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SAN RAFAEL - BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) reported third-quarter revenue that fell short of analyst expectations, but raised its full-year revenue guidance at mid-point, sending shares up slightly by 0.25% in after-hours trading Monday.
The biopharmaceutical company posted third-quarter revenue of $776 million, missing the analyst consensus of $782.3 million, but representing a 4% increase compared to the same period last year. Non-GAAP earnings per share came in at $0.12, exceeding analyst estimates of -$0.08. The company reported a GAAP net loss of $31 million, compared to a net income of $106 million in the third quarter of 2024.
Revenue growth was primarily driven by strong performance in the company’s VOXZOGO and PALYNZIQ products, which both saw more than 20% YoY growth. VOXZOGO revenue increased 15% to $218 million, while PALYNZIQ revenue grew 20% to $109 million.
"We are pleased with the contributions from our Enzyme Therapies and Skeletal Conditions business units to date this year driven by more than 20% revenue growth from PALYNZIQ and VOXZOGO," said Alexander Hardy, President and CEO of BioMarin.
The company raised its full-year 2025 total revenue guidance to $3.15-3.2 billion from its previous outlook of $3.125-3.2 billion, while maintaining its VOXZOGO revenue forecast of $900-935 million. BioMarin also announced plans to divest ROCTAVIAN, its gene therapy for hemophilia A, as part of its portfolio strategy.
"Looking ahead, we will rely on our disciplined strategic focus and proven capabilities to develop and commercialize innovative therapies that generate sustainable value for patients, employees, and shareholders," Hardy added.
BioMarin’s third-quarter results were impacted by a $221 million in-process research and development charge related to its acquisition of Inozyme Pharma. The company continues to expand VOXZOGO’s global reach, with patients now being treated in 55 countries, tracking toward the company’s goal of more than 60 countries by 2027.
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