BioMarin Pharmaceutical Inc (NASDAQ:BMRN) reported fourth-quarter and full-year 2025 financial results that presented a mixed picture for investors, leading to a negative after-hours reaction in its stock price. The company delivered a significant top-line beat but fell short on profitability, a dynamic that appears to have disappointed the market despite strong revenue growth driven by its key products.
Earnings Snapshot: Revenue Beat, EPS Miss
The core of BioMarin's quarterly report reveals a clear divergence between its sales performance and its bottom-line earnings relative to Wall Street expectations.
- Q4 2025 Revenue: Reported at $874.6 million, a 17% year-over-year increase. This figure solidly exceeded the analyst consensus estimate of approximately $844.4 million.
- Q4 2025 Non-GAAP EPS: Reported at $0.46 per share. This missed the analyst estimate of $0.64 per share by a notable margin.
The revenue beat underscores the commercial strength of BioMarin's portfolio, particularly its growth products. However, the earnings per share miss of nearly 18% suggests higher-than-anticipated costs or investments that pressured profitability during the quarter.
Market Reaction and Price Action
The market's immediate response to this mixed report was negative. Following the earnings release, BioMarin's stock traded down approximately 2.5% in after-hours activity. This indicates that investors prioritized the earnings miss over the revenue beat, likely concerned about the company's near-term profit trajectory and margin profile. The positive performance over the past month (+11.9%) may have also set the stock up for a "sell the news" reaction following the EPS disappointment.
Key Highlights from the Earnings Release
Beyond the headline numbers, BioMarin's press release highlighted sustained momentum across its business. Full-year 2025 total revenues grew 13% year-over-year to $3.2 billion. The growth was led by two main segments:
- Voxzogo® (vosoritide): This therapy for achondroplasia continues to be a major growth driver, with full-year revenues surging 26% and fourth-quarter revenues jumping 31% year-over-year.
- Enzyme Therapies: The company's established portfolio of enzyme replacement therapies also showed robust growth, with full-year revenues up 9% and fourth-quarter revenues increasing 13%.
For the full year 2026, BioMarin provided a revenue outlook of approximately $3.38 billion. This guidance appears to be slightly below the current analyst sales estimate of $3.58 billion for 2026, which may have contributed to the cautious market sentiment. Looking ahead to the next quarter, analysts are currently modeling Q1 2026 revenue of about $837.3 million.
Looking Ahead
BioMarin finds itself in a familiar position for a commercial-stage biotech: successfully launching and growing innovative therapies while navigating the significant costs of commercialization, pipeline development, and manufacturing. The strong demand for Voxzogo and the steady enzyme therapy business provide a solid revenue foundation. However, the quarterly earnings miss and a conservative full-year outlook relative to analyst estimates have introduced near-term uncertainty regarding the pace of profitability improvement.
For a detailed breakdown of historical earnings, future estimates, and analyst projections, you can review more data here: BioMarin Pharmaceutical Earnings & Estimates.
Disclaimer: This article is for informational purposes only and does not constitute financial advice, a recommendation to buy or sell any security, or an endorsement of any investment strategy. Investors should conduct their own research and consult with a qualified financial advisor before making any investment decisions.
