been observed in the healthy volunteer study [36][38] Question: Thoughts on competitive landscape for achondroplasia - Management noted that while early data showed added growth with growth hormone, long-term benefits remain uncertain, and further data is needed to assess the impact of combinations [42][45] Question: Contributions to VOXZOGO guidance - Management explained that the adjustment in guidance is primarily due to shifting large orders and a better understanding of revenue trends as the year progresses [50][52] Question: Update on ITC proceedings - Management expects the initial determination from the ITC on June 8, 2026, with a completion date targeted for October 8, 2026 [56][58] Question: Details on BMN 333 trial design - Management refrained from providing specific details on powering but expressed confidence in the biological hypothesis being tested [58][60] Question: Update on citizen petition with the FDA - Management stated that the FDA is reviewing the citizen petition and no updates are expected until the PDUFA date of November 30 [88][90]

Financial Data and Key Metrics Changes - Total revenues grew 16% in Q2 2025 and 15% year over year compared to the same periods in 2024, driven by strong global demand and new patient starts [12][18] - Non-GAAP diluted earnings per share increased to $1.44, reflecting a growth rate more than three times that of revenue growth [17] - Operating cash flow reached $185 million in Q2, a 55% increase compared to the same period in 2024 [18] Business Line Data and Key Metrics Changes - VOXZOGO revenue increased 20% year over year to $221 million, supported by global expansion and new patient starts [12][20] - Enzyme Therapies revenue rose 15% year over year to $555 million, with Palynziq and Vimizim contributing significantly to growth [14][28] - Rocadian revenue was $9 million in Q2, primarily from the U.S. and Italy [14] Market Data and Key Metrics Changes - The company expects second half VOXZOGO revenue to be higher than the first half, with a full year target of $900 million to $935 million [13][14] - The company anticipates continued strong growth throughout the remainder of 2025, leading to an increase in full year guidance for total revenues [9][19] Company Strategy and Development Direction - The company plans to advance BMN 333, a long-acting therapy for achondroplasia, to a registrational Phase 2/3 study in the first half of 2026 [7][31] - The acquisition of Inozyme broadens the enzyme therapies portfolio, with BMN 401 expected to address ENPP1 deficiency [8][35] - The company aims to diversify its growth strategy through strategic business development transactions [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver strong growth and value creation for stakeholders through 2025 and beyond [10][19] - The management highlighted the importance of patient adherence and support programs to maintain high compliance rates [66][68] Other Important Information - The company expects to account for the Inozyme acquisition as an asset purchase, impacting financial results in 2025 [19] - The company is on track to submit applications for Palynziq to include adolescents in the U.S. and EU in the second half of 2025 [32] Q&A Session Summary Question: Clarification on BMN 333 and safety profile - Management confirmed that the agent referred to is TransCon CNP and stated that no unexpected safety issues have been observed in the healthy volunteer study [39][40] Question: Thoughts on competitive landscape for achondroplasia - Management noted that while early data shows growth hormone combinations may provide short-term increases, long-term benefits remain uncertain [44][45] Question: Contributions to VOXZOGO guidance - Management explained that the adjustment in guidance is due to order timing and a better understanding of trends as the year progresses [48][50] Question: Update on ITC proceedings - Management expects initial determination from the ITC on June 8, 2026, with a completion date targeted for October 8, 2026 [53][54] Question: Details on BMN 333 superiority trial design - Management refrained from providing specific details on powering but expressed confidence in the biological hypothesis being tested [56][58] Question: Update on hypochondroplasia and patient enrollment - Management emphasized the importance of early diagnosis and treatment for hypochondroplasia, leveraging existing relationships to raise awareness [100][101]

Group 1: Acquisition Details - BioMarin Pharmaceutical (BMRN) has entered into a definitive agreement to acquire Inozyme Pharma (INZY) for $4.00 per share, totaling nearly $270 million [1] - The acquisition is expected to close in the third quarter of 2025, following approval from the boards of both companies [1] Group 2: Strategic Fit and Pipeline Expansion - The acquisition will add Inozyme's lead asset, INZ-701, to BioMarin's pipeline, which is an investigational enzyme replacement therapy for ENPP1 deficiency, a rare genetic disorder [2][3] - INZ-701 is currently in a pivotal late-stage study, with interim results expected in early 2026 and potential regulatory approval in 2027 [3] Group 3: Market Impact and Stock Performance - Following the acquisition announcement, shares of Inozyme surged by 178%, while BioMarin's shares gained about 2% [5] - Year-to-date, BioMarin's shares have decreased by 10%, whereas Inozyme's shares have increased by 43% [5] Group 4: Benefits of the Acquisition - The deal is seen as a strategic fit for BioMarin, which already markets five first-in-disease enzyme therapies, thus expanding its Enzyme Therapies portfolio and diversifying revenue streams [6] - Inozyme benefits from the acquisition as it lacks the commercial infrastructure to bring a drug to market, an area where BioMarin is well established [8] Group 5: Financial Guidance - BioMarin has reaffirmed its full-year 2025 sales guidance of $3.1-$3.2 billion and adjusted EPS guidance of $4.20-$4.40 [8]

Core Insights - The article emphasizes the growing popularity of value investing as investors seek strategies that assess a stock's inherent potential amidst market volatility [1][2] - Warren Buffett's perspective on understanding a stock's "intrinsic value" is highlighted as a means to mitigate common pitfalls in value investing [2] - The article discusses four stocks that have recently performed well under a value investment strategy: Molson Coors Beverage, BioMarin Pharma, Devon Energy, and Jazz Pharmaceuticals [3] Value Investment Strategy - Value investing is gaining traction, but it can lead to "value traps" if investors do not fully understand the strategy [4] - Key metrics for identifying value stocks include dividend yield, P/E ratio, and P/B ratio, which help determine if a stock is undervalued [4] Importance of Earnings Growth - Investors are advised to focus on a stock's earnings growth potential over the next 12 to 24 months to avoid value traps [5] - The PEG ratio, which considers both price/earnings and earnings growth rate, is presented as a valuable metric for assessing intrinsic value [6] Screening Criteria for Value Stocks - Effective screening criteria for identifying promising value stocks include: - PEG Ratio less than industry median - P/E Ratio less than industry median - Zacks Rank 1 or 2 - Market Capitalization greater than $1 billion - Average 20-Day Volume greater than 50,000 - Percentage Change in F1 Earnings Estimate Revisions greater than 5% - Value Score of A or B [7] Featured Stocks - **Molson Coors Beverage (TAP)**: Holds a Zacks Rank 1, Value Score of A, and a five-year expected growth rate of 6.3% [8][9] - **BioMarin Pharma (BMRN)**: Has a Zacks Rank 2, Value Score of B, and a long-term historical growth rate of 77.6% [9][10] - **Devon Energy (DVN)**: Carries a Zacks Rank 2, Value Score of A, and a five-year historical growth rate of 40.1% [10][11] - **Jazz Pharmaceuticals (JAZZ)**: Holds a Value Score of A, Zacks Rank 1, and an expected long-term earnings growth rate of 7.4% [11][12]