BioMarin's Q2 2025: Revenue Growth and Strategic Contradictions Unveiled

Revenue Growth and Pipeline Advancements:
- BioMarin Pharmaceuticals reported total revenues grew 16% in Q2 2025 and 15% in the first half of 2025 compared to the same period in 2024.
- The growth was driven by strong performance across global demand, new patient starts across the portfolio, and strategic business development initiatives.

VOXZOGO Performance and Expansion:
- VOXZOGO revenue increased 20% year-over-year in Q2 2025, contributing to a 25% year-over-year growth target for the full year.
- This growth was supported by new patient starts, strong treatment adherence, and successful global expansion efforts, particularly in the U.S. and other regions.

Clinical and Business Development Milestones:
- BioMarin's long-acting therapy for achondroplasia, BMN 333, achieved target profiles and is poised for registrational Phase II/III study in H1 2026.
- The acquisition of Inozyme was completed, adding BMN 401 for ENPP1 Deficiency, with pivotal data expected in H1 2026, enhancing BioMarin's enzyme therapies portfolio.

Operating Margin and Cost Management:
- Non-GAAP operating margin expanded significantly, with expectations to raise full-year 2025 guidance to between 33% and 34%.
- This expansion was supported by underlying revenue growth and strategic cost discipline, despite planned increases in R&D and SG&A expenses in H2 2025.