Biomarin Pharmaceutical (BMRN) FY2025 results: revenue $3.2 billion, up 12.9% on the year

BioMarin Pharmaceutical is a rare disease biotechnology company that makes medicines for people living with genetically defined conditions. It was founded in 1997, is based in San Rafael, California, and had eight commercial therapies at the end of 2025. The largest single product is VOXZOGO, a treatment for achondroplasia.

The medicines

VOXZOGO is a once daily injection, an analog of C-type Natriuretic Peptide, for achondroplasia, the most common form of disproportionate short stature in humans. It is approved in the U.S. and Japan for children with open growth plates of all ages, and in the European Union for children aged four months and older. Under its CANOPY clinical program the company is studying it in other conditions, including hypochondroplasia, idiopathic short stature, Noonan syndrome, Turner syndrome and SHOX deficiency.

Three of the enzyme therapies treat forms of MPS, genetic diseases in which a deficient enzyme lets complex carbohydrates known as GAGs build up in the body. VIMIZIM treats MPS IVA, NAGLAZYME treats MPS VI, and ALDURAZYME treats MPS I, a progressive genetic disease. BRINEURA treats CLN2, a form of Batten disease. Two products treat phenylketonuria, or PKU: KUVAN, an oral drug that was the first treatment for the condition, and PALYNZIQ, an enzyme delivered by injection to reduce blood Phe concentrations. In December 2025 the company decided on a plan to voluntarily withdraw ROCTAVIAN, its gene therapy for severe hemophilia A, from the market.

In development

BMN 333 is a longer-acting CNP being developed for growth disorders including achondroplasia and hypochondroplasia, and its first-in-human study began in January 2025. BMN 351 is an oligonucleotide in development for Duchenne Muscular Dystrophy. BMN 401, acquired with Inozyme Pharma in July 2025, is a late-stage enzyme replacement therapy for ENPP1 deficiency.

The Amicus acquisition

In December 2025 the company entered into a definitive agreement to acquire Amicus Therapeutics in an all-cash transaction. The filing states that Amicus would add two therapies, for Fabry disease and late-onset Pompe disease, and that the deal is expected to close in the second quarter of 2026, subject to regulatory clearances and approval by Amicus stockholders.

How it makes and sells

The company manufactures the active ingredients for ALDURAZYME, NAGLAZYME, PALYNZIQ and VOXZOGO at its facilities in Novato, California, and for BRINEURA and VIMIZIM at its facility in Shanbally, Cork, Ireland. Third parties make the active ingredients for PALYNZIQ and KUVAN, and most drug product manufacturing, meaning vials, syringes, tablets and powder, is done by contract manufacturers.

The commercial organization is built around two business units, Skeletal Conditions for VOXZOGO and Enzyme Therapies. It sells directly in the U.S., Europe, South America and certain other markets, and through distributors elsewhere. Sanofi has the exclusive right to distribute, market and sell ALDURAZYME globally and buys its supply only from BioMarin. Customers include specialty pharmacies, hospitals, non-U.S. government agencies, distributors and pharmaceutical wholesalers, and in some countries governments place large periodic orders.

People

As of December 31, 2025 the company had 3,221 employees worldwide: 1,518 in operations, 692 in research and development, 495 in sales and marketing and 516 in administration. Of these, 2,026 were in the U.S. and Canada and 967 in Europe and the Middle East.

From BioMarin Pharmaceutical's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 26 February 2026: read the full 10-K.