What is Biomarin's latest dividend and current dividend yield?

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What guidance did Biomarin's management provide for the next earnings period?

Did Biomarin beat or miss consensus estimates last quarter?

What factors drove the changes in Biomarin's revenue and profit?

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What is the market's earnings forecast for Biomarin next quarter?

What were the key takeaways from Biomarin's earnings call?

- **Revenue Growth**: 11% YTD increase, driven by Enzyme Therapies (+8%) and VOXZOGO (+24%).
- **Strategic Shift**: Divesting ROCTAVIAN to focus on high-growth Skeletal Conditions and Enzyme Therapies.
- **Financial Strength**: $728M operating cash flow YTD, $2B cash balance, and 26-27% non-GAAP margin guidance.
- **Pipeline Momentum**: BMN 333 Phase II/III for DMD, hypochondroplasia data H1 2026, and global VOXZOGO expansion.

**【CEO Summary Section】**
- Q3 2025 revenue growth of 11% year-over-year, driven by Enzyme Therapies and VOXZOGO in Skeletal Conditions.
- Raised full year total revenue guidance midpoint to $3.15 billion, reaffirming VOXZOGO revenue outlook of $900-935 million.
- Announced divestment of ROCTAVIAN to focus on core business units.
- Highlighted expanding profitability and $2 billion cash balance, with focus on business development opportunities.

**【CFO Financial Commentary】**
- GAAP net income of $420 million; Non-GAAP EPS of $1.08, exceeding expectations.
- Year-to-date operating cash flow of $728 million, supporting strategic investments.
- Updated 2025 non-GAAP operating margin guidance to 26-27%, with EPS guidance of $3.50-3.60.
- Noted $221 million IPR&D charge from Inozyme acquisition impacting Q3 margins.

**【Q&A Key Highlights】**
- **2027 Revenue Scenarios**: Lower case estimate aligns with current FactSet consensus ($3.65 billion excluding ROCTAVIAN), higher case reflects delayed competition ($4 billion+). 
- **VOXZOGO Competition**: Acknowledged potential share loss from 2 competitors, but emphasized strong adherence rates and ex-U.S. growth.
- **Pipeline Updates**: BMN 333 Phase II/III study targeting 10% dystrophin increase; hypochondroplasia Phase III data expected H1 2026.
- **Capital Allocation**: Prioritizing business development over share buybacks, with $4-5 billion firepower for asset acquisitions.

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