BioMarin Q1 2025 slides: 15% revenue growth with VOXZOGO leading the charge

Introduction & Market Context

BioMarin Pharmaceutical (TADAWUL:2070) Inc (NASDAQ:BMRN) released its first quarter 2025 earnings presentation on May 1, 2025, showcasing strong financial performance and pipeline advancements. The company’s stock, which closed regular trading down 1.54% at $63.69, rebounded 2.22% in after-hours trading to $64.10, suggesting positive market reception to the results.

The biotechnology company, known for its focus on rare genetic diseases, continues to build on momentum established in previous quarters. BioMarin’s Q1 results demonstrate progress toward its previously stated goals of reaching $4 billion in revenue by 2027 and achieving a 40% non-GAAP operating margin starting in 2026.

Quarterly Performance Highlights

BioMarin reported total revenues of $745 million for Q1 2025, representing a 15% increase compared to the same period last year. This growth was primarily driven by VOXZOGO, the company’s treatment for achondroplasia, which generated $214 million in revenue, up 40% year-over-year.

As shown in the following financial results breakdown, the company’s enzyme therapies portfolio also contributed significantly to overall performance:

The company’s profitability metrics showed substantial improvement, with GAAP operating margin reaching 30.0%, an increase of 16.4 percentage points year-over-year. Non-GAAP operating margin expanded to 35.7%, up 11.9 percentage points from Q1 2024. GAAP diluted earnings per share more than doubled to $0.95 (up 107%), while non-GAAP diluted EPS grew 59% to $1.13.

BioMarin’s strong performance across all key financial metrics compared to the prior year is illustrated in the following chart:

Detailed Financial Analysis

The company’s financial strength extended beyond revenue and earnings growth to include significant cash flow generation. Operating cash flows reached $174 million, representing a dramatic 271% increase compared to the first quarter of 2024. This robust cash generation provides BioMarin with increased flexibility to invest in its pipeline and commercial infrastructure.

BioMarin’s enzyme therapies business, which includes ALDURAZYME, BRINEURA, NAGLAZYME, PALYNZIQ, and VIMIZIM, delivered $484 million in revenue, up 8% year-over-year. Within this portfolio, PALYNZIQ stood out with 22% growth driven by strong demand.

The company reaffirmed its full-year 2025 guidance, maintaining confidence in its growth trajectory despite market challenges:

Strategic Initiatives & Pipeline Updates

BioMarin outlined its strategic focus on three key pillars: innovation, growth, and value commitment. The company provided updates on several pipeline candidates that could drive future growth beyond its current commercial portfolio.

The company highlighted significant progress across its development programs, including:

Of particular note is BioMarin’s advancement of BMN 351 for Duchenne Muscular Dystrophy (DMD), a devastating genetic disorder. The company presented a model predicting the time course of dystrophin expression, suggesting meaningful clinical benefit:

The model indicates a 2-3 fold increase in dystrophin expression expected between week 25 and steady state, potentially offering significant therapeutic benefit for DMD patients. Initial clinical data for BMN 351 is expected to be presented at a scientific congress in the second half of 2025.

Forward-Looking Statements

BioMarin’s presentation emphasized its commitment to expanding VOXZOGO’s global reach, with children across 49 countries currently having access to treatment. The company aims to expand this to more than 60 countries by 2027, representing significant growth potential for its leading product.

The company also highlighted progress with VOXZOGO in hypochondroplasia, with a pivotal study fully enrolled in April 2025 and potential launch in 2027. This label expansion could substantially increase VOXZOGO’s addressable market.

For PALYNZIQ, positive pivotal topline results in adolescents aged 12-17 support planned submissions to regulatory authorities in both the U.S. and EU in the second half of 2025, potentially expanding the drug’s approved patient population.

BioMarin’s pipeline progress, commercial execution, and financial discipline position the company to continue its growth trajectory through 2025 and beyond. The reaffirmed full-year guidance suggests management’s confidence in maintaining momentum across its business segments while advancing its next generation of potential therapies.

Full presentation:

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