BioMarin's Stock Up 1.56% as $340M Volume Ranks 350th in U.S. Markets

Market Snapshot

On October 28, 2025, BioMarin Pharmaceutical (BMRN) reported a 1.56% increase in its stock price, closing the day with a trading volume of $340 million. This volume ranked the stock 350th in terms of total dollar trading activity among U.S. equities, reflecting moderate liquidity relative to broader market benchmarks. The rise in share price occurred despite mixed third-quarter financial results, including a $0.12 non-GAAP earnings per share (EPS) that fell short of analyst expectations. However, the company revised its full-year 2025 revenue guidance upward, citing strong performance in core therapies such as VOXZOGO and PALYNZIQ.

Key Drivers

BioMarin’s strategic realignment and financial performance in the third quarter of 2025 underscored both challenges and opportunities. The most significant development was the decision to divest its gene therapy Roctavian, a high-cost, low-volume product that generated just $3 million in Q3 2025 revenue—a stark decline from $7 million in the prior year. The therapy’s commercial struggles stemmed from a $2.9 million price tag, limited patient eligibility, and slow reimbursement adoption, which collectively undermined its profitability. CEO Alexander Hardy acknowledged these challenges, emphasizing that the divestment aligns with BioMarin’s focus on “areas that align with strategic priorities.” Roctavian will remain available in the U.S., Germany, and Italy during the transition, but the company’s pivot to core therapies signals a prioritization of sustainable revenue streams.

The upward revision of full-year revenue guidance was driven by robust growth in VOXZOGO, BioMarin’s treatment for achondroplasia. The drug contributed $218 million to Q3 2025 revenue, representing a 15% year-over-year increase, with year-to-date sales reaching $654 million—a 24% rise compared to 2024. VOXZOGO’s success is attributed to broader patient adoption and its role as a cornerstone of BioMarin’s skeletal conditions portfolio. Complementing this growth, PALYNZIQ—used to treat phenylketonuria—delivered over 20% year-to-date revenue growth, driven by increased patient adherence and expanded treatment protocols. These performance highlights underscore the company’s ability to leverage its enzyme therapies and skeletal conditions franchises to offset underperforming assets like Roctavian.

Financially, BioMarin’s Q3 2025 results revealed a complex picture. While total revenues rose 4% year-over-year to $776 million, the company’s non-GAAP EPS of $0.12 fell short of the $0.31 consensus estimate. This shortfall was partly attributed to $221 million in acquired in-process research and development (IPR&D) charges, which reduced operating margins by 7 percentage points. Despite these headwinds, BioMarin’s operating cash flow surged 66% year-over-year to $369 million, reflecting strong liquidity. The company’s balance sheet remains resilient, with a current ratio of 5.56 and a debt-to-equity ratio of 0.1, reinforcing its capacity to pursue strategic initiatives such as the Roctavian divestment and potential in-licensing opportunities.

Looking ahead, BioMarin’s strategic priorities include expanding VOXZOGO’s indications and advancing its pipeline. The company plans to file for regulatory approvals to extend VOXZOGO’s use to adolescents with achondroplasia in 2025 and is evaluating the drug for additional growth-related conditions, including hypochondroplasia. Additionally, BioMarin aims to initiate a phase II/III trial for BMN 333, a long-acting formulation of C-type natriuretic peptide (CNP), by mid-2026. These initiatives, coupled with a $4–$5 billion “firepower” allocation for business development, position the company to capitalize on its core strengths while mitigating risks associated with high-cost, low-impact assets.

The decision to divest Roctavian also reflects broader market dynamics. Hemophilia gene therapies, including Roctavian, have faced adoption hurdles due to pricing complexity and questions about long-term efficacy. BioMarin’s experience mirrors challenges encountered by competitors such as Pfizer and CSL, whose hemophilia gene therapies also saw sluggish uptake. By focusing on its most profitable therapies and streamlining its portfolio, BioMarin aims to enhance shareholder value while maintaining its leadership in rare disease treatments. Analysts remain cautiously optimistic, with a target price of $95.7 and a “Buy” rating, though the company’s revised 2025 EPS guidance of $3.50–$3.60—below the $3.84 consensus—highlights near-term execution risks.

In summary, BioMarin’s Q3 2025 performance and strategic shifts highlight a recalibration toward high-growth, high-margin therapies. The divestment of Roctavian, coupled with the upward trajectory of VOXZOGO and PALYNZIQ, signals a deliberate focus on sustainable revenue generation. While financial execution remains a concern, the company’s robust liquidity and pipeline advancements position it to navigate competitive and regulatory challenges in the biotechnology sector.