Description

BioMarin Pharma: The Under-Two Strategy and New Market Ramps Shaping Voxzogo’s Next Chapter!

BioMarin Pharmaceutical Inc. reported a strong finish to 2025, with fourth-quarter performance supported by broad-based demand across its portfolio and full-year revenue growth that was led by continued expansion of Voxzogo and steady performance from enzyme therapies. Total revenue for 2025 rose 13% to $3.22 billion, helped by a 26% increase in Voxzogo revenue to $927 million and 9% growth in enzyme therapies. Management emphasized that the enzyme franchise is now a $2 billion-plus business with multi-year durability across an 80-country footprint, while Voxzogo revenue was heavily international, with roughly three quarters generated outside the United States. At the same time, results and near-term comparisons were influenced by timing factors, including large international orders, a contracted government order for Voxzogo in the fourth quarter, and higher stocking levels in select markets for Voxzogo, Palynziq, and Vimizim, which management does not expect to repeat in the first quarter of 2026.