BioMarin Pharmaceutical develops, manufactures and commercializes medicines for genetically defined rare diseases. Its portfolio includes VOXZOGO for achondroplasia, inherited metabolic-disease treatments and, following the April 2026 Amicus acquisition, GALAFOLD and POMBILITI + OPFOLDA. It reports one operating segment.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001048477-24-000016 | Feb 26, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001048477-25-000007 | Feb 24, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001048477-26-000004 | Feb 26, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
BioMarin's commercial expansion has strengthened revenue, but acquisitions and unsuccessful programs have made earnings and cash generation harder to interpret. Revenue reached $3.221 billion in 2025, while GAAP net income fell as ROCTAVIAN withdrawal charges and acquired Inozyme research expense outweighed part of the commercial improvement. After the annual filing, Amicus added marketed medicines but also substantial debt, amortization and integration costs. First-half 2026 revenue increased while net income declined; stronger operating cash flow partly reflected working-capital timing and noncash adjustments. Alesta subsequently added an early-stage program and material preliminary charges that were absent from August guidance. The Ascendis settlement establishes finite, sales-dependent royalties, not assured receipts. The central issue is converting rare-disease demand into durable cash generation while funding integration, debt repayment and uncertain development.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-10-06 · 8-K · 2026-09-24
BioMarin earns most revenue from medicines for genetically defined rare diseases. Finding eligible patients, retaining them on treatment and securing reimbursement are central to recovering development and manufacturing costs. Its commercial business units are not separate financial-reporting segments: the company reports one operating segment. Most therapies involve continuing treatment. Government purchasing can make shipments uneven, while approval alone does not ensure reimbursed access. ALDURAZYME has a distinct model: BioMarin manufactures it for Sanofi and recognizes estimated consideration linked to Sanofi's sales, rather than reporting Sanofi's entire end-market revenue.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Across fiscal 2023–2025, revenue increased from $2.419 billion to $2.854 billion and then $3.221 billion. VOXZOGO was the principal expansion engine, supplemented by PALYNZIQ and other therapies. Management attributed important gains to new patients, but some VIMIZIM and ALDURAZYME changes reflected order timing; KUVAN declined amid generic competition. GAAP net income rose from $167.645 million in 2023 to $426.859 million in 2024, then fell to $348.901 million in 2025. The final year included $241.253 million of ROCTAVIAN withdrawal charges and $220.963 million of acquired Inozyme research expense. These explain substantial pressure without establishing a normalized earnings level.
Sources: 10-K · 2023-12-31 · 10-K · 2024-12-31 · 10-K · 2025-12-31
Amicus closed on April 27, 2026, adding GALAFOLD for Fabry disease, POMBILITI + OPFOLDA for Pompe disease and U.S. rights to the investigational BMN 820 program. First-half revenue was $1.756 billion, including $136.006 million from Amicus after closing, versus $1.571 billion excluding Amicus a year earlier. GAAP net income fell to $150.289 million from $426.218 million. Integration, restructuring, acquired-intangible amortization and financing expense weighed on earnings, alongside development spending. A $31 million failed NAGLAZYME manufacturing-qualification campaign also affected the first quarter. The acquisition contribution is not organic growth, and the expanded business has not yet demonstrated the company's targeted integration benefits.
Sources: 8-K · 2026-04-27 · 10-Q · 2026-06-30 · EX-99.1 · 2026-08-06
Operating cash flow reached $827.994 million in 2025 despite lower earnings. Its reconciliation added back acquired research expense, inventory write-offs, impairments and stock compensation; Inozyme's cash purchase was classified in investing activities. First-half 2026 operating cash flow was $388.760 million versus $359.665 million, helped by collection timing and lower inventory purchases. Amicus nevertheless consumed $5.068 billion net of acquired cash. At June 30, cash was $874.005 million and marketable investments were zero, compared with $2.053 billion of combined cash and investments at year-end. The cash-flow improvement therefore does not imply higher profit or acquisition funding without external capital.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
June debt principal was $4.250 billion, versus $600 million at December 2025; the corresponding carrying amount was $4.186 billion. The $600 million convertible maturity in May 2027 is the nearest large disclosed maturity. A separate $600 million secured revolver remained undrawn, not cash. BioMarin reported covenant compliance at June 30, but actual ratios and headroom were not disclosed. Alesta then closed on August 31 under terms providing $275 million upfront, subject to adjustment, and up to $215 million of contingent milestones. Its final adjusted cash cost is not established by the supplied closing notice.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-08-17 · 8-K · 2026-08-31
ROCTAVIAN's disappointing commercial opportunity led to withdrawal, and BMN 401 development was discontinued in August 2026 after a pivotal trial missed one of two co-primary endpoints. Several VOXZOGO expansion programs were also stopped, for different stated reasons. Remaining opportunities depend on trial results, approval, reimbursement and manufacturing execution. Single-source facilities and suppliers, government collection delays, competition and the unresolved DOJ investigation of sponsored testing programs remain material dependencies. The September Ascendis agreement establishes royalties through May 2030 in specified territories, but no sales base or receipts. October's preliminary Alesta charges also mean August's earnings guidance is not a complete current forecast.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-03-16 · 8-K · 2026-09-15 · 8-K · 2026-09-24 · 8-K · 2026-10-06
USD 3.221253 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.221253 bn | 12.9% |
| 2024 | USD 2.853915 bn | 18.0% |
| 2023 | USD 2.419226 bn | — |
Net product revenue plus royalty and other revenue.
Sources: 10-K · 2025-12-31
USD 348.901 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 348.901 m | -18.3% |
| 2024 | USD 426.859 m | 154.6% |
| 2023 | USD 167.645 m | — |
Consolidated income after income taxes.
Sources: 10-K · 2025-12-31
USD 827.994 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 827.994 m | 44.5% |
| 2024 | USD 572.841 m | 259.7% |
| 2023 | USD 159.259 m | — |
Operating cash flow as presented in the consolidated cash-flow statement; excludes acquisition and capital-investment cash outflows.
Sources: 10-K · 2025-12-31
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