BioMarin Pharmaceutical Adjusts FY25 Revenue Forecast to $3.125 Billion to $3.2 Billion

BioMarin Pharmaceutical has updated its FY25 revenue forecast to $3.125 billion-$3.2 billion, narrowing the previous range of $3.1 billion-$3.2 billion. The company's financial health is strong, with a high gross margin of 79.44%, operating margin of 21%, and low debt-to-equity ratio of 0.1. However, insider selling activity has been noted, and the Altman Z-Score indicates strong financial stability. BioMarin's valuation ratios, including P/E of 22.42 and P/B of 2, are near historical lows, suggesting potential undervaluation.

BioMarin Pharmaceutical (NASDAQ: BMRN) has updated its full-year 2025 (FY25) revenue forecast to $3.125 billion to $3.2 billion, narrowing the previous range of $3.1 billion to $3.2 billion. The company's robust financial health is evident in its high gross margin of 79.44%, operating margin of 21%, and low debt-to-equity ratio of 0.1. However, insider selling activity has been noted, and the Altman Z-Score indicates strong financial stability. BioMarin's valuation ratios, including a P/E of 22.42 and P/B of 2, are near historical lows, suggesting potential undervaluation.

The company's Q2 2025 results were impressive, with GAAP revenue reaching $825 million, exceeding analyst estimates by $63.3 million and rising 16% year over year. Non-GAAP EPS was $1.44, surpassing consensus by $0.62 and up 50% year over year [1]. The strong performance was driven by robust commercial execution for its leading products, VOXZOGO and Enzyme Therapies. VOXZOGO, an injectable therapy for achondroplasia, generated $221 million in GAAP revenue, up 20% compared to the prior year. Enzyme Therapies delivered combined GAAP revenue of $555 million, up 15% year-over-year [2].

BioMarin's financial strength is also reflected in its operating cash flow, which increased by 55% year-over-year to $185 million, bringing total cash and investments to approximately $1.9 billion. The company's gross profit, operating margin, and net income all expanded significantly, contributing to its strong financial performance.

The company's update to its FY25 revenue forecast reflects continued strong demand for VOXZOGO and expanding contributions from enzyme therapies. Management has maintained a disciplined approach to reinvesting profits in R&D and business development, focusing on advancing pipeline candidates toward approval, defending and growing market leadership for VOXZOGO, and maintaining robust manufacturing and supply chain infrastructure.

Investors should keep an eye on BioMarin's progress on pivotal clinical trial readouts, particularly for pipeline programs BMN 333 and BMN 401, as well as any updates regarding accounting impacts from the recent Inozyme acquisition and ongoing efforts to penetrate new global markets for lead therapies.

References:
[1] https://www.nasdaq.com/articles/biomarin-bmrn-q2-revenue-jumps-16
[2] https://www.investing.com/news/transcripts/earnings-call-transcript-biomarin-beats-q2-2025-estimates-stock-rises-93CH-4169010