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

It has been about a month since the last earnings report for BioMarin Pharmaceutical (BMRN). Shares have lost about 13.6% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is BioMarin due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for BioMarin Pharmaceutical Inc. before we dive into how investors and analysts have reacted as of late.

Q4 Earnings & Sales Beat Estimates

BioMarin reported fourth-quarter 2025 adjusted earnings per share of 46 cents, beating the Zacks Consensus Estimate of 25 cents. Earnings declined 50% year over year, largely due to a $119.2 million inventory write-off charge tied to the company’s decision to voluntarily withdraw Roctavian from the market.

Total revenues in the fourth quarter were $875 million, up 17% year over year, primarily owing to strong sales of Voxzogo. The figure beat the Zacks Consensus Estimate of $830 million.

Quarter in Detail

Net product revenues totaled nearly $859.3 million, up 17% year over year, driven by higher revenues from Voxzogo as well as other products from the company’s Enzyme Therapies.

Royalty and other revenues totaled more than $15.2 million, up 30% year over year.

Voxzogo generated sales of $273 million, up 31% year over year, driven by new patients initiating the therapy across all regions and the favorable timing of large government orders, primarily in Latin America.

BioMarin has revised its organizational structure and consolidated revenues from five products — Aldurazyme, Brineura, Naglazyme, Palynziq and Vimizim — under a single segment, “Enzyme Therapies.” Sales from this franchise increased 13% year over year to $549 million in the reported quarter, driven by higher patient demand in all regions and the favorable timing of large government orders.

Palynziq injection sales totaled $125 million in the quarter, up 25% year over year, reflecting strong demand. The drug’s sales beat the Zacks Consensus Estimate of $108 million.

Vimizim sales rose 8% year over year to $206 million, which beat the Zacks Consensus Estimate of $201 million.

Naglazyme sales increased 9% year over year to $120 million. Brineura generated sales of $49 million, up 2%.

Product revenues from Aldurazyme totaled $49 million, up 26% year over year.

Roctavian generated $13 million in sales compared with $11 million in the year-ago period.

Kuvan sales declined 18% to $23 million due to generic competition.

Full-Year 2025 Results

For the full-year 2025, BioMarin reported total revenues of $3.22 billion, reflecting an increase of 13% year over year.

The company’s reported earnings for 2025 were $3.15 per share, down 11% from the year-ago period’s level.

2026 Guidance

BioMarin expects to record total revenues in the range of $3.33-$3.43 billion. The Zacks Consensus Estimate is pegged at around $3.35 billion. The guidance excludes any contributions from the marketed products of Amicus Therapeutics.

The company expects Voxzogo to be a significant contributor to the top line. It anticipates the drug’s sales to be in the range of $975 million to $1.03 billion. BioMarin expects enzyme therapies revenues to be between $2.23 billion and $2.28 billion. The company anticipates continued high patient demand across both the enzyme therapies and Voxzogo in 2026.

Adjusted operating margin is expected to be around 40% for 2026, without the Amicus transaction.

BioMarin expects adjusted earnings per share to be in the range of $4.95-$5.15 in 2026. This guidance includes an estimated 25 cents impact from pre-close integration preparation costs and interest expense related to the acquisition of Amicus.

The company expects the first quarter of 2026 to be the lowest revenue quarter of the year, with both Voxzogo and total sales projected to be roughly in line with the year-ago period.

How Have Estimates Been Moving Since Then?

Since the earnings release, investors have witnessed a downward trend in estimates revision.

The consensus estimate has shifted -16.61% due to these changes.

VGM Scores

At this time, BioMarin has a average Growth Score of C, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the second quintile for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, BioMarin has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Performance of an Industry Player

BioMarin belongs to the Zacks Medical - Biomedical and Genetics industry. Another stock from the same industry, Amicus Therapeutics (FOLD), has gained 0.4% over the past month. More than a month has passed since the company reported results for the quarter ended December 2025.

Amicus Therapeutics reported revenues of $185.21 million in the last reported quarter, representing a year-over-year change of +23.7%. EPS of $0.10 for the same period compares with $0.09 a year ago.

Amicus Therapeutics is expected to post earnings of $0.12 per share for the current quarter, representing a year-over-year change of +300%. Over the last 30 days, the Zacks Consensus Estimate has changed +7.7%.

Amicus Therapeutics has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of C.

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BioMarin Pharmaceutical Inc. (BMRN): Free Stock Analysis Report

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